“These days people seek knowledge, not wisdom. Knowledge is of the past and wisdom is of the future” – Vernon Cooper
Today’s travel programs generate lots and lots of data. But for the savvy travel manager, the goal is not about getting more data – it’s getting the right data, making it actionable and designing a strategy around it to strengthen your travel program and your career. That’s where true wisdom can be found.
Yet to this day we are always looking back at our data – knowledge, yes, but not wisdom. An industry that is trying to get closer to our travelers and influence their behaviors in near-real time can no longer accept reports that are 30-plus days old. As we wait for the information to come in, how can we truly get to wisdom?
Data alone is not enough. Data – the numbers and letters, ones and zeroes, bits and bytes – when put together become information. And it is that information that must be turned into wisdom. In this sense wisdom becomes the story that data is telling you about your travel program and the story you tell others. But with so much data at our fingertips how do we get to that story?
Probably the number one focus is on real-time data – not just timely, but relevant data is critical. This takes a lot of collaboration between the buyer and supplier community. There is no magic wand or miracle cure to our legacy reporting challenges. But if buyers remain steadfast and focused on what information they need to have now versus later, they can focus on the mission-critical items first. The rest they can tackle in the next phase of getting to wisdom.
One prime example is working with your suppliers to determine what data they can actually provide you within 24 hours of a booking/occurrence. Can you capture out of policy bookings? Can you uncover times when your preferred hotel rate was not applied correctly? Can you determine if airfares on a key route have jumped considerably? Are your preferred suppliers able to provide you immediate feedback on service related failures or travel disruptions?
These are just some of the questions you need to ask to get in front of what’s happening in your program now, instead of reacting after the fact. As buyers think about the questions they want to ask of their suppliers, they should always know the answer to this one question – why?
If a buyer can’t articulate the ‘why’ of their data needs, it becomes even harder for suppliers to meet those needs. What is the story you are trying to tell, the action you will take and the wisdom you are trying to get to? And how will this data help? This conversation will open up a collaborative dialog and may even shed light on areas that you haven’t yet considered!
Look Backward to Face ForwardThat’s the path to wisdom gained from you near-real time Phat Data. Beyond that is a treasure trove of other data that you may see from occurrences farther in the rearview mirror. So you have to ask yourself and your suppliers, what is a reasonable time frame to receive such data and have it still be relevant and actionable?
Let’s say it is a policy issue that you suspect may be a problem. Before you can go to your organization’s leadership you need the facts, and those facts may take time to gather. So formulate your hypothesis, gather the data, find the wisdom and then launch your story.
If wisdom is of the future, how can that apply in the managed travel space? When travel buyers begin to proactively think about their travel program in the context, not of what’s past but what’s next, they can wisely pull together the data of today that will help them predict what may happen tomorrow.
This isn’t about time travel or becoming a psychic; it’s about reinforcing your program now so you can be better prepared for the future. Whether in the present moment the outcome is the known or unknown, that doesn’t matter. What does matter is the preparation.
How does a buyer prepare? It’s no surprise to hear that having a Phat Data strategy in place is key. But at some point, it becomes more about how you develop that strategy. Buyers who sit down and start asking themselves the “What If’s” tend to be better prepared.
Some examples of What If’s – What If my travelers start refusing to use my OBT because the experience is horrible? What if Brexit ever gets finalized? What if we have a severe economic downturn? What if bright new shiny technology upsets everything the managed travel program is about?
The What If’s could go on and on. Buyers should continually be looking at the marketplace and coming up with new What If’s to reflect changing realities. And, remember, my What If’s are not the same as yours. Each buyer will ask themselves a different set of What If’s based on their organization and its objectives.
For buyers, the focus should be on gathering the right data to help them understand the impact of the questions they are asking. How would I derive solutions for these questions based on what information I can obtain today, both from my suppliers and within my own organization? What data am I presently missing that would help me fill in the blanks for my program in the future?
It is sort of like Travel Risk Management for Phat Data! We may never expect our What If’s to come true, but we need to be prepared if they do.
What If is more of a What’s Next? It’s those disruptive new technologies that could completely upset the managed travel program. Every buyer should be attuned to this What If because it is coming – maybe not today, but someday.
As stakeholders in a managed travel program, both buyers and suppliers should be preparing for this unknown because these relationships could take a big hit. Suppliers that support buyers and buyers that are focused on getting to wisdom will be more valuable over time. Being ready to respond to challenging questions from a company’s leadership moves the buyer from being tactical support to being a strategic asset – and having the wisdom to know the difference is priceless!
As an industry if we stop seeking mere knowledge and start thinking about the future, everyone will be wiser and our programs will elevate themselves to the next level. The buyer’s role will evolve and the relationships with the supplier community will strengthen. Returning to wisdom helps the buyer tell the right stories today and tomorrow.
Now that is Phat!
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.