The complete guide to business travel reporting and analytics
Without clear business travel reporting and analytics, making educated decisions on business travel strategies is difficult. This guide will cover how the right TMC can elevate your entire travel programme.
In this guide, you’ll learn:
- What data is used in travel analytics
- Information to help you better understand analytics and reporting
- The differences between managed and unmanaged business travel
- Who benefits the most from improved reporting and analytics
- 5 useful benefits you can enjoy by improving how your business travel analytics work
- How your data powers the insights gained from travel spend analytics
- About some additional resources that you may also want to check out
Why business travel reporting and analytics matter
When it comes to corporate travel management, there are plenty of moving parts. From making sense of your travel spending to making sure your business travellers are safe while they're on the road. It's a big job, but it doesn't have to be a daunting one.
Thorough, personalised business travel reporting and analytics are essential to protecting your company’s bottom line. Using data-driven insights, you can identify trends in travel spending patterns and traveller behaviour – empowering you to improve decision-making and optimise your company’s travel programme.
Consolidating your travel operations with a single vendor streamlines data collection for your reports and travel analytics, allowing them to be as versatile as you need them to be.
Turn travel data into actionable insights
From missed savings to booking behaviour, our platform shares the insights you need to stay in control and ahead of your budget.
Understanding business travel analytics and reporting
Corporate travel data logging isn’t a one-size-fits-all effort. Each business has its own goals, and they need the right data and travel management software to help get them there.
Our business travel platform comes with pre-built reports that can be easily reconfigured to only show the information that you actually need:
- Travel and expense reports: Know exactly where your money is going, so you can quickly identify areas to save money and make more well-informed budgeting decisions on future business trips.
- Compliance reporting: These reports improve business travel performance by helping you identify deviations from established policies, by monitoring travel activities and expenses.
- Carbon reporting: This type of business travel report allows you to track your travel programme's carbon emissions and environmental efforts.
- Real-time risk alerts: Keep an eye on safety concerns for different destinations. This makes sure you don't send travellers into health hazards or areas with social/political unrest.
Managed vs. unmanaged business travel
Companies approach business travel in one of two ways: unmanaged or managed.
Unmanaged travel
Often referred to as DIY, unmanaged is when an organisation handles its own business travel needs in-house. Travel tasks and responsibilities, such as managing data and reports, are typically delegated to a travel booker, manager, or even an internal HR representative (sound familiar?).
Unmanaged travel is often tacked onto a team member's regular duties and leaves them to navigate travel expense reporting and analytics through multiple programmes. It can be overwhelming and very time-consuming.
Managed travel
On the other hand, managed travel refers to any business travel programme that’s supported by the travel management software and/or the expertise of travel managers. Not all TMCs give you the best of both worlds, though.
At Corporate Traveller, you can look, book, and report on all your travel needs from one platform. Since every business’s needs are different, we pair that with a dedicated team of travel experts to help you identify data, travel spend analytics, and reports that you can drill down to the most important metrics.
What's in the best interest of your travellers and your company's bottom line? Let's explore:
- Travel policy and bookings
- Trip approval processes
- Preferred suppliers and travel technology
Who benefits most from business travel reporting and analytics
There are a number of different teams within your organisation that can benefit from better travel expense reporting. Travel managers and procurement agents can quickly identify wasted business travel spend, improve supplier negotiations, and optimise the efficiency of your travel policies - so that things always stay compliant and on budget.
Finance and accounting teams will appreciate the additional spend visibility, the savings, as well as higher levels of accountability for bookers and travellers who are making off-policy arrangements. Not to mention your travellers themselves, who will enjoy higher levels of safety, comfort, and duty of care on trips.
Five benefits of business travel reporting
Reporting is more than just navigating numbers – it’s a catalyst for business growth. From consolidated data to predictive analytics, with the right business travel reporting and analytics tools, you’ll gain insights that drive efficiency, cost savings, and sustainability.
You’ll also want support from dedicated travel experts, who can really help you dig deep into your analytics and optimise your travel programme, because they know the ins and outs of your business travel strategies.
1. Turning travel analytics into actionable insights
Predictive analytics allow for proactive decision-making, while simultaneously analysing travel patterns and compliance to ensure your policies are effective.
Businesses can make accurate forecasts and actively shape their travel policies by leveraging the insights gained from robust travel reporting tools. It helps negotiate better deals, enforce travel policy compliance, and most importantly, improve overall travel experiences for employees while also optimising costs and efficiency.
2. Measuring travel policy effectiveness
A common challenge companies face with their travel programmes is booking leakage, where employees make travel bookings outside of their approved channels.
With consolidated travel data, you can more effectively monitor business travel spend by identifying and targeting booking, supplier, or channel leakage – all while finding opportunities to improve your travel policy.
Combine your reporting with data analysis from our business travel experts for more valuable insights.
3. Simplifying travel expenses and budgeting
The cornerstone of effective reporting? Budget management. Comprehensive travel expense reports are the key to understanding where the budgets are being allocated and make sure those expenses align with corporate objectives.
The bottom line is to ensure finance teams know exactly where money is being spent - and where overspending could be happening.
4. Ensuring traveller safety on business trips
Get a precise view of who is on the go, where they are in the world, and when they will arrive at their destination.
Comprehensive business travel analytics tools are invaluable to your business. It gives you real-time safety information from hotels and flights, and delivers instant alerts when a disruption occurs.
This proactive approach empowers travellers and travel managers alike to make more well-informed last-minute decisions and ensure that travellers take the necessary precautions while on the road.
5. Measuring the sustainability of business travel
From departure to arrival and everything in between, our technology suite will calculate the end-to-end carbon footprint and impact of your journey. Get access to CO2 emissions reports that measure the impact of your business travels.
Our reporting dashboard can help you make informed choices for any journey, no matter how you’re travelling.
With business travel data at your side, you can keep an eye on safety concerns for different destinations. This ensures you don't send global business travellers into health hazards or areas of social/political unrest.
How business travel data powers reporting insights
When you start focusing on key analytics like your booking activity, travel expense reporting, and supplier data from a centralised dashboard, it gives you the power to generate insights unique to your business.
It’s an invaluable tool for strategic planning, in addition to empowering your travel manager to more easily track program performance, policy compliance, and identify personalised cost-saving opportunities for your team.
About Flight Centre Travel Group
The Flight Centre Travel Group is one of the world’s largest travel retailers and corporate travel managers. The company, which is headquartered in Brisbane, Australia, has company-owned leisure and corporate travel business in dozens of countries, spanning Australia, New Zealand, the Americas, Europe, the United Kingdom, South Africa, the United Arab Emirates, and Asia. ASX listed Flight Centre Travel Group (FLT) also operates the global FCM corporate travel management network, which extends to more than 100 countries through company-owned businesses and independent licensees, along with Corporate Traveller, the flagship business specific to the small-to-medium-sized enterprise sector. For more information, visit fctgl.com.
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