In this fast-moving digital society, having accurate data is a critical aspect of businesses. The task of maintaining the highest data accuracy is of utmost importance as the same information is used by the business leaders to measure the performance of their company. It helps businesses to understand how their business travels affect their overall productivity, and the value their trips generates to their business.
As such, many companies leverage data science these days as a means to streamline their operations and to gain a competitive advantage as well. Because business travel is an endeavour that involves a wide range of information, integrating data science into their strategy will enable the business to improve their travel programs to benefit both the company and the travellers.
Data Science: A Key to Measuring Business Travel ROI
The business travel sector is a US$1.2 trillion industry – meaning companies are spending so much to fund their trips every year. However, only a few companies are capable of measuring the ROI their trips generate. Thus most travel managers struggle to justify their need for the annual travel budget year over year.
Another problem is that many companies look at travel budgets through a very narrow perspective. Often, travel managers focus on costs such as plane tickets and hotels and do not consider the data are coming from the HR, corporate finance, and non-traditional data sources.
Data science, more specifically – the use of advanced analytics – can be the key for companies to see business travel in the context of operations, revenue streams, and human impact. By combining travel data with the information from corporate finance and human resource department, companies will be able to gain valuable insights of the actual cost of a business trip versus the ROI it generates.
Data and Business Travel Productivity
One of the ways data can be useful to businesses is by tracking traveller’s productivity. For instance, an average business trip is seven hours of travelling by aeroplane. By translating that amount of time into the amount of salary that the traveller gets, a travel manager will be able to have an accurate cost per hour of the travel.
Using this approach, it can be implied that the time spent sitting in the aeroplane can cost more than the price of the ticket. The cost increases if there are flight delays or emergency stopovers. The same can also be applied when travelling on the ground. A mere 1-2 hours of traffic can cost a business significant money if their travellers often require long distance road travel each year.
If by flying business class, or hiring a chauffeur service such as Hyryde means the traveller can work for the entire transit, then the business has more chances to get back the cost of the travel in billable work hours.
Overall, leveraging the power of data science can unlock many opportunities in business travel. By integrating travel data to other data from other business areas such as HR, sales, and finance, more holistic organisational goals can be established and new travel programmes KPIs can be set – which will enable companies to understand the value they get from their business travels.
To learn more about our Premium Chauffeured Services, contact Hyryde today at +44 (0) 207 117 6023 for UK business travellers and +1 855 901 0303 for US-based corporate travellers. You can also send your questions and enquiries to firstname.lastname@example.org