Without standard hotel rate audits, a firm spending about $20 million annually on hotels overpays them by $490,000. The same client would save about $900,000 per year using both rate and availability audits.*
*Source: BCD Travel study of hotel clients
If you want to get executives interested in travel management, talk to them about these types of savings. You can achieve these results with a hotel program that combines the best hotel choices combined with great rates. Three key areas to watch:
Take a non-traditional approach. Use both fixed and dynamic negotiations with preferred partners. Then, layer in chain programs to cover secondary markets and sold-out situations. Use tools for spot purchasing, a little like a lowest-fare program.
Perform both standard GDS rate audits as well as rate availability audits. According to BCD Travel analysis of client data, if our top 50 clients did not correct for hotel rate errors, they would pay up to $30 million more than if they implemented a standard GDS rate audit to do so. If they globally performed a rate availability audit in addition to a standard audit, they save a combined $55 million.
Bring in a rate assurance tool to monitor rates and offer lower rates to a traveler even after they have purchased. It can be at the same hotel. If a lower rate is found, you ensure the rate is acceptable and the hotel is re-booked at the lower rate.
Make the move to payment simplification
Automatically generate a new virtual card for each new booking. This helps you:
- Reduce your risk of fraud
- Make accurate and timely payments to meet hotel incentive targets
- Reconcile hotel expenses faster
- Get better control over unauthorized hotel spending
Analyze and act
With DecisionSource® Intelligence & Analytics, monitor traveler behavior and spend data for quick, precise decisions that improve your hotel program.
- Check your total hotel spend
- Gauge hotel attachment
- Track your performance against preferred hotel commitments
- Spot and act on missed hotel opportunities
- Monitor and influence traveler booking behavior
- Get an even bigger picture by seeing your entire travel program performance
Read how one of our clients cut costs and improved Duty of Care with DecisionSource.