Making Data Count – Metrics that Matter

Identifying a strong set of KPI’s is a critical component of any company’s travel policy. Key performance indicators are a measurement of how well the company’s travel program is operating in tandem with the overall strategic objectives of the business. Access to data has been growing each and every year, to the point of having too much data to evaluate and accurately analyze. Having this chaotic amount of data, knowing what data to focus on is of paramount importance.

Both TMCs and travel managers understand that leveraging good data is crucial for their work, but what data do they need? Are they combining the appropriate measurements for real performance management, building a full and actionable picture of what is going on in their travel program?

The introduction of our TravelOptix solution solves that problem by incorporating travel statistics into a rich visualization that highlights actionable data that can be used by the TMC or company travel manager. Let’s take a look at an example.

Measuring the total cost of a particular travel segment (air, car, hotel, and rail), as it relates to budget is traditionally one of the standards for a critical performance measurement. A total dollar expense is an easy metric to evaluate. However, most large companies have hundreds of thousands of trips in any given year that include a high volume of changes and cancelations. Until now, the capability to slice and dice this information in an easy and understandable way has been out of reach. Cornerstone’s launch of TravelOptix solves that problem.

Imagine taking one metric like airline ticket travel cost and be able to view that data by such categories as a class of service, regions, city pairs or advance purchases. Also, TravelOptix will integrate any external data and incorporate it into the existing information to maximize overall relevant visibility of the data the user wants to see and understand.

Now the data starts to take shape, especially when it is leveraged to paint a more accurate picture of a company’s performance. This is a paradigm shift in the way we look at identifying KPIs.

Imagine analyzing such new performance indicators as the effect of advance purchase, not just compared to budget but compared to regions or individual travelers. This changes the question from looking at total spend to; is buying flights in advance always the smartest move? How many were canceled or paid a high change fee? What was the leakage created by making the purchase ahead of time? Is this pattern indicative of particular city pairs?

The questions are endless, and finally there is a solution to locating the answers right at your fingertips. The ability to interrupt data quickly and efficiently shifts the focus from looking for the answer to displaying the solution!

Travel Managers have claimed that analyzing data is the most time-consuming part of their job, and many have said they do not possess the necessary skills. TravelOptix solves both of those problems. Actionable Intelligence translates into cost savings, better travel management and redefines the definition of KPIs!

Note: I will be at the ACTE Conference in Paris October 14-16, please stop by the booth for a demo or contact Cornerstone at www.ciswired.com to find out more about TravelOptix