Working together with your suppliers can be the key to building a more successful Phat Data strategy
Phat data isn’t just for travel buyers. Suppliers play a big part in delivering the right information to create a strong Phat Data strategy. How a buyer works with suppliers to identify the right set of data they need is mission critical.
Furthermore, in many instances it can take upwards of 30 days after travel for the data from our suppliers to even reach us. How can a buyer truly manage their program 30 days after things happen? The answer is, they can’t. Travel buyers need to push their suppliers for more real-time information that is actionable.
It is a fact that data in the travel industry is very ‘siloed’ – that is, we get different types of reports from different suppliers in different industry sectors. And even data coming from suppliers in the same travel category can look significantly different from supplier to supplier. We get mounds upon mounds of data that has to be “cleaned.” Frankly, I’m not sure why that should still be the case.
When it comes to bringing Phat Data to the table, getting buyers and suppliers to work together toward common goals of data accuracy and timely delivery will only serve to improve the overall relationship between them.
Oh, but wait! The best part of the current data exchange between buyers and suppliers goes something like this: The Supplier says, “Let’s meet for a quarterly review.” The Buyer replies “Sure.” They meet, they look across the table and realize their numbers don’t match – sometimes not even close! Then the Supplier says: “Let’s go to lunch.” And the Buyer replied, “OK.” And off they go. So while they agree on a restaurant, they agree to disagree about the numbers.
Suppliers should be asking questions like, What do you do with the data that we provide? How is it used within your program and organization? What additional data can I provide that will help to build a better partnership? Getting the answers to these questions will help to provide a more strategic look at the buyer-supplier relationship.
Seeking Loyalty The other area that the travel buyer should start to get a better handle on is the categories of data the supplier has on your travelers. It’s no secret that suppliers want brand loyalty and they have a lot of levers to pull to obtain and retain that loyalty. As a buyer you should understand what these levers are and based on the information that supplier has, partner with them to gain better actionable insights into your travelers, how they’re being influenced by these incentives and what impact all that has on your program.
Travelers are being marketed to in all sorts of ways – through e-mails, apps, loyalty programs and a host of other enticements. These incentives are strong influencers on your travelers. In a true buyer-supplier partnership, buyers should understand how their travelers are being marketed to and how they can support those initiatives with their preferred suppliers.
Here’s an example of this from the airline industry. If an airline can provide a buyer with information on trip disruptions and the steps the carrier has taken to remedy this situation with their traveler, it becomes a huge value proposition for the buyer. As a buyer I can have better insight into the service quality of the carrier. It can also validate or invalidate feedback from travelers if complaints are high about a particular supplier.
When this information is shared, it can be a dynamic complement to the suite of data provided by an airline. This would be applicable to hotel and ground transportation suppliers as well. You just have to ask for it. This type of Phat Data can also help you better understand why program leakage might be occurring, why you aren’t getting the supplier adherence you expected, and how you can get in front of these challenges.
Delivering Results The mechanism through which data is delivered from supplier to buyer is a key area that should be explored. Everyone understands that suppliers want program adherence. “We give you X and we expect Y.” That’s the way the world works.
The challenge that travel buyers face is that the data isn’t always timely. Buyers should start exploring with suppliers the ways they can obtain their program’s data. Can it be provided by an API? Can the supplier integrate into a travel reporting system? What are the tools available to buyers to pick up the relevant program information? The aim is to make sure the delivery of data is timely and actionable.
Let’s be brutally honestTechnology is our friend and when we embrace the opportunities that we have to integrate more and more sources into one platform, the stronger our data strategy will become. This requires both buyers and suppliers working hand in hand to break down the silos and create an amazing integration.: For decades, as buyers we have just accepted data as the suppliers have chosen to give it to us. This has to change. If you are a buyer who is looking to build a strong Phat Data strategy, data consumption and aggregation is critical. You need to determine how your suppliers can integrate their data into your strategy.
Technology is our friend and when we embrace the opportunities that we have to integrate more and more sources into one platform, the stronger our data strategy will become. This requires both buyers and suppliers working hand in hand to break down the silos and create an amazing integration.
Suppliers who want to be strong partners for corporations and travel buyers need to be leaders in building a Phat Data strategy. Buyers need to be asking the right questions about the data that is being delivered or what needs to be delivered. Sharing the marketing influences and capturing the travelers’ experiences can be an incredible addition to the managed travel program.
Getting your suppliers to bring Phat Data – “data that is hip, cool, and relevant” – to the managed travel program means building partnerships. And that actually starts with you!
Jennifer Steinke is vice president Global Travel Experience at WHoldings, and an industry thought leader with over 27 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.