12/10/2023 0 Comments Business travel expenses![]() Why do you need Business Travel Analytics? 1. To maximize your travel saving, book a free demo of ITILITE now. With ITILITE’s advanced analytics, you can save up to 30% of your overall travel costs. Some advanced travel management software solutions like ITILITE use predictive analytic techniques to help you drive travel cost savings. It can help you increase policy compliance and enhance employee satisfaction. Predictive analytics is the most insightful type of travel analytics. Therefore, you can use predictive analytics can get the best future course of action based on past trends.įor example, using predictive analytics, you can personalize business travel by offering customized flight and hotel booking options based on employees’ past preferences and the company’s travel policy. ![]() ![]() It uses deep learning and machine learning algorithms to detect patterns in travel data and make predictions. Predictive analytics is the most advanced form of corporate data analytics. Therefore, you need a solution to help you take data-driven actions to optimize your travel program. However, the data is highly complex and often challenging to put into actionable steps. You can conduct diagnostic analysis using data discovery, mining, and correlations.ĭiagnostic analytics is slightly more insightful than descriptive analytics because it helps establish a cause-and-effect relationship. It involves finding correlations between different factors affecting business travel performance.įor example, you can conduct diagnostic analytics to understand why a particular department reported increased travel spending by establishing a correlation between department-wise spending and policy violations. Diagnostic Analyticsĭiagnostic analytics explains why the data collected through descriptive analytics is the way it is. Hence, you need advanced analytics to tell you the reasons behind the trends and suggest a course of action. However, knowledge of past and present travel trends is insufficient to manage travel better. For instance, you can use descriptive analytics to determine which department reported the highest business travel cost in June 2022. In other words, descriptive analytics consists of collecting and presenting data about past and current travel trends in a simple form. You can conduct descriptive analytics with the help of a spreadsheet and techniques like data aggregation, data visualization, and descriptive statistics. It involves summarizing basic information about what has been happening or is currently happening. Descriptive Analyticsĭescriptive analytics is the most fundamental type of corporate data analytics. When used optimally, companies can leverage the results derived from travel analytics to cut travel costs, increase policy compliance, and maximize corporate travel ROI. Making data-driven travel decisions based on those insights.Analyzing the collected data to identify patterns and trends.Collecting and processing business travel data.The KPIs can be department-wise spending, employee satisfaction, savings via partnerships, etc. It can help you increase the efficiency of your business travel program by analyzing essential travel KPIs to figure out travel spending trends, cost leakages, and improvement opportunities. One of the primary goals of travel analytics is to gain insights to optimize a company’s travel policy.Ĭorporate travel analytics includes all the analytical practices used to derive insights from travel data. Business Travel Analytics to Drive Savingsīusiness Travel Analytics is a combination of technology, skills, and practices to gather and analyze an organization’s travel data.How can you make the most of Business Travel Analytics?.Why do you need Business Travel Analytics?.To know more about business travel analytics in detail, please continue reading.
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