IBTM To Unveil Benchmarking Tool

Corporate travel buyers attending the National Business Travel Association annual convention in San Diego tomorrow will be able to get their first look at a new benchmarking tool developed by the Institute of Business Travel Management to help them assess the effectiveness of their travel programs.

The Managed Travel Index and Benchmarking Tool will provide users with two different kinds of measurements: a measure of how well a program functions operationally that can be compared by size of spending, type of industry and region and a measure of comparative air and hotel spending that uses FAA citypair fares and Smith Travel Research average daily room rates data.

Work to develop the tool began in December, with the contracted services of Partnership Travel Consulting and Simat, Helliesen & Eicher and the voluntary participation of about 100 travel buyers. IBTM chairman Joe Monaghan cited IBTM vice chairman Hanna Murphy of Siemens Shared Services as the driving force.

Murphy said that while the "robust" benchmarking tool is ready for people to use, it is only at a starting point and will be refined over time. "It is a very good beginning," she said. "It starts a dialogue and it gives travel buyers answers to auditors."

NBTA members on Aug. 22 can begin using the tool via IBTM’s Web site on a trial basis through year-end. In January, the tool will be available to members for an annual subscription fee of $595.