Case Study: Savings achieved with CTM’s Fare Forecaster
Challenger, an investment management firm, reduced domestic air spend by 14% within three months following the implementation of CTM’s Fare Forecaster technology.
Challenger was CTM’s first client to implement Fare Forecaster technology as part of a company-wide transition to the revolutionary CTM travel management platform, Portal.
Read on to find out more.
Challenger’s key objective was to reduce overall travel costs by improving the buying behaviour of its travellers and travel bookers at the time of booking.
The main areas of focus to reduce wastage were the improvement of days booked in advance and fare category usage. Challenger also sought to drive preferred supplier usage as well as more closely align travel booking behaviour to company policy.
Prior to CTM’s Fare Forecaster tool, there was no technology in the market aimed at influencing buying behaviour at the point of booking.
With staff dispersed around the country, it was difficult to drive and monitor effective day-to-day booking behaviour, meaning inefficiencies and buying behaviour inconsistencies were identified.
Challenger was the first client of CTM to implement Fare Forecaster. The technology allows travellers and travel arrangers to visualise the best available airfares for their chosen route and time, 21 days in advance, in a single search.
With the technology’s user-friendly interface and intuitive nature, deep-linked into the online booking process, deployment and uptake of the technology was rapid and required little to no training or persuasion.
Challenger started seeing real results in booking behaviour within just three months of implementing CTM’s travel forecasting technology resulting in direct improvements to the company’s bottom line.
Within three months, Challenger’s domestic air spend reduced by 14%, and restrictive fare usage increased by 14%. On average, Challenger’s travel bookers and travellers booked flights 14 days in advance, an increase from the previous 11 days.
“Challenger continues to seek the best return on its investments in technology. Partnering with CTM to implement Fare Forecaster was a common-sense decision that met our needs in achieving this goal.”
- Head of Performance Management (at time of implementation), Challenger Group Limited -
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