Read | Jun 18, 2024
AUTHOR(s)
A WNS Perspective
Undergoing a holistic enterprise transformation, the global travel industry today aspires to innovate through collaborations and digitization to deliver value-added stakeholder experience. To actualize this common goal, the travel sector incumbents across the world are striving to enhance their operational processes and contain costs by embracing travel business process management services for a steady, sustained growth pattern.
Shifting consumer preferences and digital disruption are challenging the grounds that hold the travel sector, compelling them to introduce an overhaul in the entirety of their operations. From focusing on Customer Experience (CX) to hiring and retaining a skilled workforce and establishing an agile operational model that can withstand tidal storms, the travel sector is readily investing in Business Process Management partnerships to embrace the ongoing change.
As per the World Travel Council (WTC), 2024 will witness a USD 11.1 Trillion contribution to the global economy through travel. Keeping up with the pace of development in the economy, the travel and tourism industry has been actively embracing the technological shift, driven by advanced business process management frameworks, to drive tangible value. Digital adoption has streamlined the overall functioning of the industry, adding to it through:
Automation of complex and repetitive operational tasks has significantly increased production speed while reducing operational costs. Additionally, this also allows extra time and freed-up resources to work toward innovation.
Leveraging data to read patterns and understand customer preferences aids travel agencies/OTAs to create personalized offers and customer solutions. Digital platforms also enable seamless interaction across various touchpoints leading to higher customer satisfaction.
Technology has been extending the travel horizon for a few years, enabling travel organizations to experiment, take more risks, and develop products and services that are flexible and cater to the changing customer demands.
Pacing up with market trends and forecasting demand better is one of the biggest advantages of business process management for travel. Deploying big data enables more accurate insights, translating into informed decisions.
Artificial Intelligence has been duly transforming basic functionalities into transformative experiences for customers. The use of advanced features such as chatbots facilitates immediate personalized assistance, quick resolutions, and ease of convenience for customers at all times.
Integration of innovative security measures, biometric verifications, and security protocols safeguards data and transactions. Decentralized networks streamline various transactions and safely store sensitive information, translating into safer operations for providers and customers.
Embracing technological advancements is no longer a choice but a way to survive and edge off the competition in a dynamic landscape. Driven by constant innovation and change, the travel sector requires players to collaborate, thwart risk with agile business models through:
To transform and sustain, travel firms need to shake off their belief in traditional infrastructures and give away obsolete processes. Modernization fueled by a competitive and futuristic mindset is the way forward.
Game-changing technologies such as Artificial Intelligence, Machine Learning, Natural Language Processing, Cloud, and Blockchain are some of the powerful tools to revamp the travel sector. Organizations need to tap into the best fit and prioritize investments with quicker returns.
Switching to enhanced value propositions that put customer needs at the forefront and offer extensive value is the key. Combatting rising competition by offering a gamut of services as a one-stop solution can be critical and decisive for attracting and retaining customers.
Travel firms need to develop a comprehensive ecosystem that offers extensive services. This could mean extending partnerships, collaborating with similar players for extensive expertise, operations, customer service and other critical areas of functioning.
It is inevitable for travel companies to embrace and adapt to a changing ecosystem and it is even more critical to continue to build and nurture this set-up to sustain the shifting horizon for travel.
Find out how integrating BPM solutions helps travel companies manage data and transactions efficiently.
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