Carlson Wagonlit Travel has introduced Predictive Analytics capabilities, significantly improving the accuracy of forecasts, providing much better visibility over key travel metrics, and giving clients new opportunities to control travel spend.
CWT Solutions Group, CWT’s consulting division, has built an advanced data model that sifts through large historic travel data sets, as well as public data on commodity prices, macro-economic indicators, weather, and holidays. Those data are analyzed to identify patterns and correlations, generating robust predictions for a company’s future spend, specifically number of trips and cost per trip.
“With these new cutting-edge algorithms, we can predict a company’s spend with remarkable accuracy,” said Christophe Renard, Vice President of CWT Solutions Group. “Predictive Analytics is very helpful in giving our clients actionable insights – even small changes to travel policies or supplier programs can lead to big savings. As one of the world’s largest business travel companies, we are sitting on a treasure trove of data. Using Predictive Data, we can really make that data work for our clients.”
A successful trial of Predictive Analytics with one of CWT Solutions Group’s largest global clients delivered a sharp improvement in accuracy compared to previous approaches. Using this new capability, the client was able to identify areas with potential savings of up to 10%. The trial also demonstrated that results get better over time as the system learns from ever-larger data sets.
The technology will be rolled out to CWT Solutions Group clients globally over the course of 2019.
Please download a copy of the CWT Solutions Group Whitepaper on Predictive Data.
About CWT Solutions Group
CWT Solutions Group is the consultancy arm of CWT, the leading digital travel management company. The division helps deliver travel procurement efficiencies through innovations in supplier sourcing, data intelligence, traveler management and mobility.