As the world begins opening up again following the crisis phase of the Covid-19 pandemic, travel companies have the opportunity to leverage their most powerful asset – data – to not only recover from one of the worst crises of the industry, but also fuel future growth.
The need couldn’t be clearer: only 17% of executives1 felt confident they had the necessary information and insights to make informed business decisions during the pandemic. By taking action now, businesses can capitalize on quick wins—and lay the foundations for long-term benefits.
Now is the time to go big on data
This is the era of the data-powered travel company, and the ability to get value from data is a crucial competitive differentiator. Data can help companies capture additional value by:
What does a data-powered travel company look like?
Both within your business and in concert with an ecosystem of partners, data can enable you to target customers with offers that are more relevant than ever, create opportunities to increase discretionary spend, and support improved customer service with more streamlined processes. Beyond directly customer-oriented initiatives, industry players also have a lot to gain from more intelligent operations.
Organizations with future-ready operations – including the use of data and AI at scale – are 1.7x more efficient and 2.8x more profitable than the competition2
To become data powered, travel companies need three things: action to put data at the heart of the business’s culture, the right technology infrastructure, and the governance and leadership accountability that will drive its use.
The value of data needs to be recognized and communicated at every level of a company.
Overhauling outdated technology systems and processes, which create a lack of integration and interoperability between data silos, is vital.
The use of data influences critical business outcomes - the responsibility for data transformation must therefore lie with senior leadership.
How to put it all into action
The ability to get value from data is a crucial competitive differentiator - businesses that aren’t putting data at the forefront of their long-term strategies risk losing out to data-savvy competitors.
Think big, but start small
Yesterday’s approaches to data are already struggling to keep pace. Becoming data powered is an effort that needs to start now.
Give data a voice
Create senior responsibility for data at C-suite level—potentially through a CDO post.
Make smart investments
Maximize value by shifting from a “data project” approach, based on one-off initiatives, to a “data product” approach.
Put data at the heart of the culture
Leadership needs to relentlessly champion data with clear and realistic explanations of how it can tangibly improve the business.
Use the power of data to build new and deeper collaboration between your business and its ecosystem partners.