Want to Optimize Business Travel Spend? It Starts With More Visibility
You’re standing next to a river when you see someone struggling in the water. You jump in and rescue them, but the moment you pull them to shore, you see another person headed your way. Then another. And then another.
You have a choice. You can either stay stuck in a never-ending loop of one-off saves, or you can head upstream to see that the bridge has broken, and stop people from falling into the river in the first place.
For corporate travel managers and finance departments tasked with controlling and optimizing their company’s travel program spend, a lack of visibility into what travelers are booking is the equivalent of missing that broken bridge. You can spend your days trying to retroactively reduce costs based on half-blind guesses, or you can head upstream, gain insights, and solve for the problem at the source.
Simply put, you can’t control — or improve — what you can’t see.
Your Corporate Travel Visibility Problem Begins at Adoption
You can’t have a conversation about how to improve visibility and optimize spend without first talking about adoption.
Troublingly, 50% of road warriors don’t use the corporate travel solution provided by their organizations. With half of travel being booked outside the business’ purview, those companies have zero visibility into what their travelers are spending, with which suppliers, and where they are at any given time.
Historically, organizations have relied far more on the stick than the carrot approach to drive adoption, with limited results. Now, many forward-thinking organizations are realizing that a more effective approach is to implement a travel solution that prioritizes the user experience with unrivaled inventory that’s presented to employees using machine learning-driven personalization — which with TripActions sees the industry average booking time fall from 60 minutes down to just 6 minutes or less — and offering employees rewards for booking more cost-effective lodging.
Simply put, when employees love their booking tool (and are incentivized to book in one centralized place), adoption will soar and you’ll have better visibility into and control over total travel spend. That will give you the “upstream” insights to drive savings.
The Benefits of Increased Visibility
OK — you’ve solved your adoption problem and centralized all your data collection. You’re off to a great start, but now what?
Corporate travel program managers may struggle with how to best surface, understand, and utilize these new streams of business travel data, but tackling this challenge makes travel and finance leaders better equipped to optimize spend, influence traveler behavior, and ultimately optimize their travel program spend to drive company growth.
Once you get visibility into what, where, when, and how your travelers are booking, you’ll be able to:
- Access Actionable Reporting: Centralized traveler data and customizable dashboards allow you to access robust, up-to-the-minute reporting, which acts as the foundation of cost optimization efforts. You’ll be able to track spend overall, as well as by cost center, department, and individual traveler. Any anomalies and outliers will also become readily apparent, allowing you to quickly make decisions that will move the needle for your company.
- Generate Dynamic Policies: Machine learning-powered technology can help ensure your road warriors’ bookings remain in policy by taking into account variables such as location and date of travel, generating dynamic policies for each individual search that empowers them to select the right options for them and the business, driving both adoption and cost-conscious behavior.
- Make More Data-Driven Decisions: Once you have visibility into traveler spend and behaviors, you can make more informed decisions to help improve policy while better controlling spend, helping deliver a successful corporate travel program for your business.
Ultimately, visibility is the key that will unlock your ability to easily identify ways to curb unnecessary spend, create new policies that take traveler needs and behavior into account, and identify the best opportunities for savings.
TripActions is designed to maximize visibility for travel managers like you, and our customers like SurveyMonkey and Hudl have praised our platform for helping them realize significant savings. Learn more about how to drive high traveler adoption and improve your bottom line by downloading our ebook, A Guide to Getting 100% Traveler Adoption.