The Hidden Impact: How Data Quality Shapes the Future of Business Travel
Data quality is very often overlooked, but remains profoundly influential in many industries, including business travel. In our rapidly evolving world, the future of business travel is intricately shaped by the precision and reliability of the data driving its core operations. Beyond the surface, where numbers and statistics seem routine, is a nuanced realm where data quality’s significance dictates the trajectory of travel agencies and travel management companies (TMCs). Good data can be a transformative force that unlocks potential for unparalleled success in business travel, and it all starts with data quality.
Why is data quality overlooked?
Data quality is often overlooked for several reasons. Firstly, the sheer volume of data generated in today's digital age can be overwhelming, and the travel industry is not immune to that, not even in the slightest sense. This leads to a focus on quantity rather than quality. Organizations may prioritize collecting vast amounts of information without dedicating sufficient resources to ensure its accuracy, completeness, and consistency.
Secondly, the complexity of data management processes can contribute to oversight. As data travels through various systems, there is a risk of errors, duplications, or inconsistencies creeping in. Without robust data quality assurance measures, these issues may go unnoticed until they start affecting business operations.
Moreover, organizations may face challenges in recognizing the direct impact of poor data quality on their bottom line. The consequences, such as flawed decision-making, inefficient processes, or compromised customer experiences, may not be immediately apparent.
Lastly, there might be a lack of awareness or understanding about the long-term benefits of investing in data quality. Organizations that view data as a byproduct rather than a strategic asset may not prioritize the necessary measures to maintain its quality.
Addressing these challenges requires a shift in mindset, recognizing that data quality is integral to business success and implementing proactive measures and the correct tools to ensure its accuracy and reliability.
How to make data the foundation of your operations
To examine how exactly data can become a foundation for your travel business, let’s take a look at a technology where data is quite literally, “everything”: AI. Generative AI works in conjunction with knowledge bases to enhance its performance and provide more contextually relevant responses. The most important aspect of this is AI that is pre-trained on large and diverse datasets from the internet, which includes information from various domains. While most will agree that data strategy is the foundation of generative AI, far fewer CDO’s (Chief Data Officers) will agree that their teams have the right data foundation to pivot to generative AI. The key here is not just the sheer volume of data, but the quality of it as well.
After Morgan Stanley Wealth Management identified a high number of possible use cases of generative AI, Jeff McMillan, the unit’s chief data, analytics, and innovation officer described how the company dealt with data issues. “We have been curating our document-based knowledge for a while. Every single piece of research content has to be reviewed by a registered compliance person, so we know the content is of very high quality. We have a team that scores individual submissions on issues and we give each document a grade”.
Data and Travel
The role that data plays for companies within the travel industry is not entirely unlike that of generative AI. Travel agencies and TMCs pull travel data from many different sources and then use that data to help drive better decisions. And with that comes the dependence on high quality and robust data.
At Grasp Technologies, we’ve developed a new solution that is designed to help travel companies mitigate the risks associated with poor data quality. graspIQ is an automated solution that offers robust data monitoring capabilities, ensuring high-quality travel and expense data as well as scoring and visualizing data quality. Our solution utilizes advanced algorithms, rules, and data validation techniques to identify and rectify errors where it can.
A key feature of graspIQ, is the scorecard which reflects in simple terms the true state of the data and its quality. With graspIQ eliminating inaccuracies, organizations gain confidence in the integrity of data, in knowledge that they can go on to make more reliably informed decisions. graspIQ ensures data quality by using trusted out-of-the-box rules, developed over decades by Grasp, as well as bespoke and specific rules which can reflect the needs of any organization. For example, if you are expecting a UDID or identifier to follow a certain format and always be mandatory, graspIQ will incorporate the rule as part of the evaluation criteria, allowing you to monitor, track and ensure your data reflects the needs of your business.
With high-quality travel and expense data forming the foundation for meaningful analysis and decision-making, graspIQ enables organizations to trust the accuracy and completeness of data, empowering businesses to confidently make data-driven decisions.
