Data Analytics Pave the Way for Effortlessly Managing Corporate Travel!

Many organisations still deal with multiple offline travel partners to book hotels and flights for business trips. This leads to lesser visibility of the travel data as their official records do not always have it logged in. This causes many problems, particularly for larger corporates, as they are unable to keep a track of their travel expenditure.

In such a case, they tend to either overspend or miss harnessing the benefits of analysing the collected data.

How do effective data analytics deliver added advantages?

Technological advancements have truly transformed business operations, and the corporate travel industry is not far behind. Web-based travel management platforms can record accurate data in real-time and help organisations glean actionable insights from this data. Analysing this data entails three major advantages for a company— cost optimisation, easy-access reportage and compliance.

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1. Cost Optimisation​

Data analytics help in determining ways that can optimise costs for companies. Through the analysis of the travel expenditure data, company administrators would be able to manage and effortlessly keep a track of their travel budget. They can also identify any missed savings through the data provided by corporate travel platforms, and, subsequently, adopt measures to educate their employees in saving more.

2. Easy-access Reportage

Corporate travel platforms also comprehensively record a traveller’s data that the companies can access, to understand the travel spends pattern of their employees. Companies can derive a significant amount of information from these travel reports.

Firstly, they can use the data to analyse the travel expenditure pattern of their employees. For example, they can identify which department may be travelling more frequently or figure out the more visited geographical locations.

Secondly, the reports may be used to account for expenses, and identify and reconcile any misclassifications.

Lastly, to influence the travellers’ behaviour by monitoring their booking activities and working with their managers to make them aware of how they can optimise the allotted budget.

3. Compliance

Companies can use the data collected from the employees’ travel history to evaluate whether their bookings followed the predetermined travel policies. One useful insight that company travel administrators can derive from this type of report is to see how many employees are travelling outside the scope of policies and assess the reason for it. This can help them in taking measures to ensure compliance or in drafting better policies that not only provide convenience to their employees but also prove to be more efficient in utilising the travel budget.

In conclusion, business trips are no longer just supplemental to business purpose but act as a significant pillar to organisations. Hence, corporate travel forms a core part of an organisation’s business process, therefore, must be optimally planned and managed to ensure valuable returns.

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