What is Predictive analytics?
Predictive analytics, also referred to as intelligent data modeling, is used to predict future actions and events by using large and varied data sets and forecasts. It is currently used in many varied industries, including ecommerce, banking, finance, and healthcare.
Solutions Group introduces predictive analytics capabilities
CWT Solutions Group has built an advanced data model that sifts through more than 85 indicators and metrics. This includes large historic travel data sets, as well as public data on commodity prices, macro-economic indicators, weather, and holidays. Those data points are analyzed to identify patterns and correlations, generating robust predictions for a company’s future spend, specifically the number of trips and cost per trip.
3 ways predictive analytics can uncover
savings opportunities
With your travelers
Communicate with defined traveler groups to keep them within company policy, encourage the use of alternative suppliers and proactively adjust budget caps.
With suppliers
Optimize your supplier program by managing the number of suppliers, adapting your negotiation targets and caps, reviewing your contractual goals,and updating your online booking tool.
With internal business stakeholders
Act as an internal consultant supporting business unit leaders when they need better insights on travel trends and travel budget planning.
How can it help me?
In today’s environment managing travel programs should not be just about monitoring and taking corrective actions. Predictions enable all stakeholders in the business travel industry to better anticipate and to act proactively.
Read our white paper to explore how predictive analytics can reveal new savings opportunities for those who manage travel.
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