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It was a pleasure to get to know the many corporate travel managers that participated in this event. I learned so much! Thank You.
CFO Magazine just published a great piece called ‘The Seductive Promise of Big Data.’ http://www3.cfo.com/article/2012/2/analytics_big-data-business-intelligence?currpage=2 It helps crystallize my understanding of the concept and its applicability to business travel.
The article defines ‘Big Data’ as a set of technologies and processes that use data to understnad and analyze business performance and adds: “its about understanding your user base to leverage your understanding of behavior.”
The greatest difference between conventional MI and the analytics supported by Big Data is that the latter is predictive. Big Data draws ‘increasingly diverse sources of unstructured information. ‘
The article describes a case where a company observed that employees were expensing hotels on weekends, and responded by optimizing hotel and car deals to reduce the cost of that trend.
Check out this article if the Tenet about Big Data and the importance of ‘trip-centric’ reporting. Better analytics will give CTM’s and companies greater insight into the drivers of T&E costs, and support mobile procurement efforts to reduce those costs.