Following analysis of historical booking data, we approached a financial services client recommending a change in booking practices that ultimately led to significant cost savings
For one financial services client, trips to regional head offices was a key requirement for business success. Employees from across the company travelled between offices in London, Scotland and Wales. These trips took place on a regular basis. Sometimes staff members would even visit two locations in the same week.
Travel bookers in this financial services firm defaulted to buying flexible flights for these trips.
We analysed their most common short haul route, London to Edinburgh. Our findings revealed some interesting insights.
By looking specifically at booking behaviours, we identified a common theme. Over 82% of tickets booked over a one year period, were flexible fares.
Further analysis showed that of the 82%, on average the number of post-ticketing changes made equalled less than 0.56 per ticket.
During a test phase of bookings, we identified that savings could be made with a change in booking methodology. Namely, by purchasing the lowest fare on the day, rather than a flexible fare. The data and testing presented a clear and compelling argument for a change in travel policy.
In order to enforce a new way of booking, we worked with HR Managers and Travel Bookers to effectively communicate the changes to the wider team. By mandating the new policy, we were able to see significant savings.
In the first year alone, we saved our client £24,750 with this simple change in travel policy.
Find out how a benchmarking exercise for an asset management client delivered long-term cost savings and quality of service.