Data analytics can optimize corporate travel budgets
Everyone thought that in the digital age of communication – physical distances will be melted away through instant chats and video calls and; everyone thought that virtual communication will cease the necessity of business travel but, clearly that is not happening.
Business travel is still a reality and with it the need for spending money on buying tickets, making arrangements for staying and associated organization. A huge amount of money is from the organizational budget is spent every year on this. However, the today technology has provided a way to plan the companies travel in a way that it requires much less spending.
Business travellers mostly need a travel experience free of stress and hassle which a smooth digital experience is probably required to take care of information on flight delays plane fares, and ticketing on-the-move. This experience does not necessarily have to be expensive and this is the area that data analytics can help in a huge way.
The importance of collecting data
Business travel generates a large amount of data related to travel and travel is the second significant area other than salary where costs could be controlled. This large amount of data regarding travel when collated and combined is a treasure house for important information and insights. Using this business can surely cut down extra expenditure on travel without compromising on their employee’s safety and stress-free experience.
However, it can only be done if right data is harvested including data from HR, travel department and accounts. There are three main phases: (i) gathering data from multiple sources, (ii) Analyzing them to explore patterns, and (iii) applying that analysis for organization’s travel planning. Today’s technology is helping travel management to be more efficient and cost-saving, including predictive analytics.
With a spontaneous and graphic attitude to data analysis, businesses now have the power to examine and translate data into real meaning instantly. This immediate data access empowers businesses to make choices on the go, which is a historic move from those days when companies needed to wait till the month’s end to accumulate the essential information.
Using the power of Predictive Analytics
By looking at the past spending pattern and also the external factors like weather, travel managers should be able to come up with more or less a good prediction for future outcomes and adjust their booking decisions accordingly.
Access to real-time data on past spending data and upcoming expenditure and projections enable the administration to make wise decisions. Expected nonconformities from planned expenditure can, therefore, be identified quickly and call for an appropriate action.
A huge volume of integrated structured and unstructured data——from all units of the organization, enables them to make connections and see the complete image across different components.
New Technologies for the organization to use
Technology now permits these data to be functioned in a Business Process as a Service (BPaaS) platform. This is another model of business process outsourcing which decreases the need for the human resource through improved automation, thereby reducing costs.
Leveraging platforms like this enables better presentation and prominence through real-time consoles that provide a complete picture of expenditure pattern.