The importance of benchmarking cannot be overstated. Goals that include realistic key performance indicators (KPIs) and strategic metrics are now commonplace within sales, finance, operations and procurement departments. Your corporate travel program or travel department should also research peer companies and identify benchmarks that align with your industry’s performance in order to set realistic KPIs and goals for travel savings and policy compliance. Most often a travel management company partner can help you identify this information and establish some key metrics to benchmark your program against.
Developing accurate and relevant benchmarks can be challenging – especially if you’ve not previously tracked specific results for your travel program. The following five benchmarking tips will provide control and visibility into your corporate travel program, resulting in major savings.