Take a step back to consider where your data strategy is and where it can take you from here
Here we are in July. We’ve made it through the first half of 2019 and each of us should take some time to evaluate where we are with our Phat Data strategies and where we’re headed. We shall call this Phat Data Time Out!
So let’s take a quick look at what is happening with the trends on data thus far in the year, and how people continue to tell the amazing stories about how data is being used to empower the managed travel program.
The industry continues the search for better ways to get actionable, accurate and near real-time data in order to proactively manage travel programs. We still have a way to go, but we are seeing real progress in the area of analytics. Instead of just telling us what has happened in the past, we are seeing more tools enter the market to tell us what could happen in the future.
This is exciting news for both the travel buyer and for suppliers. Having the ability to drive more market share, tweak the travel policy and better manage behaviors by modeling future events creates a very dynamic, data-driven travel ecosystem.
The key to successfully managing your analytics is knowing what story you’re trying to tell and identifying the right audience members you need to communicate with. In turn, that strategy should be based on the initiatives you are exploring and who you need to gain buy-in from. All of that reveals how you then can move the dial on your program.
We are seeing industry suppliers launching more data and analytics tools – everyone from TMCs, to airlines, to the GDSs and independent third parties – which is a fantastic development. The challenge for buyers is still to aggregate all that data in such a way to formulate an actionable and insightful plan.
The good news is at least providers are coming to the table with innovative solutions that deepen the partnership between buyers and suppliers. This enables both parties to evaluate the relationship and deliver with a more strategic focus on the managed travel program, the corporations’ objectives and the travelers’ experience. While we still struggle with bringing it all together, we are making great strides in the right direction.
Policy, Privacy & MoreAs we are taking our Phat Data time out, we buyers should use this moment to explore our travel policy to see if it is still effective at guiding your travelers to the right behaviors and right suppliers. Policy must be a dynamic ongoing project and should adjust to the changing needs of your business. It’s important for buyers to continually maintain their policy as a living, breathing document.
All of us are busy. So the years pass and the next thing you know, a policy that was once a great representation of your program’s objectives may no longer be entirely applicable – or maybe not even relevant. Whatever the status of your policy, now is a great time to use your Phat Data to assess its successes and shortcomings, and make necessary changes. Or you may find that: Yes, you still have the right message and know that the foundation of your managed travel program is solid and delivering on your objectives.
It’s been a little over a year since GDPR has gone into effect. I think one great benefit of the new data privacy regulations is that it has made all of our companies sit up and take inventory of their data security. If travel buyers haven’t taken the initiative to have very frank conversations with their suppliers about the data they have access to, what they use it for and how secure it is, now is the time!
Our Phat Data strategies need to include data privacy and security as a natural part of the evaluation process. Now, this is not a one-and-done deal, so we need to plan annual assessments. More and more countries are developing additional regulations around data security, so it is not just GDPR; buyers must educate themselves and hold their suppliers accountable.
One of the first questions that a buyer should ask is, what data do you collect? That should be followed by, what do you do with it? And why? There are really two benefits to asking these questions. First you may uncover data they have access to that may help you to better tell your own story and you could use it to enhance your understanding of your overall program. The second is you may find there is data they don’t need and determine that data should never be sent at all.
Even in a world where we share everything about our lives through social media, we still need to respect and protect the privacy of our travelers’ data when it is in our hands or entrusted to our suppliers.
One Small StepThere’s one last thing we can focus on during our Phat Data time out: Ask yourself, what is one thing that you wish you could do to enhance the experience for your traveler? Then find out what information you need to help you do that.
Even if it’s just one small step, it can have a big impact on the overall success of your travel program. It could be a simple thing like special messaging on the online booking tool or a supplier promotion for your travelers. Or it could be something major like implementing a new mobile platform – whatever your flavor, it will make a difference in the lives of your customers,the travelers.
From better data tools to policy checkup, from data security to how we influence our travelers’ experiences, and anything in between related to our data strategy, the buyers who take a time out to sit back and evaluate even just one part of their data strategy will be better for it.
If you haven’t even started developing a data strategy, then this time out is for you! Start now, build in time each week to focus on the story you want to tell and what information you need to obtain, analyze and utilize to deliver that story.
Remember, it is never too late to turn your program PHAT!Next Month: Airline Analysis
Jennifer Steinke is vice president Global Travel Experience at WHoldings, 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.