In this infographic by The Beat, 45% of travel managers expect increases in Hotel cost over the next year. While hotels are just one component of the T&E picture, it has been reported that travel volumes and prices are set to increase in all areas of the corporate travel arena in 2014.
Whether you expect stays and cost to increase, decrease, or remain the same in 2014, understanding what is really happening within your travel program is critical to managing your travel program. To properly manage your travel program, you need to be able to answer the following questions:
- How do your travelers compare to one another?
- Which travelers routinely spend significantly more and which spend significantly less per night?
- Which organizational units have higher per night spending and is that expected?
- Are travelers adhering to preferred lodging provider policy?
- Are there opportunities to influence traveler behavior to reduce waste?
Understanding traveler behavior is important to understanding why costs may be increasing. Is it due to increased stays, increased costs per night, or are there specific travelers contributing to increases? This knowledge allows travel managers to communicate with traveler and help them comply with company travel policy and take actions where necessary to help travelers use corporate travel dollars wisely.
But why do travel managers desire to better manage their programs? Because with better management comes increased efficiency and decreased cost, which makes the big bosses happy. All travel managers want to manage costs effectively. The question for most is, what can I do differently to more effectively manage costs?
When budgets are static and costs are rising, efficient travel spending is at a premium. Increasingly, travel managers are leveraging data analysis to better understand traveler behavior. Oversight Insights On Demand for T&E can help you get the data you need to make better informed business decisions, cut costs, and recoup money from wasteful spending in your T&E program. Insights On Demand asks questions of your data for you, and delivers the answers at the frequency you desire.