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Information plays a crucial role in planning an effective travel management program. The power of right information allows companies to effectively negotiate with supplier contracts, monitor policy compliance and come across the opportunities that can make additional cost savings possible. Though it may sound easy but collecting right information or as it is technically called Business Intelligence (BI) is a tough job due to the large number sources. Business intelligence refers to applications and technologies which are used to gather and analyze data about company operations from multiple sources. This allows companies to capture increasing volumes of business data for analysis. But with tremendous growth in the volume of data as well as data sources, it is becoming increasingly difficult to implement effective travel management strategies. This paper deals with best practices in travel business intelligence that helps companies in sifting through this data in order to extract the relevant information to implement change. For this purpose, the paper explores various sources of travel data and also discusses best practices in using the information provided by these sources to reduce travel expenses that impact the company's cost and ultimately its profit. The paper writes about the positive effect an effective travel business intelligence strategy can have on a corporation's bottom line. To reinforce this point, the paper also sites example of how companies have created best practices in travel business intelligence.
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