They say all good things must come to an end. And while that is true for some things, I believe that other good things just get better with age at some point. That is true for fine wine, great friendships – and for Phat Data.
Phat Data launched in the October 2013 issue of Business Travel Executive, and 87 articles later, I have decided the time is ripe for the topics around data and its role in corporate travel to graduate to a different level. Thus, this month will be the last in the regular series of Phat Data articles.
In that nearly decade-long coverage, we’ve tracked the growth in data’s importance from an esoteric, almost mysterious sphere (remember the days of Big Data and why should I care about it?) to today, when it’s become a critical part of most successful corporate travel programs. We’ve dealt with the impact of data on travel from practically every imaginable angle, and we’ve constantly reiterated (harped on?) the importance of travel buyers creating their own program’s unique Phat Data strategy.
It’s been an amazing ride, and I’m happy to say that I know many of you have taken up the Phat Data call and grown to know and love your data as the key to a more effective managed travel program.
Now it’s time to allow the rich content of Phat Data to blossom from a monthly series to special reports that will appear from time to time in the pages of this magazine. Which is incredible, because now it lends itself to popping up whenever some truly spectacular developments in data and analytics present themselves in the field of travel.
There continues to be significant opportunity for the corporate travel industry to evolve when it comes to how we consume and use data to advance each managed travel program. This is driven by two things: What tools and technology we can use to help us aggregate data, and how we can better utilize the data and information that we do have so we can more effectively manage our programs with the goal of building our stories. I think the story is what is most important. And this why Phat Data will never die.
The foundation that a Phat Data strategy provides is what allows both buyers and suppliers to come together to understand what is driving a corporate travel program and how to best support each other. It allows buyers to identify when things aren’t working and gives them the tools to tell the right stories to the right people at the right time.
Lessons Learned
What have we learned from Phat Data?
First, we’ve found that we continue to struggle to obtain relevant, real time data. Now, that’s OK, because the industry will continue to evolve in this field and technology will lead us to success. We have had to adapt and that is what we did with Phat Data. We learned not to wait on better, more timely data, and instead to take a deeper dive into what data we had and figure out what to do with it. If it wasn’t actionable, we probably didn’t need it. We are able to clean up our data sets to ensure that our suppliers and internal systems are supporting our overall data strategy.
We learned how to focus on building out our strategies. Yes, it takes time, but it is so worth it! Thoughtful conversations with stakeholders; aligning our programs and data strategies with our business objectives; taking inventory of our current data; evaluating our suppliers – are they the right fit? Asking the question – does our policy align with what the data is telling us?
And the final step is sharing the details about the program with stakeholders, making sure we either tell them about it or ask for something to build it up. We don’t just send reports for reporting sake. We are deliberate in our approach, and we know that no two data strategies look the same, because we are different companies and different programs, but built on the same data strategy foundation. And that is PHAT.
As we close out the Phat Data chapter, I would encourage buyers to continue to dig deeper into to what data and analytics can do to help drive your program forward. When it comes to getting us closer to real time data, we need to press our suppliers, and don’t take no for an answer. Collectively as buyers we need to drive the change the industry needs. Without the demand, the supply won’t come. Be creative. Look at data differently than you have in the past. Prepare to answer the unasked questions. Elevate your role within your organization by becoming a valuable partner with impactful data that can benefit all of your stakeholders from the traveler to the CEO.
For our beloved suppliers, don’t stop asking buyers about their data and if what you present to them is effective for the advancement of their initiatives. Don’t make assumptions that all buyers desire the same things. Start driving innovation when it comes to reporting. Will you be the one that is first to deliver real time accurate reporting? If not you, who? If not now, when? You are in the prime position to partner with your clients and build something amazing together.
In closing, thank you to all my faithful readers who have followed Phat Data for all these years. I hope it has given you food for thought, driven change in your program and most of all, helped you focus on the impact data can have for you and your organization. This is not goodbye; it is, see you next time! We’ll continue to dig up some impressive Phat Data stuff and I will bring it to you in a concise way that is easy to understand and implement.
Phat Data came about to bring hip, cool, and relevant data to the industry. And we have succeeded!
Jennifer Steinke is Director, Travel, Meetings and Fleet at Moderna, and an industry thought leader with over 30 years experience managing corporate travel. She holds an MBA plus Certified Corporate Travel Executive (CCTE) and Global Travel Professional (GTP) certifications from GBTA. Jennifer strives to deliver innovative and thought provoking ideas to the corporate travel industry.
