CWT Traveler

January 2019

CWT

Predictive analytics for better travel management

“Hindsight is better than foresight,” is a saying one often hears, sometimes delivered with a resigned sigh, in many areas of life. But what if you could see into the future – how great would that be! Nowadays, smart algorithms come at least close to fulfilling this wish for a crystal ball.

CWT Solutions Group has developed so-called predictive analytics capabilities that improve the accuracy of forecasts significantly, allowing companies to better analyze their travel metrics and giving them new opportunities to control their travel spend.

The new approach combines large amounts of travel data with public information on commodity prices, macroeconomic indicators, weather and even public holidays. The data are then analyzed to identify patterns and correlations, thus generating reliable forecasts for a company’s future spend, in particular regarding the number of trips and cost per business trip. Thanks to these insights, companies can achieve savings of up to 10% by making small changes to their travel policies and supplier programs.

Christophe Renard, Vice President of CWT Solutions Group, says, “With these new cutting-edge algorithms, we can predict a company’s spend with remarkable accuracy.” A trial with one of CWT Solutions Group’s largest clients demonstrated that the system learns from ever-larger data sets, meaning that the results get better over time.

The technology will be rolled out to CWT Solutions Group clients globally in the course of 2019.

Photo by rawpixel on Unsplash

 

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