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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.

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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:

All your data in one place - from many TMCs, card providers and even expenses systems: get a single holistic view of your business’s activity
Simulations enable you to firstly test for yourself the predicted impact of changes, then demonstrate them to counterparties, winning debates and getting approvals where they are needed
Measure impact across all business travel activity, including air, hotel, and ground transportation
Automatically reports on the outcomes, and has AI such as large language models built in and used to explain the benefits that your program has brought to the organisation

Key Problems Solved:

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Find where the opportunities are in your data

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Use predictive analytics and machine learning to demonstrate the impact of changes you can make to both your business and your suppliers’ revenue

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Resolve friction in support reviews by demonstrating your value to them on terms they understand

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Communicate frictionlessly with your stakeholders and demonstrate your value to leadership

How it works:

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Data ingestion:

We ingest 200+ travel and expense data sources, 
validate them based on ML models, cleanse and consolidate the data lake.
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Methodology:

We utilize industry-leading methodology, including accurate adjusted distances and emissions output 
by aircraft type.
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Reliable data:

We provide deep dive insights across your entire program to provide real impact insight, performance vs goals and budgets, model equivalencies and offsets applicable to your business, and generate forecasted emissions based on current activity for effective planning.
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Actionable insights:

We provide reliable and accurate segment data, 
taking advantage of the PredictX knowledge engine 
and data lake.

FAQs

Frequently Asked Questions About Achieving Travel Cost Savings in Corporate Travel Programs

What are the biggest challenges in achieving 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.

What are the key features of a solution that effectively delivers travel cost savings?

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.

How can a travel cost savings solution help identify opportunities hidden in data?

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.

How does predictive analytics and machine learning contribute to cost savings in travel programs?

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.

How can a solution help resolve internal friction related to travel program value?

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.

What data sources should an effective travel cost savings solution integrate?

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.

What are the benefits of using industry-leading methodologies for data analysis?

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.

How does a data-driven approach improve travel program planning and strategy?

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.

What kind of actionable insights can a travel cost savings solution provide?

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.

What are the key performance indicators (KPIs) to track when measuring the success of a travel cost savings initiative?

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.

Ready to unlock the potential of your travel data ?