Transforming corporate travel into a hub of operational efficiency and cost savings. With this goal in mind, Paytrack, an all-in-one platform specializing in expense and travel management, conducted a study demonstrating how the use of Big Data can generate savings for companies. The research analyzed over 350,000 transactions over two years and revealed patterns in corporate booking behavior. Furthermore, the study showed that, depending on the date of air ticket acquisition, price variations can reach as high as 200% [sic].
The survey comes at a crucial moment for the corporate travel market. According to the Global Business Travel Association, global spending in the sector is projected to reach a record US$1.48 trillion in 2024, making the efficient management of these resources increasingly strategic for businesses.
"We've identified that purchasing tickets 30 days in advance can represent a substantial saving," says Edson Gonçalves, co-founder of Paytrack. "To illustrate, imagine a situation where a company needs to organize a trip for 20 people. By purchasing tickets in advance, they could pay R$450 per ticket, totaling R$9,000. Without this planning, the cost could reach R$1,200 per ticket, resulting in a total expenditure of R$24,000. In this scenario, the savings would be R$15,000."
The platform uses big data and predictive analytics to help companies identify the ideal time to purchase flights and hotel reservations. The system is enhanced with features such as monitoring total expenses, including lodging and additional services, visibility of unused credits, automated refunds, and management of compliance with corporate policies.
Gonçalves highlights that cost savings in corporate travel are the result of a network of decisions that permeate the entire process. Each step, from initial planning to final approval, presents opportunities for optimizing costs and resources. Individual traveler choices, company policies, and market conditions intertwine, creating a dynamic scenario where each decision can significantly impact the financial outcome.
"The numbers show there's significant untapped cost-saving potential for many companies," highlights Gonçalves. "Our platform transforms this data into actionable insights, enabling businesses to make smarter and more economical decisions on their corporate travel, overcoming the limitations of the traditional management model," he concludes.
