The benefits of cost-benefit analysis
A benchmarking exercise for a key client with regular UK-Dubai travel delivered long-term cost savings, while still offering quality of service.
After a comprehensive pricing exercise, traveller surveys and aircraft inspections, we identified an airline that delivered on cost and service and were also able to provide additional benefits, including limousine transfers and regional departures.
Following our cost-benefit analysis, we continued to review our recommendations and gauge traveller feedback. By recording comparisons we determined significant savings.
We identified a 4% saving against the next best carrier and a 9% year-on-year saving on average ticket prices on the UK-Dubai-UK route, with the additional benefit of the accrual of significant Skywards points by consolidating spend with one carrier.
Always looking at ways to save
Following analysis of historical data, we approached our client to recommend adjustments to buying practices and their corporate travel policy.
By proactively reviewing their most common short haul route, London to Edinburgh, our analysis showed 82% of tickets were issued as flexible fares over a one-year period.
Further analysis revealed that of these 82%, on average the number of post-ticketing changes made equalled a mere 0.56 per ticket.
This data presented a very clear and compelling argument for a change in travel policy. By recommending a new mandate for purchasing the lowest fare on the day, £24,750 was saved year-on-year.
A seamless transition
When a European investment firm, with an annual business travel budget of over half a million pounds sought flexibility of service for their five UK and Parisian offices, we proposed a new way of managing their requirements.
It was imperative that the services were provided in a seamless, proactive and efficient manner, especially considering there would be a transition period between providers.
“When our travel management policy came up for review I personally interviewed five different travel management companies and ended with a shortlist of two, with which I pursued a more in-depth and intense final selection stage. MIDAS were consistently the best performers from the very beginning of the selection and appraisal process. They demonstrated a high degree of understanding of the business travel sector and possessed a level of professionalism that impressed me greatly.
We had retained the same travel provider for approximately seven years so this was a big change for us. It is testament to the expertise of the MIDAS team that I now have few memories of the implementation process, so smooth and seamless was the transition from one company to another. In the 12 months that we have now worked with MIDAS, I am extremely satisfied with the level of service we receive – both on a day-to-day basis from the travel team and also from a management reporting point of view. They have shown themselves to be efficient, proactive and always willing to tailor their methods and operations to suit our specific needs. I would not hesitate in recommending MIDAS Travel.”
