BENCHMARKING
WE ARE
ALREADY SEEING TMCs AGGREGATE PRICING FROM MULTIPLE CHANNELS AT THE POINT OF SALE
cheapest rate. At the same time, hotel chains are increasingly offering more flexibility in their rates. Dynamic pricing is here to stay and tech-savvy buyers and TMCs are opting for real-time benchmark- ing, enabling them to respond faster.
of travel managers have a system
to measure ‘trip success rate’
13 % 81 %
this is important to measure
buyingbusinesstravel.com
of those travel managers state
TMC to measure programme quality
of travel managers rely on their
94 % 80 %
of travel managers want a standard system of
measurement SOURCE: ACTE/BCD poll of 300 travel managers
Apensia’s Taft notes: “We are already seeing TMCs aggregate pricing from multiple channels at the point of sale and therefore providing this data in real-time management information reports. And with nudge theory and behavioural economics gaining traction within business travel, it will be interesting to see how this evolves in the future to influence traveller choices in real-time.” Jessica Collinson, the GBTA’s research director, meanwhile warns that these types of bench- marking tools are only useful if there is good, relevant data. GBTA’s Managed Travel Index allows for real-time benchmark- ing. “A travel buyer can input their data into the tool and de- termine how their programmes stack up against others’ programmes. Of course, to do this there has to be enough data in the tool,” she says.
IMPROVING COMMUNICATION With the GBTA’s tools (
gbta.org/research-and-tools/ business-travel-benchmarking-tools), and others out there, Collinson also argues that benchmarking is an essential practice for those buyers wanting to provide a road map for their organisation, to work out how to get to where they need to be to create a more successful programme. And, as a side benefit, they in turn become invaluable tools for communicating the value and importance of travel to C-suite leaders.
“Benchmarking is never seen as an urgent priority, which is understandable given all the priorities travel buyers have,” she says. “However, it is important to be able to answer questions before they come up. Travel buyers have the opportunity to do this when benchmarking their programmes – they are able to see where there are opportunities for improvement in their programmes and then they can begin to build business cases for those improvements.”
Benchmarking will continue to evolve in tandem with advances in supplier distribution, and there’s all to play for when buyers embrace the right technology.
2018 NOVEMBER/DECEMBER 81
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