Business traveler management and tax compliance
Data analytics can lighten the load
Use of data analytics is growing, but it can be hard to prioritize where to apply it. Could management of business traveler populations be a particularly ripe opportunity?
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- Data analytics as a continuous improvement cycle
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Whether we are talking about business travel, tax, or another discipline, the challenges and requirements for leveraging analytics are the same. Approaching the application of data analytics as a continuous improvement cycle may help in realizing its power, immediately and over time. Exhibit 1 illustrates the four key components of this cycle: issues, facts, understanding, and actions. All add value, but step four is critical: Even the leading data analytics produce nothing good, unless they drive decisions and actions that improve business performance. This is where analysis becomes power.