More data has been created in the past two years than in the entire history of the world. By 2020, our data universe will explode to 44 trillion gigabytes - the majority of it completely unusable.
To find out how FCM Travel Solutions helps New Zealand companies translate Big Data into actionable insights from business Travel Programmes, we spoke with Lou Irving, Business Leader of the FCM Data Excellence Centre.
“Data without mining and meaning is useless. In Business Travel the secret lies in the quality, not the volume of information available,” says Lou.
Even more pressing, a quarter of all business travel, remains completely unmanaged.
“It’s both Big and lost data. For travel managers you don’t know what you don’t know - but we do. Kiwi-based companies working with us harness the hidden wealth in their travel data.”
The key to unlocking data travel insights is FCM New Zealand’s data-management and analytic tool - ClientBank.
With every single piece of data entered - from flights and hotels to Ubers and parking - FCM has the power to translate data into actionable insights, putting you in control of your travel spend. FCM captures, updates and analyses data in real-time. All reports, data feeds and customisable scorecards that a client requires - from as broad as month-to-date travel spend, to as specific as the highest spending employee - are provided in an easy-to-understand format and therefore actionable, within a day.
Partnership is crucial. Your data is your own, kept safe and secure but accessible via personal logins. In addition, a team of analysts can slice and dice your data for you, tailored to your requirements. The New Zealand Enterprise market is complex but ClientBank is designed to scale and integrate with your business, including the ability for reports to embed, along with dashboards, on your internal websites and reports.
With travel spend under the microscope, FCM is excited to launch its new premium ClientBank offering to New Zealand.
“No two Kiwi businesses are the same and neither should their data dashboards be. ClientBank is fully customisable to your specific needs,” says Lou.
With three new layers of functionality covering benchmarking, budgeting and travel incidentals, ClientBank Premium further establishes FCM New Zealand as the leader in analytics. ClientBank benchmarking compares your Travel Programme against companies with similar Travel Programmes or of similar industry: “We assess and compare your bookings and spend activity and deliver quantifiable data quickly determining how your programme stacks up.”
“We generate actionable insights telling you which suppliers to negotiate more strategically with and what discount levels your business may be eligible for.” Travel being consistently the second or third line item for New Zealand businesses costs, ClientBank’s Budgeting Module gives you an intimate understanding and unparalleled control over your travel expenditure. You have full and live visibility of your daily travel spend, how that tracks compared to your budget, and can immediately plug leaks. It delivers a detailed qualification if your travel budget is meeting your business needs: “At the click of a button you are in control of your future spending,” says Lou.
ClientBank’s Incidentals Module focuses on this under-looked area of travel spend. “Companies tend to focus on big-ticket items like flights and hotels however “watch the pennies and the pounds look after themselves” is never truer than when it comes to travel. Simple changes like hotels offering free Wi-Fi and breakfast make a huge difference when working with 1000s of individual travelling employees.”
FCM is global but New Zealand-dedicated. “There is no call centre - partnering with us means direct access to highly-trained, experienced and dedicated Travel Managers and Strategic Account Managers,” says Lou.
A significant investment is made in layering human intelligence over top of all data analytics, delivering in-depth market understanding and insight alongside real-time data and comprehensive reporting. From accounting, to predictive analytics, coding and extensive corporate travel experience - the FCM analyst team was recruited to meet each and every need of the travel management industry.
“We use predictive analytics to mine your data and predict your future. For example, which are your biggest travel months to which markets and then work ahead to make sure you get the best deals,” says Lou. Helping companies meet Duty of Care obligations is also important, particularly with legislation making employers liable for travelling employees: “With FCM’s heat-map technology we locate your employees down to the very second.” says Lou.
Global but Local and Personalised
The FCM group is one of the largest corporate TMCs globally, active in more than 95 countries and recognised for eight straight years as the world’s leading TMC. FCM offers a personalised, end-to-end approach for each client and every individual employee: “Personalisation is essential - some clients prioritise travel spend leaks, others employee satisfaction and retention by tailoring travel to personal preferences.” Regardless, every solution comes from living and breathing your individual data, working seamlessly alongside you and translating this into a competitive edge for your business.