Understanding Travel Expenditure

As we continue to support the travel programmes of essential and critical businesses, to organisations eager to travel as soon as it is safe to do so following further government announcements on the Global Travel task force; we`d like to share news relating to one of our innovative products GT Analytics, a tool which can help you to understand your Business Travel Expenditure.

GT Analytics enables our client partners to understand their travel spend and make data-driven decisions on their travel programme and policies.  The system provides a single source of business-critical information via live, intuitive, and interactive reports with customizable dashboards that can be accessed by travel managers wherever they are 24/7, 365 days a year; Users can even drill down into data and view at individual booking or invoice level.

Isolating re-booking costs linked to changing travel plans and Risk Management.

Throughout the CV-19 pandemic, there will have been an increased chance that your organisations business travel plans will have been impacted by rebooking flights due to several scenarios including flight cancellations, newly introduced quarantine/isolation measures and countries being added to the government’s red list of banned countries.

The costs associated with rebooking flights, risk management and the repatriation of your travelling workforce is a necessary price to pay in ensuring the safety and wellbeing of your travellers; But how does your business keep track easily of rebooking costs in line with your travel budget?

The good news is….with innovation included within GT Analytics, the system has been aiding our client partners by providing a solution to isolate rebooking costs linked to changing travel plans and Risk Management throughout the recent pandemic.

Using a new function in GT Analytics, when building reports, users can at the touch of a button either include or exclude ‘exchanged’ tickets which is the cost associated with rebooking airline tickets. This means you can view your total travel expenditure, with, or without the cost of airline change fees to quickly keep track that you are in line with your travel budget or use the tool to alert you that you should increase your travel budget to compensate for any additional costs of keeping your travellers safe.

*Screenshot from GT Analytics

Isolating rebooking costs using GT Analytics has allowed organisations to understand the financial impact of amended travel plans first-hand, such costs can be matched up against a range of bespoke user-defined fields for your business which we capture at the travel booking stage including Project and Department Codes, unique employee numbers to site codes.

These attributes can be pulled into your bespoke reports for review. For example, a Marine/Energy or Renewables business with multi travelling departments can evaluate the costs of rebooking fees for recharge purposes quickly in one place using GT Analytics. By providing this type of visibility to travel spend, organisations can quantify the actual cost of a trip including rebooking costs and cancellations against your travel budget.

Andrew Sison, Account Manager at Good Travel Management, discusses further; The ability to examine trends including the cost of amending travel plans for your travel program allows you to understand your travel expenditure providing valuable insight into where you have been spending. This allows you to understand where savings can be achieved, and travel spend can be analysed for value creation and leverage purposes; this allows you to truly recognise how best to enhance supplier partnerships; a good practice to ensure savings are maximised across your travel programme.”

Andrea Harrison, Account Manager at Good Travel Management, discusses further; “In the current climate, travel data insights can help travel managers steer travellers and bookers alike to make correct decisions and reduce travel costs. This can be achieved by averting unnecessary travel, by encouraging travellers to choose how they travel and establish travel options on either cost, value, or protection. By detecting the effect of frequent and unnecessary travel on your workforces’ health and wellbeing, wasted productivity can be alleviated with correct action.”

For more information on how GT Analytics can help your organisation understand your travel expenditure, please contact:

T: 0330 0040520

E: sales@good-travel.co.uk

Or contact us via our webchat facility.

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