The Cirium team has been out listening to customers and industry leaders at several travel conferences over the past two months. We’ve heard how the industry can better utilize big data and smart analytics solutions to exceed travelers’ expectations.
Below we have identified several ways smart analytics are already transforming travel, with innovations that are dramatically improving people’s real-world experiences, from travel booking services to elevating each step taking them from A to B.
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Five good reasons to get excited about the future of travel
1. Creating frictionless traveler experiences
Travelers seek simpler and more convenient travel services. They expect a high quality, seamless travel journey with convenience, security and personalization. To meet these expectations, the industry increasingly taps into real-time, dynamic data sources to better predict and provide the right service to the right customer at the right time. Many companies now deliver real-time alerts and provide flight disruption management. Intelligent data capabilities enable them to take their quest to enhance the traveler experience to a new level.
Utilizing the power of big data, travel providers can identify patterns in consumer behavior to better accommodate the needs of their customer base. Artificial Intelligence (AI) solutions help to automate customer services and transform the traveler experience in the terminal, in-flight and at the hotel. And it doesn’t end there. Airports and airlines are also leveraging the latest in blockchain, facial recognition, and near-field communications technology. Based on what we have seen, advancements in passenger identification processes at airports are in development, which are designed to make lengthy queues for ID checks a thing of the past. These innovations are sure to be a major game-changer.
2. Increasing customer satisfaction
Perhaps the biggest application of smart data in the travel industry is the personalization of key services offered to travelers. Through data aggregated from travelers, service providers can predict and anticipate customer needs and preferences at every stage of the traveler experience. With millennials making travel arrangements via their mobile apps, travel firms have a plethora of opportunities to gather customer data from this large market segment and offer personalized services before, during and after their trips.
There is an increasing demand for customized, convenient interactions, which many travel providers are now successfully offering via both online and offline touch-points. Personalized experiences can be a great way for travel industry providers to cultivate loyalty, drive greater revenues and gain competitive advantage. Armed with the right data, companies can deliver highly relevant, tailored flight status alerts across all digital platforms, informing passengers about any changes or delays to their journey.
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3. Reducing costs for travel providers
Smart analytics are proving to be particularly beneficial in the aviation industry. Real-time baggage tracking at airports can substantially reduce airlines’ costs when it comes to compensating travelers for lost baggage. Meanwhile, data on real-time fuel consumption affected for example by queues, help airlines drive efficiencies.
The cost of travel disruption too, remains a major concern across the travel industry. Every year, flight disruption alone can cost up to $60 billion for travelers, airlines, travel management companies (TMCs) and the rest of the ecosystem. Thanks to quality data and solutions, such as Cirium’s Travel Waiver Services, providers can now proactively re-accommodate affected passengers when disruption occurs, helping them better manage the hidden costs of delays and cancelations.
4. Delivering the smartest moments
Every moment matters in travel. Efficient operations are at the heart of every smooth trip experience. When we know there are 30M travel plans disrupted annually, how those moments are managed can make the difference for a resilient recovery and a happy customer. From new airport designs to new security technology, we are seeing the proliferation of intelligent devices big and small. Behind the scene, smart analytics are powering each of those efficient moments.
We are also seeing travelers increasingly using price forecasting apps and similar data tools to find the best deals on flights and hotels. Thanks to powerful analytics, these tools constantly monitor the market and send users customized alerts for the cheapest deals on travel and accommodation. Online travel agency portals are increasingly making use of such tools and leveraging data solutions to add value for customers.
Implementing real-time smart data into your solutions is now key to a seamless online experience, as customers seek the most relevant information to make decisions at every stage of the travel journey.
5. Staying ahead of competitors
With sophisticated data analytics, organizations across the industry now have much deeper insights into the competitive landscape. Studies of consumer behavior answer why and how competitors are chosen. Monitoring market changes and blending together varied data sources are two priorities for optimizing performance and staying ahead of the competition. Accurate market data can also help to identify opportunities to diversify, in order to remain competitive.
Data provides us with a better understanding of consumer behavior, and that in turn allows companies to identify potential new markets and revenue streams. Airlines are already making profits from ancillaries, and the trend is expected to expand.
With travel providers battling unexpected costs, and travelers demanding high-level personalization at every stage, smart analytics will continue to establish itself as the backbone of the modern traveler journey.
Through injecting timely and accurate data into traveler solutions, customers will be able to make informed decisions and will benefit from a travel experience which speaks each individual. And, travel providers can reduce unnecessary costs and gain insights into the market and their operations.