Ongoing processes kick annual hotel sourcing to the curb
By Steve Peterman, Vice President and Principal, Advito
When it comes to hotel sourcing, the once-a-year set it and forget it mentality is dead. Companies gaining the greatest mileage from their hotel business travel spend engage in ongoing processes to mine data, find opportunities for improvement and take action long before sourcing season comes along. The result? Expectations are better aligned with what is actually happening in the markets where travelers stay, and, ultimately, companies save money.
Advito’s solution to these ongoing processes is addressed in our recent webinar, “Dynamic Performance Management: The Missing and Most Valuable Piece in Hotel Sourcing.” Among the topics covered:
- How to abandon managing against projections and savings, and adopt the ability to manage to actual market conditions
- Key insights and decisions to guide hotel negotiations, as well as crucial leverage points
- When and how to chase your negotiated rates
- A look at the dashboards available to our clients that transform data into insights that can be monitored online and brought into leadership meetings for at-a-glance performance reviews
With a portfolio in this discipline representing $1.4 billion in annual spend, suppliers pay attention when we engage in negotiations on our clients’ behalf. And, there’s more to come as we roll out additional enhancements to these activities in the coming year.
I recently joined the Advito team after a career in the leisure travel segment with companies like Expedia. As a result, we are incorporating some of the practices that work so well in the leisure industry. In essence, we’re applying supply management principles to the corporate contract segment, further enhancing our ability to optimize pricing and value throughout the year. We look forward to sharing those details with you as 2018 unfolds. Stay tuned.