The challenge
One of CWT’s life sciences customers with around $60M in annual spend wanted to move away from the ‘traditional’ data (e.g. ATPs and ARRs) as benchmarking metrics. They asked CWT to provide insight to validate if their policy compliance and spend per employee was in line with peers.
The solution
Working in partnership with the Global Travel Manager, CWT’s highly experienced Business Insight Consulting team created a bespoke benchmarking report. The report included key metrics such as travel spend per employee, spend in comparison to company revenue and R&D budgets; they also included specific metrics such as policy compliance per cabin—all categorized into four distinct industry peer groups.
Customer filters within the report enabled them to drill down within the data to geographical scope, transaction types, issuing periods and air and hotel, or a combination of the two.
The result
The report showed:
- Compliance was best-in-class by cabin
- Spend per employee was healthy compared to industry peers
- Higher spend by revenue was easily explained when comparing pharma company revenue to biotechnology
These findings supported the leadership teams in policy decisions to use travel as an effective means to attract and retain talent.