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Navigating air travel sourcing

Air Sourcing with PredictX

PredictX enables you to stay ahead of the game with immediate insights that drive negotiations, optimize your program, and deliver quantifiable savings. Embrace the future of air sourcing and elevate your corporate travel strategy to new heights with PredictX

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Why is air sourcing important?

A successful air program provides many benefits to the organization:
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Cost Efficiency

Effective air sourcing is probably the primary driver of cost savings in a large T&E program, which is crucial for corporations looking to optimize their travel budgets.
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Strategic Negotiations

With comprehensive data and insights, corporations can enter negotiations with airlines from a position of strength, securing favourable terms and conditions.
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Policy Compliance

Corporations can ensure that their travel policies are adhered to, leveraging contracted rates and preferred supplier relationships.
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Performance Management

By monitoring contract performance, corporations can make informed decisions to adjust their travel strategies and improve efficiency.
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Risk and Sustainability Management

Air sourcing allows corporations to manage risks associated with travel, including regulatory compliance and sustainability goals, by making informed choices about carriers and routes.

What are the challenges in conducting air sourcing?

Effective air and hotel agreements are fundamental to a successful travel and expense program. However, establishing and maintaining these relationships can be challenging. Each category - air and hotel - has its own unique challenges, but the obstacles below are well-known in the quest to create the ideal program.

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Complexity of Airline Pricing:

Airlines use sophisticated revenue management systems that dynamically change prices based on demand, competition, and other factors, making it difficult to predict and secure the best rates.
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Contract Management:

Managing multiple contracts with different airlines and keeping track of their terms, conditions, and performance metrics is a complex task that requires attention to detail and strategic analysis.
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Data Integration:

Consolidating data from various sources, including direct bookings, travel management companies, and corporate credit cards, is necessary to get a complete picture of travel spend but can be technically challenging.
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Compliance and Policy Adherence:

Ensuring that travel bookings comply with corporate policies and negotiated contracts requires constant monitoring and enforcement.
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Market Fluctuations:

The airline industry is subject to frequent changes due to economic conditions, political events, natural disasters, and other external factors, which can impact contract terms and availability.

PredictX addresses these challenges by providing a comprehensive solution that integrates data, manages contracts, and leverages machine learning to normalize global hotel and flight bookings. This allows for a total cost of trip analysis and helps you to stay ahead in negotiations, manage performance, and gain a network effect of ever more accurate data for better decision-making.

More detail on how PredictX helps you do it better.

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PredictX ingests, cleanses and fuses data from both ticket purchases and agreements. This is then further combined with data from the wider marketplace, geolocation and policy data specific to your business.

The platform automatically calculates savings achieved under airline contracts, including the percentage of discounts utilized, enabling travel managers to assess the effectiveness of their sourcing strategies.

Also, by utilizing AI processes to analyze booking patterns and contract performance, PredictX helps identify opportunities for better negotiations, ensuring contracts are well-aligned with corporate travel needs.

PredictX’s capabilities are also used to forecast future travel activity, assisting in proactive decision-making and budgeting for air travel.

FAQs

Explore some of the frequently asked questions about navigating air travel sourcing

How does PredictX enhance air sourcing for corporations?

PredictX streamlines air sourcing by consolidating data from multiple sources, providing real-time performance analysis of airfare contracts, and offering predictive analytics to inform future travel strategies. This leads to better negotiations, policy compliance, and overall cost savings.

Can PredictX integrate with various data sources for air sourcing?

Yes, PredictX is modular and can seamlessly integrate with a wide range of data sources. Any additions after the initial implementation are easily managed through change requests and the completion of an associated statement of work.

What flexibility does PredictX offer for data reporting and customizations?

PredictX offers virtually unlimited flexibility in data reporting. Customizations and additional templates can be requested through the PredictX Support Desk. The Hollywood Studio feature also allows users to create and modify analytics, providing control over the reporting landscape.

How can PredictX help in achieving corporate sustainability goals?

PredictX can play a pivotal role in helping corporations reduce their carbon footprint by providing analytics on travel-related CO2 emissions. It also offers Air vs Rail analytics to identify more sustainable travel options.

What kind of support does PredictX offer for ad-hoc reporting requests?

PredictX provides comprehensive support for ad-hoc reporting requests. Users can contact the PredictX Support Desk for assistance with creating custom reports or modifying existing templates to suit their specific needs.

How does PredictX contribute to effective decision-making in air sourcing?

PredictX ensures effective decision-making by utilizing clean, consolidated data to provide actionable insights. This enables travel teams to carry out optimal data-driven sourcing and spend optimization, maximizing the return on investment in travel.

Ready to unlock the potential of your travel data ?