New and innovating technologies such as big data and the Internet of Things (IoT) are reshaping the travel industry. With tons of data collection, managing them effectively and breaking the own data silos to develop the most comprehensive – and personalized – picture possible of the travel customer seeing as the number of priority for travel and hospitality CIOs, the key question for travel companies now is: how can they leverage their strengths to take part in this innovation so they can maintain and strengthen their position in the consumer’s travel experience?
According to a report, titled: Travel Innovated: Who Will Own the Customer? released by The Boston Consulting Group (BCG), there are three areas are ripe for innovation and disruption over the next several years: travel inspiration (the first vital phase of the travel journey), booking transparency, and unmanaged business travel. The speed and extent of change in each area will be determined in part by how and how much traditional travel companies, technology companies, and start-ups interact in areas such as sharing data and co-investing in shared infrastructure.