Established in 1985 and listed on the Australian Securities Exchange in 1987, Challenger is an investment management firm managing more than $50.7 billion in assets.* A CTM client since 2013, Challenger was the first to purchase and implement CTM’s forecasting technology as part of a company-wide transition to our revolutionary SMART Travel Management Platform.
The main areas of focus were the improvement of days booked in advance and fare category usage.
Challenger’s key objective was to reduce overall travel costs by improving the buying behaviour of their travellers and travel bookers at the time of booking.
The main areas of focus 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 staff travel behaviour to company policy.
With staff dispersed around the country, it was difficult to drive effective booking behaviour
Prior to the development of CTM’s advanced forecasting applications, there was no technology available in the corporate travel market purely aimed at influencing the buying behaviour of travellers prior the point of booking to achieve a greater return on investment for businesses.
With staff dispersed around the country, it was difficult to drive effective booking behaviour day-to-day meaning inefficiencies were being seen as well as inconsistencies with travel policy.
Challenger was the first client of CTM to implement CTM’s proprietary forecasting applications. These new applications allowed travellers and travel arrangers to visualise the optimal day to travel for their desired route. With the application’s user friendly design and intuitive nature, deployment and take-up of the technology was rapid and required little to no training or persuasion.
Challenger started seeing real results in booking behaviour just three months into using the new technology resulting in direct improvements to the bottom line.
Domestic air expenditure decreased by 14% whilst the number of bookings remained level.
Average airline booking days in advance increased from 11 to 14 days within just 3 months.
Restrictive fare usage increased by 4%.
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“Challenger continues to seek the best returns on its investments in technology. Partnering with CTM to implement their travel forecasting technology was a common sense decision that met our needs in achieving this goal.”
Sean Baker Head of Performance Management - Challenger Limited
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*www.challenger.com.au/about/ (as at 30 June 2014)