Visualization tools can transform Phat Data into compelling – and sometimes surprising – stories
Your Phat Data strategy’s success hinges on telling the story the data reveals in clear and compelling ways to every audience. Some of your decision makers speak fluent spreadsheet, but most will need you to draw them a picture. And that’s where data visualization can be priceless.
So, what is a buyer to do? How can you integrate your travel program storytelling into something that appeals to the audience yet is impactful enough to drive change in the program?
Data visualization is more than just a fancy word for aggregation. It takes data in its rawest form and applies logic and analytics to make sense of the data, enabling it to grow with the travel program over time.
The most challenging part of evaluating companies that provide data aggregation and visualization tools is the process of normalizing the data. Since there are no real standards for data specifications in the industry, taking all that data from multiple sources and bringing it together to make sense is hard work.
Once companies have mastered that process, the buyer can begin to tell the data story. There are third party companies that are focusing on just that.
How does the utilization of data visualization help? Chris Lewis, founder and director of Travelogix, a data reporting and visualization tool, explains, “It’s no longer about spending the $500 on a trip; it’s about representing how they could have spent that $500 better.”
Spotting the Trends For travel programs that have matured and are running efficiently, the task of finding additional savings over time can be a challenge. On the other hand for an up-and-coming managed travel program, figuring out where the opportunities truly lie can be a daunting task. In either case, discovering new ways to reap cost savings or enhance the travel experience can be driven by an analysis the data.
One of the biggest benefits of integrating data visualization into your program is the ability to interact and take deep dive into the data. “A pretty graph may tell you part of the story,” Lewis says. “But the ability to ask the ‘why’ and drill down into multiple data sets to help you truly identify a problem or opportunity and bring actionable insight to an issue is where the real meat lies.”
For example, maybe airfares are rising, but industry statistics tell you that prices are dropping. What’s happening? As the travel manager, you can now drill down at multiple levels and see that you may have one department or region that is continuously spending more because of things like advanced purchase, or routings. Maybe they have entered a new market that you weren’t aware of, or maybe their business mix has changed. The near real-time actionable data you can gain through a visualization tool enables you to identify problems and opportunities and take corrective action.
You can also quickly identify new trends within your program. Whether you are looking at overall spend or the effects of policy or process changes – or for that matter if the changes are even working at all – the ability to drill down into the data will allow you find the root cause faster than searching through an Excel document for the answer.
Through data visualization you can make timely decisions and more nimbly adapt to market changes. This empowers the travel buyer to actively adjust their program more strategically. Maybe this means fewer RFPs, a more dynamic travel policy, an ever-changing supplier mix – the opportunities are endless when we can stop reacting and begin predicting.
One of data visualization’s most startling revelations comes from its ability to drive internal benchmarking. Comparing the travel spend and patterns among travelers, departments, business units, and locations within your organization can truly highlight the effectiveness of your program.
Why do travelers who spend exactly the same amount of time on a trip, staying in exactly the same hotel, traveling to and from the same cities, spend so differently on their trips? One guy spends $2500 and the other $1500? Finding out how this happens and identifying where things go awry can truly help you manage your travelers better.
Telling the Story Beyond that, as you share your story with leadership, it’s amazing how quickly behaviors can change. Additionally, the ability to monitor traveler behaviors can provide the travel buyer with the ability to better predict the choices a traveler may make and customize offerings based on the data. Now that is Phat!
As travel buyers begin to develop their Phat Data strategies, part of that process is storytelling. What data do you need to deliver to the right people at the right time? It is a critical part of the strategy to understand your audiences and answer the questions, Why am I telling them this story? And what do I expect from them? If you can’t answer those questions, then be cautious about what you’re presenting.
Through data visualization you can focus on the stories you want to tell and develop them accordingly. Remember Phat Data is hip, cool, and relevant. How relevant is the data you share with your CFO as opposed to a front-line manager? The stories are very different, so what you present would potentially look and feel very different depending on who is consuming it.
And don’t forget the ASK. What is it you expect from the person you are sharing the data with? Is there an action that needs to be taken, is there something you want them to monitor? This will differ by company and by travel program. Take a look inside your managed travel program and ask yourself, What is my story?
“If the travel buyer owns their data, they will be the most powerful player,” Lewis says. So own your data; tell your story. But buyer beware, he warns. “That data is powerful. As we move to a more shared global data set within the industry, sharing that data, even if anonymized, can be extremely powerful and valuable. Could it be commoditized? Absolutely!”
If you are managing your program with the same old spreadsheet reports or dashboards, consider yourself challenged to incorporate Phat Data into your story through data visualization. In the process you’ll bring near real time information from multiple sources into focus for all your travel stakeholders. The benefits will far outweigh the investment in time and money for your program.
Jennifer Steinke is vice president Global Travel Experience at WHoldings, and an industry thought leader with over 27 years experience managing corporate travel. She holds an MBA plus Certified Corporate Travel Executive (CCTE) and Global Travel Professional (GTP) certifications from GBTA. Jennifer strives to deliver innovative and thought provoking ideas to the corporate travel industry.