As technology advances, so do the ways we analyze the world around us; travel is no exception. Platforms like Fox’s data visualization tool, Cognition opens up a whole new realm of data and information and new ways to explore it. This allows Fox’s data experts to work with travel managers to dig deeper into traveler behavior, easily identify policy improvement opportunities and help develop a stronger level understanding into your program. How you use these metrics can play a key role in you managing a successful travel program that hits budgetary goals and fulfills duty of care initiatives.
Percent of Exchanges
Percent of exchanges measures the number of trips that feature a change made in an itinerary whether from emergencies, plan changes or any other reason a traveler may have to alternate plans. A high number often means there are bookings made without proper planning or preparation. By working with your travelers and travel management company (TMC) to educate on best booking practices, you can lower this percentage and in turn, our next metric.
Airline penalties are a cost every travel program would like to avoid. These fees can quickly eat up a budget as airline penalties usually start at $200. When looking for a way to increase cost savings, investigating the dollar amount of airline penalties and the data behind it is a great place to start. Look at the window in which your travelers book. Are they booking too far out, increasing the chances of having to change? Dig deeper into the data to find out where the majority of your airline penalties are coming from, and identify the patterns to help build policies to ensure you aren’t paying unnecessary fees.
Advance Booking Date
This aforementioned booking window, or advanced booking as it is referred to, can have a significant impact on a travel program looking to maximize cost savings. Difficult to master, vendors use real-time pricing based on supply and demand which leaves prices constantly in fluctuation. So much so that even a few days can make a large difference in the price of an airline ticket. Our team of data analysts generally recommend booking travel at least fourteen days out to maximize cost savings. By utilizing reports with data on who within your organization books outside of this timeframe most frequently, can you work to align bookings within your desired timeframe.
Unassisted efficiency measures the percentage of travelers using your preferred online booking tool from start to finish. A lower efficiency, or percentage, often means your travelers are getting caught up on certain aspects of the booking process and resorting to the help of an agent. Work with your TMC to help identify pain points and how those can be resolved through a commitment to continued training or communications.
Knowing where your travelers are is a pivotal factor in traveler safety should an emergency arise. One way to increase this awareness is by having travelers’ book both flight and hotel accommodations through your TMC’s booking tool in the same reservation. By booking flights and hotels together, not only will your hotel attachment increase, but so will your peace of mind, knowing where your travelers are. This centralized traveler data is pivotal for rapid communications in emergency situations.
Through Cognition, Fox elevates business intelligence and works with you to reach the goals most important to your company. Learn what others have to say about it here.
Related PostsView More
Attract Top-Talent Using Your Travel Program
When it comes to the modern traveler, consider the many needs that make up their entire experience and what they want from not only their business travel, but also from their company culture. For... Read More
Business Intelligence in Action: Fox’s Cognition Modernizes Business Reviews
Regularly reviewing travel program performance, not only gives valuable insight into a company’s travelers’ behaviors, but also helps travel managers better align with their goals overseeing a... Read More
Increase Compliance Using Modern Techniques
Whether your travel program is mandated or not, increasing employee adoption provides well-reported benefits for travel managers, including enhanced duty of care and budgetary insights.... Read More