Travel Data Management Best Practices Part 2 Travel Data Management Best Practices Part 3
Travel Data Management has changed dramatically in the past few years. There are so many new sources of information available as well as the automation and tools to improve data quality, provide analysis and to distribute it. These changes have also lead to new challenges in the distribution model, purchasing options and created new emerging technologies. The real opportunity is the near real-time access to this data which enables greater flexibility and rich opportunities to forecast, manage and act.
Data Revolution
We are in the midst of a data revolution. More data has been created in the past few years than in all of the prior years combined. Data is not something that we just create, store and consume. It is the building blocks of our businesses as we move into the future. Data is a part of your value. It’s your currency of the future. Utilizing this information effectively can be translated directly into dollars – with the right strategy and tools.
Best Practices
Objectives
Have a clear set of objectives and goals that are inline with your corporate policy and corporate culture. Couple these with targeted key performance indicators (KPI) to achieve maximum cost savings, more effective spending and contracting. Set a baseline. Benchmark against yourself, not others.
Sources of Data
Have a strategy around what data you need to collect to see if you are on track to reach your objective: TMC ticketed data, HR/ERP feeds, Expense, purchase card, contracted vendors, meetings management, purchasing and social media that relates to their objectives.
Data Quality and Frequency
You must have near real-time access to the data to identify and measure your goals, compliance and traveler types. Sometimes timely is better than accurate and sometimes the other way around. Define this for each KPI.
Consolidation of Your Data
Being able to compare across TMC, Expense, Purchase Card and other data, exposes additional variables that you would not be able to see by only looking at a single source of data.
Reporting/Analytics
Having the data is one thing, making it work for you is another. Having a tool that you will actually use and that can be easily deployed across your organization is key.
Partnerships
To achieve any great solution, you need to have a great working relationship with the partners you choose.
Effective Partnerships
Who you choose to work with can make all the difference. Travel data management is no different.
When evaluating partners, look for partners who collaborate with you to, not just fulfill your needs but, exceed your expectations by anticipating trends your own business as well as in the constantly changing travel industry.
These partners should work with you to support and provide the technology necessary for you to stay ahead of the curve.
For a more in depth look at our Travel Data Management Best Practices, read Part 2 of our series.
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