You need not to be an expert to understand that hotel and airfare prices change dramatically every now and then. The price you paid today may not be the same when you see it tomorrow. Sometimes you will be surprised by knowing the importance of price fluctuations.
Are your employees getting all the amenities they’re entitled to? Should you demand better price from suppliers? For organizations where travel is the second controllable expense, this would mean saving millions of dollars.
However, they are plenty of tools in the market to help you measure and analyze price fluctuations. By accessing the data, corporate travel managers get handle on the dynamic pricing strategies of today’s airline and hotels. By constantly monitoring these fluctuations, companies will be able to figure out opportunities to save and work with travel management agency to get lowest available deals.
Also, companies can use this insight to negotiate better prices with key suppliers and make sure they get all amenities that their travelers are entitled to or they are not billed for unnecessary amenities.
With business spending on the rise, gaining visibility into supplier pricing is going to become more important to the bottom line. Today, monitoring supplier pricing dynamically has become important to travel managers. Data would give you clear insight on the supplier data and lets you find out how much you are spending with each supplier. Based on the analysis, companies can update or change travel policies, thus making them more flexible, perhaps, based on the type of business trip and the specific needs of the employees. An integrated travel and expense management software platform will help you with this.