How do you benchmark and compare your travel program with your peers and industry standards?

1 Define your objectives and scope

Before you dive into data collection and analysis, you need to have a clear idea of what you want to achieve and what aspects of your travel program you want to compare. For example, do you want to focus on cost savings, traveler satisfaction, policy compliance, sustainability, or risk management? Do you want to compare your program with similar organizations in your sector, region, or size? Do you want to use industry benchmarks, such as those provided by the Global Business Travel Association (GBTA), or create your own peer group?

2 Collect and standardize your data

Once you have defined your objectives and scope, you need to gather the relevant data from your internal and external sources, such as your travel management company (TMC), your expense management system, your travel booking tool, and your traveler surveys. You also need to ensure that your data is accurate, consistent, and comparable, which may require some cleaning, validation, and normalization. For example, you may need to convert currencies, adjust for inflation, align fiscal years, or categorize expenses.

3 Analyze and visualize your data

The next step is to analyze and visualize your data to identify patterns, trends, gaps, and opportunities. You can use various tools and methods to do this, such as dashboards, charts, tables, ratios, or indices. For example, you can use a travel program maturity assessment tool to evaluate how your program performs across different dimensions, such as strategy, governance, processes, technology, or culture. You can also use a benchmarking index to compare your key performance indicators (KPIs), such as average trip cost, booking lead time, or online adoption rate, with your peers or industry standards.

4 Communicate and implement your findings

The final step is to communicate and implement your findings to improve your travel program. You need to present your results in a clear, concise, and compelling way to your stakeholders, such as your senior management, your travel team, your travelers, or your suppliers. You also need to translate your findings into actionable recommendations and prioritize them based on their impact, feasibility, and urgency. For example, you may suggest revising your travel policy, negotiating better rates with your preferred suppliers, or launching a traveler education campaign.

5 Monitor and update your benchmarks

Benchmarking and comparing your travel program is not a one-time exercise, but a continuous process that requires regular monitoring and updating. You need to track your progress and performance against your goals and benchmarks, and adjust them as needed to reflect changes in your business environment, traveler behavior, or market conditions. You also need to seek feedback from your stakeholders and travelers to ensure that your travel program meets their needs and expectations.

6 Learn and network with your peers

One of the best ways to benchmark and compare your travel program is to learn and network with your peers and industry experts. You can join professional associations, such as the GBTA or the Association of Corporate Travel Executives (ACTE), and participate in their events, webinars, publications, or forums. You can also attend trade shows, conferences, or workshops, where you can exchange best practices, insights, or challenges with other travel managers. You can also leverage online platforms, such as LinkedIn or Twitter, to follow influencers, join groups, or share content related to travel management.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?