Your corporate travel department is feeling the squeeze these days, isn't it? Between new corporate travel policies, rising travel costs and reduced budgets, you are really being asked to do much more with much less. FareSight gives you the tools to see how your fares measure up to the market, and in turn, analyze your air travel budget and optimize your air travel program. Offering the most comprehensive airline ticketing data available on the market, from ARC's Compass data warehouse, FareSight provides analysis of your company's air travel spend.
FareSight assists with monitoring your corporate travel policy as well as the effectiveness of your airline partnerships—helping you identify areas for potential cost savings. In addition, the tool allows you to profile your travelers' preferences based on actual ticketed travel and not just preference surveys or policy compliance. FareSight offers four interactive dashboards, featuring charts and tables that allow you to drill down on specific data points of interest with a variety of filters. Using these dashboards, you can generate and export reports for further analysis.
Air Spend Overview
The Air Spend Overview offers a high-level financial look at your air travel program. This dashboard displays your corporation's total air travel spend, broken down by class of service, and total expenditure breakdown for both international and domestic travel. This dashboard also shows the impact of advance purchase days on average ticket price and offers visibility into total air travel spend trends over time. To help you identify inefficiencies, the Air Spend Overview uses key performance indicators—including ticket count, refunds and exchanges, total penalty, total expenditure and cost per cancelation indicators—pinpointing areas for potential cost savings.
The Program Benchmarks dashboard helps you quantify how your employees are abiding by your corporation's program policies—and how your performance compares to market. This dashboard offers an advance purchase analysis, so you can view the allocation of ticket volume in five ranges; a class of service analysis, displaying the ticket distribution relative to the five classes of service; and a refunds and exchanges analysis, offering the ticket distribution relative to refunds, exchanges and no changes.
The O&D Benchmarks dashboard helps you visualize how you're performing on each O&D compared to market and identify outliers using key performance indicators—including origin airport, airport pair, O&D count, average ticket amount, market average ticket amount and total savings—to capture bottom line savings by procuring better rates. Plus, a world map displays all destinations relative to origins to easily identify potential cost saving markets.
The Carrier Benchmarks dashboard offers a detailed look at your company's air spend by ticketing carrier. See how much your company is spending with ticketing carriers for each O&D city pair, including average fare and share of travel spend apportioned to each carrier. With this dashboard, you can optimize your existing contracts with carriers and identify the potential markets for reallocation of share for more cost savings.
FareSight allows you to view your company's air travel spend trends over time and compare these to the entire industry—or just corporate travel data. You can even break down your analysis by five different classes of service.
Identify markets where your company is overpaying for similar tickets compared to overall market spending averages as well as corporate travel specific averages.
Analyze the impact of refunds and exchanges as well as last-minute travel to identify where this is used most often, as well as when this is used most often, by breaking this data down by calendar quarter.
FareSight can help you analyze air volume and costs by O&D to indicate target routes or carriers needing further price negotiations. You can also determine your company's spend per carrier by class of service as well as by domestic or international travel.
FareSight displays your travel performance for each of the O&D city pairs and compares this data to market averages. Analyze travel performance by ticketing carrier for each O&D city pair, including average fare and share of travel spends allotted to each carrier.
FareSight can show you the destinations that are seeing an increase in volume of travelers from your corporation to help you identify where a preferred airline partner might be needed.
The tool's dashboards are unique and relevant. Along with the filters, they help corporate travel departments accurately analyze air travel activity and practically in real-time.Christina Adams, Georgia-Pacific