Top 20 Travel and Hospitality Solution Companies - 2019
A hyperactive and advancing industry travel and hospitality is currently undergoing drastic transformations. As digital technologies have taken firm control over people’s lives, the industry has new definitions for business process execution, customer engagement and experience, and the whole idea of running a business. Today, convenience and personalization rule the roosts; and business value is measured with these two key attributes. In today’s digitally-driven world, travel and hospitality companies and agents have to adopt a digital mindset. They need to focus on visibility and transparency in conducting their operations. As travelers demand greater flexibility and experience throughout their travel journey, from the booking till the end of the trip, the travel companies cannot afford to focus on revenue anymore.
More importantly, travelers today want to make informed decisions about the places they want to visit and the hotels they wish to stay at. To this end, the industry participants have to ensure they provide travelers with comprehensive and accurate information about the locations, venue, and the total cost. The communication invariably has to be done through digital technologies to maximize customer engagement and business outcomes.
One technology that is redefining business in the industry is artificial intelligence (AI). Building on the exponentially growing digital data and online, AI has emerged as the growth engine, helping travel companies to engage with the existing and prospective customers like never before. Chatbots are here, and they are spreading like wildfire, thanks to the growing acceptance of these AI-driven platforms by millennials and Gen Z. Leveraging machine learning algorithms and natural language processing, chatbots, and AI-based conversational platforms allow companies to interact with customers in an omnichannel manner in near real-time without spending too many resources. These platforms guide customers in making better decisions to avoid last-minute surprises, which may hamper the overall experience.
Another critical development in the industry is the rise of predictive analytics, which is crucial for delivering personalized experiences. Many big brands and smaller players in the industry are aiming to get a deeper understanding of their customers to build relevant products and improve the bottom line. Using IoT and sensors, they are increasing the number of customer touchpoints and gleaning as much as contextual data as possible. So products can be tailored to the unique needs and choices of the customers. The companies are also using data such as weather forecasts and geolocation to understand the climatic conditions and demography in a particular area and offer customized products accordingly.
There are many travel and hospitality solutions providers that offer intuitive solutions with features such as digital key card, self-check-in, and room personalization, among many others. These functionalities guide the customers to plan their trip in a frictionless manner. The customers can also experience the venue because of the simulated environments enabled by the virtual reality technology built into the solutions.
In this edition of CIOReview, we bring to you the most promising travel and hospitality solution providers who are at the forefront of the ongoing digital revolution in the industry. We hope this edition will help you find the right solutions partner for your unique business needs.
We present to you CIOReview’s “20 Most Promising Travel and Hospitality Tech Solution Providers 2019.”