Managing risk and the role of your travel management company

TRAVEL TECHNOLOGY

Article | May 20, 2022

“I believe that augmented reality will be the biggest technological revolution that happens in our lifetimes.” – Tim Sweeney, Founder and CEO of Epic Games Augmented reality (AR) has proved to be a significant concept in tourism and hospitality management in the past few years. It allows us to enhance the physical environment and enhance the experience of exploring the surrounding area. According to Grand View Research, the global market for augmented reality was worth USD 25.33 billion in 2021. From 2022 to 2030, the market is expected to grow at a compound annual growth rate (CAGR) of 40.9%. As things keep pace with digitalization and this generation seeks quick and efficient yet reliable methods, every sector widely uses the application of augmented reality. According to Hospitality Tech, the market size of augmented reality will reach $198 billion by 2025, and the hotel business will be one of the key contributors to this income target. Effectively, Starwood, Marriott and Holiday Inn are already making a difference in the travel and hospitality industry by leveraging this technology. An investment in AR brings a lot of change in business revenue for both small hoteliers and prominent hotel tycoons. AR Improve Customer Experience for Travel and Hospitality Redefine the customer experience with augmented reality in the tourism industry. AR-based travel apps help businesses enhance their services and offer personalized experiences to their customers. By adding interactive hotel features that make the space more fun, you can get people to visit nearby attractions. Utilizing CX to maintain and expand a client base produces a terrific asset that positively affects ROI. CX effectively boosts customer lifetime value (LTV), which can become self-perpetuating. Companies that excel at CX and customer-centricity are 60% more profitable and generate 5.7% more revenue than those that don't. Ideas for Implementing AR in the Tourism and Hotel Industry AR is utilized chiefly via smartphones and offers many options concerning interactive experiences. AR in Excursions & Travel Attractions AR technology may be a terrific marketing tool for guiding first-time guests through the hotel and a great way to retain customers and provide more engaging experiences. With the application of augmented reality software, a standard tourist map comes to life. Moreover, AR technology enables clients to examine points of interest, restaurants, and other businesses. Your hotel restaurant may even use augmented reality to let customers explore the menu and ingredients in a new way by showing them 3D versions of the meals on their phones. Transportation If you have a travel mobile app with AR, you can point out the transportation objects to get the best possible directions, travel route, next destination, and places to travel to. Pokemon Go shows one such example of how you can use modern digital technologies to make the travel experience even better. It became the first popular augmented reality game. This AR app brought players out into the street and made them move and travel a lot. Scadi is one such AR app in travel for visitors of Alpine ski resorts. It uses advanced algorithms to create the most comfortable, safe and exciting routes for skiers and snowboarders. Integrates with other technology Using augmented reality in conjunction with other technologies such as beacon technology allows your hotel to more efficiently promote to visitors and upsell through push notifications. For example, through push notifications, hotels may give partner companies special offers or discounts, and vice versa, partner businesses can advertise the hotel. Hospitality Industry Must Make Room for AR for Better ROI In a post-pandemic context, the travel and hotel industries embrace technological advancements that enhance visitor experiences, eventually boosting corporate income and reducing operating expenses. Utilizing interactive technologies like AR, VR, and other interactive technologies increases operational efficiency, productivity, and ROI. By using augmented reality with CMMS (Computerized Maintenance Management System) or EAM, you gain more understanding (Enterprise Asset Management). Augmented reality can assist facility managers in boosting the efficiency of their engineers and reducing the expense of ensuring their safety. AR will assist them in increasing their revenue by reducing their maintenance expenses. Using AR-based product models, the hospitality industry is gaining a significant competitive edge, resulting in faster sales cycles. Case Studies Holiday Inn During the Olympic and Paralympic Games in London in 2012, Holiday Inn introduced one of the first uses of Augmented Reality in a hotel setting. The experiences used picture recognition and chroma video. The program identified hotel locations and activated athlete video footage, merging real and virtual components. This Holiday Inn use case shows how hotels may leverage AR to develop unique guest experiences around local events. In addition, the campaign helped promote the hotel and bolster its status as the official hotel for the London 2012 Olympic and Paralympic Games. Premier Inn The Hub Hotel from Premier Inn, the largest hotel chain in the United Kingdom, is one of the few places to have adopted the AR technology back in 2016. The hotel provided a wall map of the local region in each room. Tourists could use their smartphones to read information about local areas of interest by pointing them at a wall. Conclusion The benefits of augmented reality in the travel and hospitality industries are immense. AR is a potent tool for increasing company potential and returns on investment. Utilizing innovative technology boosts your hotel's exposure and brand awareness while propelling it into the digital age. Augmented reality in the tourism industry truly sets you apart from the competition. FAQ How is augmented reality changing the travel & tourism industry? Augmented reality helps hotels enhance the physical locations they are attempting to attract visitors to, such as hotel rooms and local attractions. What is digital transformation in the hospitality industry? Digital transformation refers to how companies restructure themselves to adapt and modify their corporate culture to empower innovations that utilize technology and propel their enterprises to new levels of growth. What are the benefits of augmented reality? Creates unique customer experiences Reduces cognitive overload Increases engagement

BUSINESS TRAVEL

Article | May 10, 2022

As the impact of COVID-19 subsides, the devasted travel industry appears to be resuming normalcy with increased travel volumes. In addition, emerging tourism trends and technology in the travel industry have offered new possibilities for business travel to redefine itself. The present opportunities available in the travel sector may benefit your firm. However, customer experience in the travel industry has a significant impact on growing long-term loyalty. Providing a positive client experience is a significant problem for many in the travel and tourism industry. Customer Experience Is a Challenge to Recover Customer experience is a critical component of the travel and tourism industry. As travel volumes have increased in the post-covid era, so have negative travel experiences. Business travelers who commute frequently have higher expectations. For a very long time, they have voiced their dissatisfaction, even before the leisure travelers complained. This imbalance has been exacerbated by COVID-19. According to the American Customer Satisfaction Index, 38% of business passengers complained about the airline, double the percentage compared to leisure travelers. The actual question, though, is how to overcome this obstacle. Some companies may go above and beyond to reassure travelers with honesty, openness, and unmatched customer service. You may improve the customer experience by implementing the following ideas. Concentrate on the corporate culture Give specific examples of consumer advocacy Equip employees with the necessary tools According to a survey conducted by Think with Google, superior customer service is the most compelling aspect for high-value travelers. Additionally, 60% of them agree that customer service is the most crucial factor when it comes to picking a brand to travel with. CX Plays a Vital Role in Revenue Generation Managing customer experience in travel can enhance the brand-customer relationship, ultimately leading to revenue growth. The adoption of technology for travel booking, ticketing, and expenditure management has improved the customer experience. Satisfied customers increase income and assist firms in calculating the return on their travel and cost expenditures. Customer experience is a key differentiator that boosts customer happiness and loyalty, and both sells and establishes a competitive edge. “CX is the difference between success or slump.” — Chris Pescott, CEO of Perceptive. Annual business travel expenditures will reach $1.7 trillion globally by 2022. According to Statista, nearly 500 million business travels will take place withing the United States each year by 2022. Ways to Improve Customer Experience (CX) Use Tech to Create Breakthrough Customer Experiences Technology in the travel industry is regularly evolving. By putting technology at the center of each touchpoint, the industry is laying the groundwork for a successful customer experience in travel. Chatbots powered by AI and machine learning deliver client care 24 hours a day, seven days a week. Chatbots have been intelligently developed using cutting-edge technology and may be used in place of humans. AI is constantly evolving, making it more trustworthy and effective as a commercial solution. Embrace an Omnichannel Mindset With mobile devices accounting for more than 50% of online traffic, multi-device digital experiences have become the norm. In addition, today's customers interact with companies across various offline and online channels, frequently switching several times, and each stage of the journey must be seamlessly connected and consistent. As a result, adopting omnichannel is one of the most significant changes you will undertake. Use Customer Journey Mapping To create a customer journey, you must first understand your consumer. By comparing journey maps to core KPIs, you may gain a deeper insight into your customer experience and identify areas of concern and opportunity. You may use trip maps to enhance the customer experience and visualize the customer experience in the future. Alternatively, you may influence organizational transformation from the stage of inspiration to the planning and execution phases. Utilize all touchpoints and seek new possibilities for interaction. Case studies: KLM Royal Dutch Airlines KLM's social care staff are well-known for their responsiveness and efficiency – the airline even shows a live countdown on its Twitter header picture to inform consumers when they may anticipate a response. However, what sets the organization apart is its ability to generate unique customer experiences. Qatar Airways Qatar Airways is elevating the business class travel experience. At a recent travel industry conference in Berlin, the airline unveiled its Business Class QSuite. This is the first time a business class cabin has been offered and sold with a real double bed. However, the organization goes a step further by providing value to consumers traveling for business. Additionally, the QSuite may be an open work and meeting room. Multiple configuration choices appeal to clients seeking privacy or personalization. A score of 9.2 for audience insights indicates that the brand is in tune with its social audience well enough to cultivate an impressive number of committed followers. Conclusion The travel and tourism industry significantly benefits from nurturing an outstanding customer experience. Supremacy in customer experience can be offered with the help of sophisticated digital technology that can quantify effects and forecast behavior. In addition, as 'bleisure' travel continues to grow in popularity to blend business and leisure time, the customer experience in travel is increasing in relevance. FAQ: What are the benefits of a good customer experience? A good customer experience increases sales and creates customer loyalty. Moreover, it reduces complaints. How would you define excellent customer service? Great customer service means responding promptly to a client's wants, being responsive to their concerns, and offering an enthusiastic level of care. Do you value customer service or customer experience more? Consumer service results in a positive customer experience. Both are critical to the business's success.

TRAVEL TECHNOLOGY

Article | April 28, 2022

Technological advancements and the paradigm shift in the travel industry post COVID have altered the way we travel. Businesses have elevated their operations to a whole new level due to technological advances. The digital age has facilitated the travel industry's rapid recovery from the COVID crisis. Additionally, travel firms are embracing automation to save time and reallocate resources. Business travel is resuming as restrictions ease. Companies spend a huge amount of money on travel. According to the York Journal, business travel has increased year after year and is expected to grow to be worth $1.7 trillion in 2022. It further states that businesses allocate around 10% of their revenue on business travel expenditure. So, now is the time for businesses to deploy travel software applications to automate some tasks. According to the World Travel & Tourism Council (WTTC) corporate travel costs is expected to climb by 26% in 2021 and 34% in 2022, despite the slow recovery. The Nelson Research suggests that travel industry experts anticipate that the global digital travel market will grow at a 3.8% annual rate to reach $11.4 trillion. With these rising numbers in mind, travel agencies must step up their efforts to make the most of the situation. Travel agencies often require different types of travel agency software, each serving a unique purpose supporting efficient and seamless operation. However, businesses must strategically incorporate automation into your travel system. B2B Travel System - Automate Intelligently A holistic travel agency software solution includes a travel system that automates real-time operations and streamlines the travel process in less than an hour. Consider the nature of your firm while deciding on a software package and determining which business procedures should or should not be automated. Automated travel industry software, for example, accelerates sales, increases staff productivity, centralizes information, improves accuracy, streamlines booking systems, and coordinates and explores customer data. An automated travel software is mobile and tablet friendly, allowing travel agencies to book hotels, tours, transfers, and other related activities through mobile devices and websites. It improves efficiency and enables the agency to save money and time. Businesses Now Prefer Adoption of Technology Drivers for Smoother Customer Experience (CX) The travel industry is highly dependent on customer experience. Therefore, enhanced customer experience is the new loyalty currency for the travel and hospitality industry. Travel agents and tour operators utilize travel agency software to automate their regular processes. Many predict that emerging technologies, ranging from AI-driven personal assistants to connected devices, will increase opportunities to serve travelers better. 33% of tourists use a virtual travel assistant to plan their trips, says hotelMize. In a survey conducted by DMA, about 59% of participants stated that they choose a travel company based on its value for money, and 58% prefer a travel company based on customer service. Software for travel agencies simplifies the process of online booking, inventory management, package customization, back-office administration, itinerary design, facilitating business leads, and accounting to assist travel agencies in increasing bookings and lowering costs. Consumers demand a seamless experience that is personalized to their specific travel requirements. With cutting-edge technology in place, travel and hotel businesses can significantly enhances customer experience (CX) and foster loyalty that inspires future visits and recommendations. In addition, the travel experience will be driven forward by technology, as customers will rely on AI and other customer experience technologies to assist them in managing the obstacles associated with modern travel. List of Travel Agency Software That Can Transform Your Travel Business Travel agent software enables travel agencies and associated organizations to boost revenue and simplify reporting. Choose travel agency software that can be customized to meet your specific requirements. Here are some travel agency software options that can be considered. Travefy “When I promote my services to my clients, Travefy itineraries are one of my selling points.” Lene Minyard, Owner - Perfectly Planned Journeys Travefy lets travel consultants, tour operators, and other travel professionals save time, provide good deals to consumers, and increase sales by utilizing simple tools. This software generates visually appealing client itineraries or proposals. Over 100 supplier integrations over 625 city guides Live flight database CRM integrations ClientBase ClientBase is a travel agent-specific customer relationship management (CRM) program. Its advanced and enriching features make it a standout in tour and travel operator software, providing solutions for enterprises and travel agencies. A marketing database, a travel planner, and a contact manager are all rolled into one. ClientBase also integrates with remote information systems and booking engines. The core ClientBase features are listed below: Itinerary creation Reservation management Payment processing Travenza Travenza is a cloud-based travel booking software for travel companies, tour operators, agents, and consultants. The suite includes reservation administration, quota management, payment processing, and marketing functionality. Rezdy Rezdy is a cloud-based business-to-business technology that enables tour operators to sell their products online and through different distribution channels. The open platform enables customers to connect their internal systems and online apps to a supplied booking engine. In addition, it assists distribution channels such as online travel agencies, marketplaces, and hotel chains locate and acquiring additional clients' items. Conclusion According to Zippia, the business travel sector is expected to experience a CAGR of 13.2% between 2021 and 2028.Therefore, travel companies must integrate new and immersive technology to expedite the process and provide a seamless travel experience for tech-savvy travelers. Technology has the ability to act as a generational catalyst for customer loyalty. FAQ What are the benefits of automation in the travel industry? Boosts sales Reduces costs Data and documents can be centralized in an organization Increases customer satisfaction and loyalty What is B2B travel software? B2B travel software streamlines various travel operations. It helps travel agents and agencies access real-time data. What system do travel agents use? Travel agencies use airline inventory from multiple GDS (Global Distribution Systems) to find seat fares and book tickets.

Article | February 12, 2020

Like most industries, the travel and tourism sector is experiencing a tech revolution. Innovative new technology is disrupting old methods and transforming the shape of the industry. In fact, the travel and tourism sector is in a significant growth period, mostly driven by tech advancements. Certainly, tech has been the driving force behind making it easier for people to access travel. Of course, the notion of technology reshaping industries is something that is happening across sectors. When looking at how tech is changing travel, we can also see similar movements in other areas of business. For example, the gambling industry is being driven into interesting new areas by technology, with sites like bet-ny.com providing a full casino experience online. This push has allowed people to access betting in innovative new ways and from anywhere at any time, provided they have an internet connection.