Business Travel Executive, Dec 2020/Jan 2021

37 Business Travel Executive askBTE com December 2020 January 2021 For In depth Reports and Current News on this Topic Click Here category sourcing And most importantly how do we strengthen our partnerships while being true to what the data tells us Shifting Metrics One of the key indicators for future travel spending will be how corporations budget for travel Phat Data will explore the impact of reduced spending not from the perspective of the pandemic but from the standpoint of the financial benefits that CFOs are seeing and how the expectations around non essential travel may be permanently changed What will the data tell us about peoples productivity and how teams collaborate And is there an impact on the overall performance of an organization if the ability to connect through travel is reduced significantly Speaking of collaboration lets not forget about the meetings and events industry Prior to the pandemic we were seeing some amazing results in the ability to track and measure the attendee experience and gauge the ROI for events thanks to new tools and technologies that help us capture and deliver that data Now as we move into 2021 we know virtual meetings arent going away so how should we be measuring an events success and the ROI from virtual or hybrid meetings and events Does the data set look different What will the data tell us about an attendees engagement with the dog barking home schooling Amazon delivering lives that we are all now living Now combine that with the fact that some attendees are virtual while others are attending in person should we be measuring those individuals against each other or using the same metrics even though we know their experiences are totally different FLAT or PHAT Whether we are seeking data about health and safety measuring meetings or managing spend categories the industry should continue to see advancements in technologies that help us derive the data we need to better manage our corporate travel programs Throughout 2021 Phat Data will highlight new technologies renewed technologies and the gaps that the industry may encounter Because lets face it just like you cant bake a cake without the ingredients you cant build out a Phat Data strategy without access to the data you need To date the industry is still struggling with disparate data sources that are siloed and not always accurate so our Phat Data series will continue to delve into the world of data technologies Who knows what 2021 will bring to the managed travel program We could be in for a quieter year as the dust settles or one that rocks our world with change and innovation Will it be FLAT or PHAT Regardless of what is to come it is still important for buyers who havent built out a Phat Data strategy to do it The time couldnt be better so start now Continue to focus on remaining relevant in your organization and use data to tell your story Buyers should also begin to integrate some scenario planning into your data strategy ask yourselves the What Ifs and use data to model the outcomes This will enable you to be better prepared to answer the questions that your management and your travelers have yet to ask Think about things like what if your organization only returns to 25 percent travel 50 percent Model what that looks like for your supplier agreements your overall travel costs and impact to your overall program Preparing now will enable you to know where to focus tomorrow Regardless of the size or shape of your managed travel program Phat Data can help you develop it tell your story and highlight where your resources should be focused No doubt things looks different now than they did in January but think about the amazing opportunities that can come from buyers who have the time to sit back think creatively and build out the most dynamic and impactful programs of all time Now that is Phat Happy Holidays and Cheers to a better 2021 n Jennifer Steinke is Global Head of Travel for PPD Inc and an industry thought leader with over 30 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 Unless corporations are comfortable putting people back on the road the recovery will never occur