Wouldn’t you just love to know more about the characteristics of other travel programs to understand the strengths and weaknesses of your own? And wouldn’t it be helpful for your supplier negotiations to see what other organizations with a similar budget are spending on air and hotel? What if you knew about relevant peer companies and what they are and aren’t doing to make their travelers happy? Wouldn’t that be a tremendous benefit for your company’s employee recruitment strategies?
Well, we have terrific news. Now clients of American Express Global Business Travel (GBT) can know all that and more with our newly launched Peer Travel Insights (PTI) benchmarking tool. We ourselves are super excited about its release. We know it is a highly sought-after solution that has been on our clients’ wish lists for some time now and how much it can help travel managers to define best practices and improve their corporate travel programs.
While we are not aware of any other travel management company (TMC) offering this kind of dedicated peer benchmarking tool to clients today, we are confident that any other will not deliver the same meaningful results. That’s because all the travel metrics PTI uses for comparisons are derived from American Express GBT’s extensive client database. And because American Express GBT is the largest TMC on the planet, we have a superior amount of customer data to pull from for building truly relevant peer sets for our clients to compare their programs against. On top of all that, we also have advanced data science technology and sophisticated algorithms purposefully designed to generate higher quality peer groups.
PTI is simple to use. With an intuitive user experience and easy setup, clients quickly can begin navigating the program’s 10 dynamic dashboards, which altogether benchmark 40 KPIs. With just a quick scan, you can view the best-to-worst rankings of a KPI and see how far behind or ahead your program is compared to that of your peers. In other words, within a matter of seconds, you can receive real insights into whether your program is chugging along just fine or requires a small, or seismic, shift in a certain area.
When running a report, clients can select from two types of peers they would like to benchmark their program against: either other companies in one of 10 standard industry groups or “others like me,” which will compare data from organizations with similar characteristics (such as number of employees, air spend and point-of-sale by country). The results of a minimum of five and up to 20 peers will be displayed.
Another unique feature of PTI is that it has a traveler well-being dashboard to help organizations measure traveler satisfaction, a key metric as companies increasingly promote their business travel perks to attract job candidates.
The traveler well-being dashboard has positive KPIs (like the use of nonstop flights and access to business class seats on international trips) as well as negative ones (such as the percentage of red-eye flights and how much time travelers are spending away from home). Factoring in all the positive and negative KPIs, PTI also calculates a total traveler well-being score. Depending on how well a company fares against its peers (or, in this case, what may be your competitors for talent), the firm may wish to revamp its travel program to include more perks, especially if its employees are spending a big chunk of time on the road.
Of course, organizations do need to balance their traveler satisfaction initiatives against their cost-savings goals, and PTI’s robust optimization dashboards can be an effective tool when trying to achieve this equilibrium, especially when paired with other tools such as our flight price predictor technology.
With just a few clicks, a client can view how much on average its anonymized peers are spending on air, hotel and car and how its own program is performing. If the results show that your company is not getting as good of a rate as peers, you can go back to your suppliers and push for more competitive pricing.
Users of PTI also can do compliance analysis to see how they are performing in areas such as online adoption and advance purchase and make policy adjustments based on the findings. For instance, if it becomes apparent that your organization has a low percentage of travelers booking their air travel in advance (i.e., at least 14 days before a trip) and is falling way behind other companies, then it may be a sign you need to devote more efforts toward promoting policy compliance.
By the way, if you do come to discover that your compliance rates leave much to be desired, we have the perfect solution for that scenario, too! It’s called Expert Auditor™ and you can learn all about how it works here.
For more on how to get started with Peer Travel Insights, please don’t hesitate to contact us.