Key Takeaways

Using analytics for travel management can help companies achieve cost savings, risk management, performance improvement, and sustainability enhancement.
When choosing a TMC for analytics, consider factors such as data quality, data analysis, data visualization, and data action.
Velocity is a leading TMC in India that offers a comprehensive range of travel services and a cutting-edge analytics platform called Velocity Insights.
Best practices for using analytics in travel management include defining objectives and metrics, collecting and integrating data, analyzing and visualizing data, and acting and monitoring data based on insights and recommendations.

Decoding Travel Spend: Analytics for Smarter Corporate Budgeting

Travel is an essential part of doing business in today’s globalized world. Whether it’s meeting clients, attending conferences, or visiting suppliers, travel enables companies to expand their reach, build relationships, and gain insights. However, travel also comes with a cost – both financial and environmental. According to a report by the Global Business Travel Association, India’s business travel spending was expected to reach $46 billion in 2021, making it the sixth-largest business travel market in the world. Moreover, travel accounts for about 2.5% of global carbon emissions, and this figure is projected to rise as travel demand increases.

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How can companies manage their travel spend effectively, while also reducing their environmental impact? The answer lies in using analytics to optimize their travel management budget. Analytics is the process of collecting, analyzing, and interpreting data to make informed decisions. By using analytics, companies can gain insights into their travel patterns, preferences, and performance, and use them to improve their travel management strategy. In this blog, we will explore how analytics can help companies achieve smarter corporate budgeting for their travel spend. We will also share some tips on how to choose the right travel management company (TMC) that can provide you with the best analytics solutions for your business needs.

Benefits of Using Analytics for Travel Management

Using analytics for travel management can help companies achieve several benefits, such as:

Cost savings: Analytics can help companies identify and eliminate unnecessary or wasteful travel expenses, such as booking fees, cancellation charges, or unused tickets. Analytics can also help companies negotiate better deals with travel suppliers, such as airlines, hotels, or car rental companies, based on their travel volume, frequency, and loyalty. Additionally, analytics can help companies monitor and enforce their travel policies, such as preferred vendors, travel class, or per diem rates, and ensure compliance across their organization.
Risk management: Analytics can help companies assess and mitigate the risks associated with travel, such as safety, security, health, or legal issues. Analytics can help companies track and locate their travelers in real-time, and provide them with timely alerts, updates, and assistance in case of emergencies. Analytics can also help companies comply with the relevant regulations and laws of the countries they operate in, such as visa requirements, tax obligations, or data privacy rules.
Performance improvement: Analytics can help companies measure and improve the performance of their travel program, such as traveler satisfaction, productivity, or return on investment. Analytics can help companies collect and analyze feedback from their travelers, and use it to enhance their travel experience, such as offering more choices, convenience, or comfort. Analytics can also help companies evaluate the impact of their travel on their business outcomes, such as sales, revenue, or customer retention, and use it to optimize their travel strategy, such as allocating resources, setting goals, or rewarding achievements.
Sustainability enhancement: Analytics can help companies reduce their environmental footprint and contribute to social responsibility. Analytics can help companies calculate and report their carbon emissions from travel, and use it to set targets, implement initiatives, or offset their impact. Analytics can also help companies support local communities and causes through their travel, such as promoting ethical tourism, donating to charities, or volunteering for projects.

How to Choose the Right TMC for Analytics

To leverage the benefits of analytics for travel management, companies need to partner with a TMC that can provide them with the best analytics solutions for their business needs. Here are some factors to consider when choosing a TMC for analytics:

Data quality: The quality of the data is the foundation of any analytics solution. A good TMC should be able to provide you with accurate, complete, and timely data from various sources, such as booking systems, expense reports, traveler surveys, or external databases. A good TMC should also be able to integrate and consolidate the data into a single platform, and ensure its security and privacy.
Data analysis: The analysis of the data is the core of any analytics solution. A good TMC should be able to provide you with advanced tools and techniques to analyze the data, such as descriptive, predictive, or prescriptive analytics. A good TMC should also be able to customize and tailor the analysis to your specific needs, such as industry, segment, or function.
Data visualization: The visualization of the data is the key to any analytics solution. A good TMC should be able to provide you with clear, concise, and compelling reports and dashboards to visualize the data, such as charts, graphs, or maps. A good TMC should also be able to make the data accessible and interactive, such as via web, mobile, or email.
Data action: The action on the data is the goal of any analytics solution. A good TMC should be able to provide you with actionable insights and recommendations based on the data, such as cost savings, risk mitigation, performance improvement, or sustainability enhancement. A good TMC should also be able to help you implement and monitor the actions, and measure and report the results.

Why Velocity is the Best TMC for Analytics

If you are looking for a TMC that can provide you with the best analytics solutions for your travel management budget, look no further than Velocity. Velocity is a leading tour and travel management company in India, with over 20 years of experience and expertise in the industry. Velocity offers a comprehensive range of travel services, such as air, hotel, car, visa, insurance, and more, to cater to your diverse and dynamic travel needs. Velocity also offers a cutting-edge analytics platform, called Velocity Insights, that can help you optimize your travel spend, manage your travel risks, improve your travel performance, and enhance your travel sustainability. Velocity Insights is powered by:

Data quality: Velocity Insights collects and integrates data from multiple sources, such as GDS, OBT, ERP, CRM, and more, to provide you with a holistic and granular view of your travel spend. Velocity Insights also ensures the data quality by validating, cleansing, and enriching the data, and applying the latest security and privacy standards.
Data analysis: Velocity Insights applies sophisticated algorithms and models to analyze the data, such as clustering, segmentation, forecasting, or optimization. Velocity Insights also adapts the analysis to your specific needs, such as by industry, segment, or function, and provides you with relevant and reliable insights.
Data visualization: Velocity Insights presents the data in an intuitive and interactive way, using various formats, such as tables, charts, graphs, or maps. Velocity Insights also delivers the data in a convenient and flexible way, via web, mobile, or email, and allows you to drill down, filter, or export the data as you wish.

Data action: Velocity Insights translates the data into actionable recommendations, such as cost savings, risk mitigation, performance improvement, or sustainability enhancement. Velocity Insights also supports you in executing and monitoring the actions, and measuring and reporting the results.

Best Practices and Tips for Using Analytics for Travel Management

Using analytics for travel management can be a powerful way to gain insights and make informed decisions. However, to get the most out of analytics, you need to follow some best practices and tips, such as:

Define your objectives and metrics: Before you start using analytics, you need to define your objectives and metrics for your travel program. What are the goals and outcomes you want to achieve? How will you measure and evaluate your progress and success? For example, if your objective is to reduce your travel costs, you may want to use metrics such as average ticket price, average hotel rate, or average trip duration. If your objective is to improve your traveler satisfaction, you may want to use metrics such as net promoter score, traveler feedback, or complaint rate.
Collect and integrate your data: To use analytics, you need to collect and integrate your data from various sources, such as booking systems, expense reports, traveler surveys, or external databases. You need to ensure that your data is accurate, complete, and timely, and that it covers all aspects of your travel program, such as spend, policy, behavior, or performance. You also need to ensure that your data is secure and compliant with the relevant regulations and laws, such as data privacy or tax rules.
Analyze and visualize your data: To use analytics, you need to analyze and visualize your data using advanced tools and techniques, such as descriptive, predictive, or prescriptive analytics. You need to use the appropriate methods and models for your data and objectives, and customize and tailor them to your specific needs, such as industry, segment, or function. You also need to present your data in a clear, concise, and compelling way, using various formats, such as tables, charts, graphs, or maps, and make them accessible and interactive, such as via web, mobile, or email.
Act and monitor your data: To use analytics, you need to act and monitor your data based on the insights and recommendations you get from the analysis and visualization. You need to implement and execute the actions that can help you achieve your objectives and metrics, such as cost savings, risk mitigation, performance improvement, or sustainability enhancement. You also need to measure and report the results and outcomes of your actions, and use them to evaluate and improve your travel program.

How Velocity Can Help You Use Analytics for Travel Management

If you are looking for a TMC that can help you use analytics for travel management, you can trust Velocity. Velocity is a leading tour and travel management company in India, with over 20 years of experience and expertise in the industry. Velocity offers a comprehensive range of travel services, such as air, hotel, car, visa, insurance, and more, to cater to your diverse and dynamic travel needs. Velocity also offers a cutting-edge analytics platform, called Velocity Insights, that can help you use analytics to optimize your travel spend, manage your travel risks, improve your travel performance, and enhance your travel sustainability. Velocity Insights is powered by:

Data quality: Velocity Insights collects and integrates data from multiple sources, such as GDS, OBT, ERP, CRM, and more, to provide you with a holistic and granular view of your travel spend. Velocity Insights also ensures the data quality by validating, cleansing, and enriching the data, and applying the latest security and privacy standards.
Data analysis: Velocity Insights applies sophisticated algorithms and models to analyze the data, such as clustering, segmentation, forecasting, or optimization. Velocity Insights also adapts the analysis to your specific needs, such as by industry, segment, or function, and provides you with relevant and reliable insights.
Data visualization: Velocity Insights presents the data in an intuitive and interactive way, using various formats, such as tables, charts, graphs, or maps. Velocity Insights also delivers the data in a convenient and flexible way, via web, mobile, or email, and allows you to drill down, filter, or export the data as you wish.
Data action: Velocity Insights translates the data into actionable recommendations, such as cost savings, risk mitigation, performance improvement, or sustainability enhancement. Velocity Insights also supports you in executing and monitoring the actions, and measuring and reporting the results.

To learn more about Velocity and Velocity Insights, visit our website at www.velocity.travel, or contact us at info@velocity.travel. We would love to hear from you and help you use analytics for smarter corporate budgeting for your travel spend.

We hope you enjoyed reading this blog and found it useful and informative. If you have any questions, comments, or feedback, please feel free to share them with us. We would love to hear from you and learn from you. Thank you for your time and attention. Happy travelling! 😊

Frequently Asked Questions (FAQs)

1. How can analytics help companies manage their travel spend effectively?

Analytics can help companies identify and eliminate unnecessary or wasteful travel expenses, negotiate better deals with travel suppliers, monitor and enforce travel policies, and optimize their travel strategy.

2. What are the benefits of using analytics for travel management?

Using analytics for travel management can help companies achieve cost savings, manage travel risks, improve travel performance, and enhance sustainability.

3. What factors should be considered when choosing a travel management company (TMC) for analytics?

Companies should consider factors such as data quality, data analysis capabilities, data visualization options, and the ability of the TMC to provide actionable insights and recommendations.

4. Why is Velocity the best TMC for analytics?

Velocity offers a comprehensive range of travel services and a cutting-edge analytics platform called Velocity Insights. Velocity Insights collects and integrates data from multiple sources, applies sophisticated data analysis techniques, presents the data in an intuitive way, and provides actionable recommendations.

About velocity.travel

velocity.travel is a unique platform that revolutionizes the way businesses book their travel. The self-booking tool seamlessly automates travel admin workflow, approvals, reports, and loss saving, all while providing corporates with multiple flexibility options for corporate airfares, Hotels, Visas. For more information, visit https://velocity.travel/

About wtfares.com

wtfares.com is India’s fastest holiday planning engine. The company provides tailored holiday packages to FIT customers worldwide. Our unique, automated holiday planning engine can create beautiful itineraries within minutes. For more information, visit https://www.wtfares.com/

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