How can technology future-proof my travel business?

Managing the future is a big challenge for every business leader and a lot of it comes down to mindset. On the one hand it’s about minimizing risk and maximizing returns by adapting to new requirements. That involves recognizing and grasping opportunities – and having the skills to do so first.

But, it’s also about having the right technology tools. It might be that technology can improve the way you interact with your customers and suppliers to meet new expectations. Or, you might need technology to launch into new markets, or drive a whole new business model.

Here are three potential future opportunities (or risks depending on how you look at it) facing many travel companies and how choosing the right technology tools can help.

1. Scaling up or down in an uncertain market

Managing uncertainty is always difficult – and we’re having to do that all the time right now. It’s why any new technology tool or platform you choose needs to be flexible. If you choose a subscription model rather than buying in-house servers, for example, you can reduce your costs almost instantly whenever you need to. It’s a bit like leasing a car rather than buying one with a bank loan.

2. Meeting changing customer expectations

Just as customers have got used to buying their groceries and doing their banking online, they also now expect a digital travel journey. While some will be happy to visit their travel agent on the high street, others will prefer to video conference at a time and place of their convenience. The Coronavirus pandemic has accelerated this shift and travel companies now have an opportunity to offer a fully digital customer journey: from travel advice and booking to customer service and upselling.

3. Responding to environmental concerns

Customers are increasingly concerned about the environmental impact of their travel arrangements. For many corporate customers, in particular, this is being driven by outside pressures in the form of new carbon taxes and requirements to report on their environmental policies. They will expect their travel companies to provide sophisticated carbon calculators to ensure they have robust and structured data on their exact carbon footprint.

In summary, travel brands who embrace technology now will be better placed to adapt to evolving trends and market demands. They will also be able to offer an enhanced customer experience. This will make them more likely to survive and thrive.