Industry Benchmarking with PredictX
PredictX benchmarking allows for unparalleled insight into the gaps within your air sourcing program. By utilising anonymised travel data from similar sized companies, PredictX levels the playing field between the corporate and carrier, granting prized information as to the discount you should be receiving across every route, carrier, class, haul type, and more.
Why is industry benchmarking important?
Metrics Comparison
Identifying Best Practices
Performance Evaluation
Goal Setting
Strategic Planning
What are the challenges in conducting benchmarking?
Benchmarking in corporate travel is clearly useful, but there are several challenges that anyone wishing to build this capability need to navigate:
Data Consistency and Quality:
Access to Comparable Data:
Changing Industry Standard:
Complexity of Travel Programs:
Integration of Different Data Sources:
More detail on how PredictX helps you do it better.
PredictX assists its customers in achieving benchmarking through a combination of advanced data analytics and machine learning models. Here's how PredictX addresses the issues provided above:
PredictX ensures that the data used for benchmarking is of high quality by validating each batch of source data for completeness, accuracy, and logic. The platform can automatically correct and reformat data, such as adding missing alliance names or correcting class codes, which is crucial for accurate benchmarking.
PredictX has also developed an intricate multidimensional model that allows the right comparator basket to be used for each market in your program. This ensures that you are only comparing to fair comparators.
Finally, the platform provides deep insights into travel spend and behavior, enabling customers to identify areas where they can improve sourcing activities. By considering total expenditure from suppliers across all TMCs, payments and other sources, customers can realize significant savings and enhance program compliance.
In summary, Corporate Card Optimization is a key component of effective travel and expense management, enabling better control over spending, improving compliance, and contributing to the overall financial health of the organization.
FAQs
Explore some of the frequently asked questions about industry benchmarking
Benchmarking in corporate travel is the process of comparing your travel program's performance metrics against those of similar organizations to identify areas of strength and opportunities for improvement.
Benchmarking is crucial as it helps you understand how your travel program stacks up against the competition, identifies best practices, and informs strategic decisions to enhance your program's efficiency and effectiveness.
PredictX provides specific metrics for benchmarking, allowing you to compare your travel program with others that are most similar to yours. This comparison is tailored to the specific metric being analyzed, ensuring relevant and actionable insights.
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.
PredictX calculates over 350 individual KPIs, including classic travel-type KPIs such as advance booking, lowest fare, restricted ticket, and leakage, as well as new KPIs enabled by the combined dataset that were previously difficult to measure.
Customers have achieved improved sourcing activities, customized policy design, and enhanced comprehension of sustainability goals. Savings in excess of $3 million have been reported as a result of better sourcing and program compliance.