Leveraging Data Analytics for Smarter Corporate Travel Decisions
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Written by Reace

February 13, 2024

Data Analytics In Corporate Travel

The process of collecting, organising, analysing, and interpreting large amounts of data in order to generate new insights and create value is referred to as data analytics.

The use of data analytics in corporate travel can assist business travellers and business travel management in making better decisions, which can lead to an enhanced travel experience as well as increased productivity and cost savings.

Benefits of Data Analytics for Corporate Travel

To analyse available data has the following benefits for smart corporate travel decisions:

  • It can help optimise travel policies and budgets by identifying the best travel options, vendors, and rates for each trip, based on factors such as travel frequency, duration, destination, purpose, and preferences.
  • A company can enhance traveller satisfaction and loyalty by creating personalised and customised travel offers, recommendations, and experiences, based on traveller behaviour, feedback, and preferences.
  • It can reduce travel risks and costs by detecting and preventing fraud, abuse, and errors in travel expenses, invoices, and reimbursements, and by providing real-time alerts and assistance in case of travel disruptions, emergencies, or changes.
  • Improve travel performance and outcomes by measuring and evaluating the impact and return on investment of travel activities, such as meetings, conferences, or sales, and by providing actionable insights and suggestions for improvement.

 

Ways to Leverage Data Analytics for Corporate Travel Decisions

To leverage data analytics for smarter corporate travel decisions, corporate travellers and travel managers can use the following ways:

  • Use a corporate travel platform that offers data analytics features. These platforms can help collect, integrate, and analyse data from various sources, such as travel bookings, expenses, invoices, feedback, and market trends, and provide dashboards, reports, and alerts that can help optimize travel decisions and actions.
  • Use a credit card that offers data analytics benefits, as it can help earn and redeem points or miles for travel rewards, and also provide data analytics tools that can help track and manage travel spend, identify savings opportunities, and access travel benefits and services.
  • Use technology and tools that can help optimise travel data to compare and manage different loyalty programmes, find the best deals, availability, and value for travel, and transfer, exchange, or sell points or miles, if allowed by the programme.
  • Use online surveys and feedback tools that can help collect and analyse traveller data. These tools can help gather and understand traveller opinions, preferences, and satisfaction, and use them to improve travel policies, offers, and experiences.

 

The Importance of Privacy & Security of Your Travel Data

Your travel data may contain sensitive information such as your personal details, financial data, travel plans, and preferences; therefore, maintaining the privacy and security of this information is extremely important.

If the security of your travel information is breached, you may become a victim of identity theft, fraud, or other crimes. As a result, you ought to safeguard your travel information by taking some precautions, such as the following:

  1. Back up your electronic files: Before leaving, make a backup of your electronic files to a secure cloud service or an external hard drive. This way, you can avoid data loss if your devices are lost, stolen, or damaged while travelling.
  2. Remove sensitive data: Remove any sensitive data from your devices that you do not need for your trip, such as passwords, bank accounts, credit cards, or health records. You have the option of permanently deleting them or storing them in a secure location, such as an encrypted USB drive or a password-protected folder.
  3. Create strong passwords: Create strong passwords for your devices and accounts and change them on a regular basis. Avoid using common or easy-to-guess passwords, such as your name, birthday, or phone number, and instead use a combination of letters, numbers, symbols, and cases. Use unique passwords for each device and account and avoid writing them down or sharing them with others.
  4. Confirm antivirus software is up to date: Before and after your trip, make sure your antivirus software is up to date and running on your devices, and scan them for malware or viruses. Additionally, you should avoid downloading or opening any suspicious files or links, as well as connecting to any unsecured or unknown networks or devices.
  5. Use a VPN: When accessing the internet or your online accounts during your trip, you should use a virtual private network (VPN), especially if you use public or shared Wi-Fi networks, such as those found in hotels, airports, or cafes. A VPN can encrypt your data and conceal your IP address, making it more difficult for hackers or third parties to monitor or track your online activity.
  6. Be cautious with your devices: You should be cautious with your devices and keep them with you at all times or lock them away when not in use. You should also avoid leaving them unattended or lending them to strangers and use a screen lock or privacy screen to protect your data from prying eyes. When not in use, you should also turn off your Bluetooth, Wi-Fi, and GPS, as well as any automatic or remote access features, such as iCloud or Find My Device.
  7. Examine your financial statements and reports: During and after your trip, you should review your bank statements, credit card reports, and travel receipts on a regular basis, and report any suspicious or unauthorised transactions or charges to your bank or travel provider. Check your credit reports and online accounts for signs of identity theft or fraud and change your passwords or cancel your cards if necessary.
Data Analytics In Corporate Travel

Simple Things Often Forgotten When Using Data Analytics for Travel Decisions

Here are some simple factors often not deemed as important when using data analytics for smarter corporate travel decisions:

  • Ensure that you are collecting the appropriate data for your needs. You may need to collect information on travel expenses, trends, and patterns.
  • Before you analyse the data, make sure it is clean and accurate. To remove duplicate data, incomplete data, and inaccurate data, you may need to use data cleansing techniques.
  • Keep an eye on the results of your data analytics efforts and make changes as needed.
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