Travel companies are struggling to transform themselves for
the digital age, with digital transformation, technological and data siloes and
internal data quality their top three internal challenges
This white paper features insights from:
According to the World Economic Forum, digitisation in the
aviation, travel and tourism industries is expected to create up to USD305
billion in value through increased profitability up to 2025. This should make digitisation
a key priority for the travel industry, however, achieving a strong platform to
do so is proving difficult for travel brands. This is one of the findings from
the new
Understanding Customer Behaviour Through
Demand-Based Analytics white paper from EyeforTravel and Datumize, which is
free to download now.
In a major
survey of the industry featured in the white paper, travel suppliers (accommodation,
car hire, cruise, ground transport, airlines & tour operators) said that their
greatest internal issue is digital transformation (34.4% of respondents). This is
followed by technological alignment (30.5%) and the perennial concern of data
siloes and internal data quality (29%), both of which are critical to achieving
a digital brand fit for the 21st Century.
“Our data and the industry interviews conducted for this white
paper suggests that a significant proportion of the travel industry is
struggling to construct the necessary infrastructure to create strong digital brands,”
said Alex Hadwick, Head of Research for EyeforTravel. “Stringent data practices
increasingly underpin the modern travel sector, which is emphasised by our
finding that the most important trend for travel suppliers right now is GDPR
and cyber security, followed by big data and analytics. There is huge value to
be unlocked but brands need to get the basics right first by complying with
regulations, creating secure, structured and accessible databases and measuring
the right metrics.”
The research recommends that brands move data into the cloud
and focus on getting a picture of total demand. This is the approach of hotel
giant IHG: “Before we had a
big data platform, we weren’t able to store and analyze our availability
requests,” said Jeff Garber, vice president of revenue management systems
at IHG during the
EyeforTravel 2018 Digital Data Europe conference. “We had a lot of information
about reservations, and customers that had made reservations. As we bring more
data into that big data platform, we can really understand the choice model.
Our next step is merchandising and being smarter about what people aren’t
buying so that we can reduce the clutter we are showing to them.”
Demand-based analytics promise a step-change in travel
brands’ capabilities, unlocking huge insights that will allow brands to better
target consumers, build superior products and adjust faster to changing
patterns. To understand how to unlock the value contained in demand-based data,
download
the Understanding Customer Behavior
Through Demand-Based Analytics white paper now! It includes:
- Real-world examples and case studies
- Industry survey data
- Data-based techniques and areas of focus that can improve business performance immediately
- Expert insight.
This white paper features insights from:
- Europcar
- IHG
- The Travel Corporation
- Thomas Cook Hotels & Resorts
- Vueling
- W2M.
