Business intelligence: 4 steps to powerful insights

Business intelligence is the backbone of your travel program. Here’s how to get started.

Business intelligence is the backbone of your travel program, and the information you’re collecting today can help you prepare you for a future filled with even richer data and more powerful analytics. Here’s how to get ready.

1. Start with what’s in hand

Glean business intelligence from information you already have: transaction data through your TMC, expense data provided by your expense management system and credit card data.

2. Scrutinize what you see

Look at data-driven reports in context. If results seem strange, dive deeper. If you can’t find a solution, chances are the underlying data is not the data you need to answer your ultimate question. Or perhaps your question is too narrow or wide to bring meaningful results. Go back, check and amend.

3. Set reporting standards across your entire program

This will make checking data quality simpler and more efficient, and lead to quicker results. If you’re part of a travel association, talk to them about industry-wide data standards.

4. Think ahead

Using past and present data will prepare you for future insights and intelligence. Speak to your TMC or consulting partner about how you can use existing data now to get ready for Big Data opportunities on the horizon.

Read BCD Travel’s recent paper, Business Intelligence in Travel, to discover how business intelligence can strengthen your travel program. And talk to your account manager to find out more.

Interested in business intelligence? Please contact your BCD Travel account manager.  

 

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