What is Predictive Analytics?
Intelligent data modeling, used to predict future actions and events. Used by ecommerce giants like Amazon and Google, as well as across diverse industries including banking and financial institutions, and healthcare.
But what about business travel?
CWT Solutions Group, CWT’s consulting division, has built an advanced data model that sifts through more than 85 indicators and metrics. This includes 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.
In today’s environment managing travel programs should not be just about monitoring and taking corrective actions. Predictions enable all stakeholders in the business travel industry to better anticipate and to act proactively.
CWT Solutions Group has produced a white paper that illustrates concretely how predictive analytics can reveal new savings opportunities for those who manage travel.
Read our white paper to learn more about the fundamentals and possibilities of predictive analytics.