Travel Cost Savings with PredictX
Your program is under constant pressure to achieve and realise savings. The easy savings in most programs have already been made. The next step requires new approaches.
Finding opportunities for savings is hard. Most programs create a maze of data from myriad sources, which means the gaps and opportunities are almost impossible to find. Even if you do find and execute on them, it’s equally difficult to report on them. PredictX manages this entire process, from ingesting and aligning your data sources to showing you opportunities for action, and then communicating the savings made once you’ve taken the action, the complex becomes simple.
Key Features:
Key Problems Solved:
Find where the opportunities are in your data
Use predictive analytics and machine learning to demonstrate the impact of changes you can make to both your business and your suppliers’ revenue
Resolve friction in support reviews by demonstrating your value to them on terms they understand
Communicate frictionlessly with your stakeholders and demonstrate your value to leadership
How it works:
Data ingestion:
Methodology:
Reliable data:
Actionable insights:
FAQs
Frequently Asked Questions About Achieving Travel Cost Savings in Corporate Travel Programs
The biggest challenges include managing data from numerous sources, identifying savings opportunities hidden within complex data, and effectively reporting on achieved savings. Programs often struggle with fragmented data, making it difficult to find and execute on potential cost-saving measures.
Key features include:
- Consolidated Data View: A single, holistic view of all travel activity from various TMCs, card providers, and expense systems.
- Simulation Capabilities: Tools to test the predicted impact of changes before implementation.
- Comprehensive Measurement: Ability to measure the impact across all business travel activity, including air, hotel, and ground transportation.
- Automated Reporting: Automatic reporting on outcomes, including AI-driven explanations of the benefits the program brings to the organization.
Solutions should analyze all travel and expense data, highlighting actionable cost savings opportunities such as cheaper fares, optimized booking patterns, and preferred supplier usage. The goal is to surface insights that might otherwise be missed.
Predictive analytics and machine learning can demonstrate the impact of potential changes to business and supplier revenue. This allows for better-informed decisions and strengthens negotiations with travel vendors.
By providing clear demonstrations of the travel program's value in terms that stakeholders understand, the solution can reduce friction in support reviews and improve alignment on program goals.
Solutions should integrate with 200+ travel and expense data sources, including travel management companies (TMCs), credit card providers, expense reporting systems, and direct booking platforms.
Utilizing industry-leading methodologies, such as accurate adjusted distances and emissions outputs by aircraft type, ensures reliable and accurate insights for informed decision-making and optimized cost-saving initiatives.
Deep-dive insights across the entire travel program enables real impact assessment, performance tracking against goals and budgets, and accurate forecasting based on current activity for effective planning.
A solution should deliver reliable and accurate segment data, enabling companies to identify compliance issues, capture potential cost savings, and refine travel policies for optimal results.
Important KPIs include:
- Total travel spend reduction.
- Compliance with travel policies including use of preferred suppliers and booking policies
- Improved negotiated rates with suppliers.
- Reduced leakage outside preferred channels.
- Enhanced traveler satisfaction.