Dynamic and Personalized Pricing

| June 15, 2019

article image
Countless papers and articles over the past months and years have outlined dynamic pricing, not just for the travel industry. Interestingly, the airline industry has always been somewhat of a leader in dynamic pricing as it is a concept that airlines have used for years. This paper will describe the differentiation of dynamic pricing of the past, present and future, and how this relates to and has been applied in other industries as well as other sectors of the travel industry.

Spotlight

Travel Leaders Group

As America’s largest travel agency company, Travel Leaders Group delivers a high-touch, personal level of travel expertise to leisure and corporate clients through our nearly 7,000 company-owned, franchised and affiliated travel agencies throughout the United States, Canada, the United Kingdom, Ireland and Australia. The travel agencies that are part of Travel Leaders Group alone comprise over 30% of all agencies in North America. Our team of leaders – from our expert agents to our executives –– are dedicated to delivering the best travel experience. It’s our heart and soul. It’s all we do. And we do it for you!

OTHER ARTICLES

Top 5 Ways Travel and Expense Management Solutions Can Help Companies

Article | December 23, 2020

A recent study stated that the travel industry faced an estimated $519 billion loss in 2020 due to the pandemic. Some of the challenges that most companies came across are managing travel expenses, maintaining travel and expense process flow, using the right expense management solutions, and more. As the travel industry is getting back in business, it is overcoming challenges sturdily. To simplify travel and expenses process flow, managers need instant and effective travel and expense management solutions to organize travel plans, submit expense reports, and control overspending on their travels. Before you dive into details about solutions that can improve the travel and expenses process flow and logistics of your company, here is a brief about travel and expense management solutions. An Overview: Travel and Expense Management Solutions Travel and expense management solutions are only relevant businesses that need to control the travel-related expenses of their employees. These solutions help you in understating the integrated spend data and deliver a better user experience. Other than this, these solutions can also help with: Making clearer and smarter data-driven decisions Encouraging policy compliance automatically into travel and expense process flow Saving time to collect data from expense reports automatically Simplifying budgeting Forecasting a more accurate data of the spend How Can You Streamline Your Travel and Expense Management Process? Automated travel management software can help your employees and finance team use the travel and expense management solutions for their benefit. But how? Here are the reasons to support: Employees could: Effortlessly manage receipts and submits the details of corporate travel Submit digital travel and expenses report instantly using a centralized travel and expense software Maintain compliance with the existing reimbursement policy for corporate travel and expenses in your company Finance teams could: They can create transparency in corporate spending reports by using travel management software and its automatic function. They can have better control over their travel expenses. 5 Ways Travel and Expense Management Solutions Can Help Companies Travel and expense management solutions give all travel and expense management services easy access to align in one place. By doing this, you will be able to gain more control over services and enforce compliance. Here are five ways your business can effortlessly adopt new travel and expense management solutions and help you win challenges faced during the pandemic. Review the Selected Solutions Before you implement a travel and expense management system, it is vital to review preferred travel and expense management solutions that your business requires. This will help the travel expenses workflow align seamlessly and make employees understand what it takes to manage the entire travel expense scenario accurately. Conduct Surveys If you are going to switch the old travel expenses method and adapting advanced travel and expense management solutions, it is crucial to survey the users who have used the solution and know its performance. This survey will help your employees to know if the chosen travel management software suits your requirements. The next step is to keep an eye on the most frequent and critical users, which will help you to have a clear insight into new trends that are being followed in terms of managing the workflow efficiently. By this, you can also implement it in your company. It also helps identify where your process needs refinement to facilitate efficiency in the expense management system. Prioritize the Must-haves The next step should include the collected input from the survey for setting up the foundation of priority of needs. In this case, creating a checklist is an ideal option. Prioritizing the best travel management software with apt travel and expense management solutions according to your workflow can help you select the right travel expense software for your organization. You can select travel and expense management solutions that consist of: Report building automation Auto fill options Remote access User-friendly interface Helpful support Mobile functionality Quick international payment Introduce Demo Sessions If you use an advanced global travel and expense management system, it is recommended to provide demo sessions of the preferred travel and expense management solutions to your team. The demo sessions could be an opportunity for your team to witness travel and expense management services created from reputable travel management software in action. With this, you can know about a host of details about the implementation of travel expense software, integrations, user training, travel and expense process, and its flow. This contributes towards the successful adoption of a travel expense system and proves the abilities of the travel and expense management solutions selected by you to scale your business as it grows. Choose a Solution Once you have organized multiple demo sessions of various global travel and expense management solutions, it's time to choose the best travel expenses management software that fits your company's culture and requirements. Take a good look at the pros and cons of the final travel expense planner you consider for integrated expense management solutions to combat your existing challenges. Being cautious while choosing the right global travel and expense management solutions will benefit your employees, and they will be able to use it for the company's advantage at a much faster pace. Frequently Asked Questions What you should know about expense management software? Here are some benefits of an expense management software: Ease of access Minimum manual intervention Higher cost savings Faster reimbursements Eco-friendly process (no paperwork) A simple process that simplifies workflow Encourages errorless work and delays Your employees can find the best travel and expense management solutions using various expense travel management software. How to manage travel expenses? There are several travel and expense management solutions to manage travel expenses. Here are some ways in which you can manage your travel expenses: Keep a track of expense details Plan ahead before setting a policy Stay aware of the policies Have an effective approval process of expense Organize spend data Why use an expense management software? An expense management software helps a business ease expense reporting, manage other aspects, and deliver the right travel and expense management solutions. It offers efficient workflow to the finance teams while recording expenses, data, approvals, controlling costs, and more. What are the most crucial features to manage expenses? The most crucial features to manage expenses are: Real-time policy checks The seamless expense reporting process Digital audits Advanced level of data analyses Easy approval process { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What you should know about expense management software?", "acceptedAnswer": { "@type": "Answer", "text": "Here are some benefits of an expense management software: Ease of access Minimum manual intervention Higher cost savings Faster reimbursements Eco-friendly process (no paperwork) A simple process that simplifies workflow Encourages errorless work and delays Your employees can find the best travel and expense management solutions using various expense travel management software." } },{ "@type": "Question", "name": "How to manage travel expenses?", "acceptedAnswer": { "@type": "Answer", "text": "There are several travel and expense management solutions to manage travel expenses. Here are some ways in which you can manage your travel expenses: Keep a track of expense details Plan ahead before setting a policy Stay aware of the policies Have an effective approval process of expense Organize spend data" } },{ "@type": "Question", "name": "Why use an expense management software?", "acceptedAnswer": { "@type": "Answer", "text": "An expense management software helps a business ease expense reporting, manage other aspects, and deliver the right travel and expense management solutions. It offers efficient workflow to the finance teams while recording expenses, data, approvals, controlling costs, and more." } },{ "@type": "Question", "name": "What are the most crucial features to manage expenses?", "acceptedAnswer": { "@type": "Answer", "text": "The most crucial features to manage expenses are: Real-time policy checks The seamless expense reporting process Digital audits Advanced level of data analyses Easy approval process" } }] }

Read More

The Key to Ensuring Employee Awareness with Business Travel

Article | March 6, 2020

The over-reliance of a large number of organizations on Travel Risk apps, SOS alert technology and 24/7 Global Security Operation Centers (GSOCs) foster a false sense of security among travelers. Even though they are a crucial part of a comprehensive risk management plan, the vast majority of SOS alert apps, traveler monitoring tools and travel risk management technologies are reactive in nature and therefore, when deployed as standalone solutions, detract from more pro-active means of avoiding dangers and mitigating risk.

Read More

Which Technologies Are Transforming Travel in 2020?

Article | February 12, 2020

Like most industries, the travel and tourism sector is experiencing a tech revolution. Innovative new technology is disrupting old methods and transforming the shape of the industry. In fact, the travel and tourism sector is in a significant growth period, mostly driven by tech advancements. Certainly, tech has been the driving force behind making it easier for people to access travel. Of course, the notion of technology reshaping industries is something that is happening across sectors. When looking at how tech is changing travel, we can also see similar movements in other areas of business. For example, the gambling industry is being driven into interesting new areas by technology, with sites like bet-ny.com providing a full casino experience online. This push has allowed people to access betting in innovative new ways and from anywhere at any time, provided they have an internet connection.

Read More

Booking.com Predicts the Top Travel Trends for 2020

Article | February 21, 2020

Drawing on its expertise as a leader in travel and technology, Booking.com predicts 2020 will be a year of travel exploration like never before, fueled by technology as well as a growing sense of responsibility and deeper connection with the people and places we visit.

Read More

Spotlight

Travel Leaders Group

As America’s largest travel agency company, Travel Leaders Group delivers a high-touch, personal level of travel expertise to leisure and corporate clients through our nearly 7,000 company-owned, franchised and affiliated travel agencies throughout the United States, Canada, the United Kingdom, Ireland and Australia. The travel agencies that are part of Travel Leaders Group alone comprise over 30% of all agencies in North America. Our team of leaders – from our expert agents to our executives –– are dedicated to delivering the best travel experience. It’s our heart and soul. It’s all we do. And we do it for you!

Events