Face the Facts

The Phat Data strategy you build now can be a powerful tool to deliver value when travel returns
There is no doubt that COVID-19 has taken us to places we never thought the travel industry would ever have to go. It is certainly dark times for our suppliers, and buyers are trying to find their way and keep their travelers safe. While times are extremely tough right now, there are also positive opportunities for both buyers and suppliers. And Phat Data can help. Buyers, if you haven’t used these past few months to renew and refresh your travel program, now is the time.

We say this in at least one issue of Phat Data every year, and here it goes again! Do you have a Phat Data strategy? If not, this is the perfect time to implement one. A Phat Data strategy consists of getting to wisdom – talking to your stakeholders, and understanding their needs and objectives. And these days, trust me, they certainly have a new outlook on travel and getting their business done.

Next take inventory of your current reporting and analytics, then determine if it still aligns with your stakeholders needs. Do a supplier time-out; analyze your supplier mix to see if it’s still right for your business. Determine what technologies you have and what you need to support the delivery of your data and analytics.

Finally, don’t stop. This process never ends. If there’s a lesson we can take from the pandemic, it’s that business objectives change, the landscape of your travelers changes and you always need to refresh and renew. This is one of the best opportunities for buyers to get in front of their stakeholders and deliver an entirely new value proposition for a travel program using data.

Data Management

Categories: Special ReportData Management

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