Depar Din, CT Connections’ Business Analyst, shares her thoughts on big data – what it is and why it matters.
Travel data is collated from many sources, leaving us with what’s known as fragmented data, or, ‘big data’. This ‘big data’ is complex and extremely fast growing, but why is it so important to travel management companies?
Because knowing how to use it effectively is key to customer satisfaction, internal profitability and competitiveness.
Data already plays an important part within the travel industry, but will play an even more significant role in 2016. It will become of increasing importance to sales teams, internal partnership managers, finance, consultants and clients.
Data for ‘customer satisfaction’
From a client’s perspective, an increasing amount of travellers not only want, but also expect greater personalisation of their travel itineraries. This is where big data plays such an important role – by enabling us to understand our travellers, intimately.
We must also be aware that travellers are becoming increasingly intermodal, international and interactive. This means that the kind of personalised data required for a client has to be global, and more importantly, interactive.
Data for ‘internal profitability and sustainability’
Travel agents need must be equipped with the skills to extract crucial information from operational data, in order to determine their profitability as well as make important management decisions.
Furthermore, proper extraction and presentation of data is essential to business sustainability and can be used to replace internal policies and operations in order for a business to survive over the long-term.
Data for ‘competitiveness’
With the right technology and ability to extract data effectively, TMCs are able to remain competitive within an ever-changing marketplace.
By partnering with a travel management company that not only understands data, but knows how to effectively use it to drive key outcomes, clients will increase profitability and enjoy long-term cost savings.
CT Connections utilises leading-edge technology to present extracted data in an effective, easy to use tool. This data is accessible from anywhere in the world.
Save money (prevent leakage)
By reviewing their data trends, such as whether staff book travel inline with their policy, whether their travel is booked in advance and what their travel behaviour is within the industry (how they are benchmarking against the industry) they can effectively drive cost savings.
By accessing data displayed in dynamic dashboards, clients can spend more time analysing meaningful, relevant data instead of sifting through thousands of rows of data.
Access better deals with suppliers
The ability to monitor travel spend and with what suppliers they are spending their money enables clients to drive better deals from suppliers.
Prevent policy violations – ensuring compliance
Big data enables clients to accurately determine and monitor whether travel spend is within company travel policy.
Effectively manage financial data
Clients are able to efficiently reconcile their travel spend data against credit cards – they can also easily build financial and management reporting for greater visibility of their spend.
Data covers a variety of sectors within the travel industry, and is likely to play an even bigger, key role in 2016. What we will also see is a change in the way data is presented, in addition to the type of data sourced.
Understanding data is key. Want to know more? – Connect with CT Connections