Companies in the entertainment and sports industries can save more than 20% on their monthly airfare expenditure by using Best Fare of the Day (BFOD). By enforcing a BFOD policy for all your airfare bookings, your business will benefit from competitive prices, and a broader choice of airlines and route times.
When using a BFOD strategy a company's travellers will be advised to select the cheapest airfare for a specific timeframe across a spread of suppliers, or suppliers specified within their company's travel policy. A recent airfare study by Stage and Screen, demonstrates that companies using BFOD have been able to chip thousands of dollars off their annual travel spend.
Stage and Screen Travel General Manager, Tiziano Galipo said companies using a BFOD rule in their travel policies were realising savings of between 20 to 30 per cent on their overall monthly airfare expenditure. Tiziano said that although BFOD wouldn't suit all companies, many Stage and Screen clients that had adopted a BFOD strategy were reaping the financial and travel benefits of having a flexible travel policy in place. "By using a BFOD strategy, businesses are going to achieve savings because their overall spend is generally less and they'll also be seeing the cost benefit of increased policy compliance, which can also lead to greater travel savings," he said.
"BFOD ensures customers are getting air travel that not only suits their business needs but secures the cheapest possible fare available in an open sky environment – rather than with one select carrier.
"An open sky approach to buying airfares also means that businesses can access a broader selection of travel times, prices and options that are being offered by multiple carriers at any one time."
Stage and Screen Travel's National Account Manager, Nathaniel White recently conducted a study of airfares between Sydney and Melbourne. The study was conducted over a one month period and found clients saved 22% on airfare expenditure by adopting a BFOD policy. This translates to a saving of approximately $7,000 per month for a business that flies 200 flight sectors on this route monthly.
Spotlight on BFOD
- BFOD is the cheapest fare available from airlines flying your desired route within a specific time frame.
- Mandating BFOD policy has been proven to save companies more than 20% monthly on fares.
- Use reporting to monitor BFOD to see where non-compliant bookings have been made.
- Talk to your travel team about how an online booking tool supports BFOD policy.