Would you agree that supplier negotiations are like a revolving door? Travel managers will end one RFP process, only to find themselves knee-deep in data and reports a few short months later as the upcoming years’ RFP process begins all over again.
This especially rings true for hotel programs, which are usually on an annual renewal cycle. Hotel data is one of the most fragmented travel segments in corporate travel programs today. According to data from DVI, more than 49% of hotel booking data is leaked.
Business Travel Management is a Balancing Act
Due to the added complexities of managing a corporate travel program under the constraints of COVID-19, coupled with the ever-changing global landscape of travel restrictions and border closures, the travel management balancing act becomes far more demanding.
Organizational needs for cost-savings and duty of care remain high priorities and new, innovative solutions are expected from travel managers who already struggle with limited bandwidth. So, how do you close the gaps of program leakage, introduce creative solutions that increase program savings, and do so with limited resources?
The answer lies in complete travel booking data.
Pause for a moment and consider the basis of a supplier negotiation, regardless of which industry you represent. What do you always find at the center of the negotiation table? Data analytics!
The Power of Travel Data Visibility
When a data set is whole, data is enlightening and powerful. Data allows you to be fully aware, painting a clear picture of where your business is going, placing any guesswork aside. Data allows you to identify booking patterns, speak confidently about emerging markets and program trends, visualize traveller preferences, and understand the bulk of your corporate travel program instantly.
All Travel Program Types Benefit from Omnichannel Data
Regardless if your company's travel policy is fully-mandated or recommended, your policy likely includes guidelines to steer your business travelers in the right direction. These guidelines are commonly influenced by supplier contracts that you already have in place – contracts designed with the best interests of your company and travelers in mind.
As you prepare for your next supplier negotiation, consider these points before sitting down at the bargaining table:
- Be prepared with factual and comprehensive program information that tells your company's story.
- Have access to complete travel data that supports your rationale for negotiating more favorable rates, perks, and terms with your suppliers.
- Show that your program is bolstered by a strong travel policy, one that encourages the use of preferred suppliers, and supported is by your executive team.
- Remember that knowledge is power – the more knowledge that you possess, the more power you hold during your next negotiation.
Leverage Travel Data Visibility for Stronger Supplier Negotiations
For negotiations to be successful, start by creating trust amongst those at the negotiating table. While trust and rapport can be built over time, you can also establish trust by validating your position with accurate data and factual information.
Data insights are a powerful negotiation tool. When possible, try to highlight key data using data visualization tools to hone in on important areas, rather than losing your audience in a busy Excel spreadsheet
Prepare to Compromise Where it Makes Sense
Remember that a negotiation is about collaboration and compromise. Before approaching your next negotiation, have a clear idea on the aspects you’re willing to compromise on and which ones you’re not.
When you go to market seeking a new supplier, or release an RFI or RFP, the conversation should revolve around your business objectives, growth potential, market spend, and volume. This information helps suppliers understand the potential opportunities on the horizon.
Use Data Visibility to Improve All Aspects of Travel Management
With increased data visibility, you will unlock information, identify patterns, and learn more about your program than ever before possible. This will further assist you in identifying rogue bookings and supports an omnichannel strategy – a travel management strategy that addresses all booking channels.
Complete travel data will empower you to speak more intelligently about your travel program and have a pulse on organizational spend and market growth opportunities.
Are you ready to take back the competitive advantage during your next negotiation?
Comprehensive data empowers you to:
- Drive supplier negotiations
- Unlock newfound potential with existing suppliers
- Identify emerging traveler trends
- Make policy decisions that benefit your company and its business travelers
Connect with Traxo to Learn About Travel Data Visibility
Traxo is the global leader in real-time corporate travel data capture and intelligence. With agency agnostic data capture technology at your fingertips, companies can seamlessly capture omnichannel spend and eliminate the travel data gaps the industry has grown accustomed to over the years. Data drives internal discussions, supplier negotiations, and the decision-making process, so why should you settle for anything less than 100% real-time data capture?
Contact Traxo today to learn more.