ARC announced that its FareSight corporate air travel data and benchmarking tool is generally available, following beta tests with "more than a dozen corporate travel managers" that began last summer.
FareSight is designed to leverage ARC's data to help corporate travel professionals assess their organizations' air travel patterns, spending and ticket prices, and compare the data with industry figures.
ARC incorporated feedback obtained during the beta tests.
"The advance purchase ranges were refined to break out under seven days into three distinct categories to allow for a more accurate analysis of how last-minute travelers impact air spend," according to ARC's managing director of product management, Doug Mangold.
"The class of service filter was expanded from three to five service categories to allow for a more accurate analysis of how service class may impact air spend."
ARC also added a new "market segmentation filter" to enable users to benchmark against all ARC ticketing data or only corporate data. A future version of FareSight will filter data by trip type.
According to a statement from Rene Colyer, Exelis Inc. corporate travel department manager and board member for the Corporate Travel Department Association, the tool uncovers "travel policy improvement opportunities by comparing our advance purchase and exchange rates to everyone traveling in the same markets as we are."
FareSight is the first product from ARCLabs, a research and development initiative.
Source: Business Travel News