Real-Time Strategies Chip Away at Travel Costs

Business tools with data visualizations have the ability to offer sweeping insights that can influence all aspects of operations, from marketing to client services and everything in between. Data tools like the TravelOptix™ platform offer real-time information for more-nimble and therefore more competitive strategies. If you’re wondering how important speed is when it comes to data, a McKinsey study shows that high-performing companies are five times more likely to have the tools to work with real-time data.[1]

The ability to monitor trends as they are happening gives TravelOptix users an edge in making cost-saving shifts. Travel managers can observe a change in traveler behaviors and immediately locate the pattern, study the details, and determine if cost-saving measures are possible. For instance, if flights between two company office locations increase in volume, travel managers can offer insight to employees on ideal days of the week to book this route or preferred travel times for the best fares.

Travel managers also understand trends in best practices for booking but require real-time data to ensure compliance with those best practices. With real-time tools on hand, managers can identify if travelers are suddenly booking an unusual amount of short-lead travel and can then take up the exploratory work necessary to ensure compliance or suggest alternatives. And, most importantly, this can happen as soon as a potential problem is spotted; therefore, avoiding future unnecessary expenditures.

In both cases, immediate cost-savings are the result of real-time business insight presented in a visual format that is simple to understand because it is tailored by and to the organization.

Travel and expense management can be of the most challenging operational costs to control, and is a significant budget item for many companies. Thinking holistically about how to increase the efficiency around travel operations is essential to overall business performance. While there are many ways to improve travel management, among the first and most productive is to stop using the unreliable, outdated data on which companies have been relying for so long (if you’re holding a spreadsheet right now, we’re giving you a friendly nod) and embrace real-time decision making.

TravelOptix provides you the flexibility to load data from virtually any data source including spreadsheets, databases, operational systems, ERP, and web sources. Additionally, TravelOptix gives you the control to cleanse, transform, and unify multiple disparate data sources without requiring external tools. Current Cornerstone customers will start with data being loaded from the iBank® and iQCX® platforms and can integrate other sources from there.

TravelOptix allows you to choose your own visualizations, data sources, and viewing device so you can tell the story you want, in the way that you choose. Pick your sources, then use the intuitive drag-and-drop visualization tools to discover insights that were previously hidden. Mobile integration and robust story telling tools allow you to present your findings anytime, anywhere so that you can delight customers and internal shareholders alike. Whether you are looking to improve internal efficiencies or drive greater value to your customers, TravelOptix gives you the tools you need to have a comprehensive picture of your data and real-time strategies to help reduce your costs.

To learn about our TravelOptix platform and how we can drive insights for your business, please contact your account manager or Rodrigo Cotelo.

 

[1] The Need to Lead in Data and Analytics. McKinsey. April 2016.