Travel companies are increasingly challenged by the digital transformation underway in the industry. Companies inside and outside the travel industry must move quickly to capitalize on new digital strategies, technology and business models.
Amid this transformation is the fact that growing demand for travel is challenging current capacity while consumer behaviour continues to dramatically shift in today’s digital world, with liquid expectations across the ecosystem.
Consumers are making more informed choices. Sixty-five percent of travelers are using online channels—not for the lowest price, but primarily for convenience, speed, quality of information and access to a broader range of choices.DOWNLOAD THE INFOGRAPHIC
Emerging digital platforms are disrupting the industry and creating new opportunity, while platform-based business models are defining the new rules of business in the digital economy.
94 percent of airline executives say adopting a platform-based business model and engaging in digital partner ecosystems are critical to success
95 percent of those same executives believe the industry is experiencing ecosystem disruption, with digital business transformation establishing new platforms.
83 percent agree that airlines are being increasingly pressed to reinvent themselves and evolve their business before they are disrupted from the outside or by their competitors.
As $100B migrates from established players to new entrants in the Aviation, Travel and Tourism industries, the industry is in major flux.
Add to that equation a growing customer base in emerging markets, as well as the rise of online travel aggregators and meta-search engines, and the industry could look completely different in just 12 months. Leaders are acting now to make digital transformation happen at speed, asking their teams tough questions such as:
In a world where physical assets are fast becoming digital, how do company and industry operating models need to change?
To what degree can personal data be securely and ethically used, and made interoperable across public and private stakeholders?
Who will ultimately own the customer relationship, as ecosystem roles blur and stakeholders throughout the customer journey vie to own it?
To learn more about the digital implications your company should be considering now, check out the report Accenture produced for the World Economic Forum on Digital Transformation in the Aviation, Travel and Tourism industries.
A new digital model brings new value creation opportunities. Companies can drive improved operations and differentiated customer experiences with these steps:
Craft Seamless Experiences. Craft and deliver seamless travel journeys that are enabled by cyber-physical touchpoints and meaningful real-time 360-degree information about consumers.
Break down Siloes. Partnerships are required to transform offerings and operations. Companies cannot operate as closed vaults when data is the new currency.
Digitize Operations. Smart assets embedded with automation, connectivity and intelligence are critical to maximize efficiency.
Enable the Workforce. Creating a multi-skilled, digitally enabled and digitally savvy workforce that works along with technology is key to generate the best outcomes.