It is a well- known and data backed information that technology has affected individuals and businesses to a considerable extent both in for advantages and disadvantages. The hospitality and travel industry is no exception. There has been enough debate on whether technology has benefited the travel industry or has harmed it more.
The Internet, technology solutions, software & hardware and communications modes have made the processes of travel industry a lot easier for every participant. Technology has brought efficiency, automation, customer intelligence with data, and more business opportunities to offer to different customer needs, fast development in the market, innovation in product and service offerings, traveler data and opportunity for new entrants industry calls them disruptors too. Airbnb (Uber as well) is a classic case; the concept of staying in people’s homes when traveling is not a new concept and dates back many centuries. Technology has been able to accelerate this to a fast-moving and easily accessible global phenomenon.
Thanks to technology and the internet, data is now available to everybody easily. Having said that, what adds value to the traveler is relevant and structured insights from this data, mixed with the right kind of intelligence and insights from it. This is where travel technology tools come handy. Technological tools have played a pivotal role of the driver of this change of coming up with the right kind of traveler experience based on very specific customer needs and know-how of how these travelers want to see it, buy it and experience it. Mobility, monitoring of personal/social activity and especially predictive analytics are what will affect the new business opportunities and business models.
Key actions for what tour and travel companies need to keep pace with changing market needs:
