I work at ValueFirst Digital Media Private Ltd. I am a Product Marketer in the Surbo Team. Surbo is Chatbot Generator Platform owned by Value First. ...
Full BioI work at ValueFirst Digital Media Private Ltd. I am a Product Marketer in the Surbo Team. Surbo is Chatbot Generator Platform owned by Value First.
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Machine Learning & Artificial Intelligence will disrupt business travel
The business travel industry is experiencing massive
transformation as technology is beginning to penetrate into it. There has been
dynamic growth in business travel due to global economic recovery and consumers
are expecting more today.
Companies are trying their best to make use of emerging technologies to improve
operational efficiencies in travel & expense management and also deliver an
unparalleled experience to customers. Not only are they interested in
technology innovation and proliferation of devices, but are also focusing on
experiences that will offer real value. What we need today are customized
travel solutions that offer new sources of revenue & growth and also
streamline budgets.
Disruptive technological tools like artificial intelligence
(AI) and machine learning (ML) are at an evolutionary tipping point and
reaching new levels of maturity. They are transforming how consumers plan to
travel while offering companies a cut in operating costs.
Companies are utilising machine learning to gain more
visibility into travel and expenses, which in turn has a positive impact on
savings and offers greater benefits to travellers. Used in conjunction with
predictive analytics, machine learning actively helps companies anticipate the
future. It enables them to understand behavioural economies and gain better
insights into business travel behaviour, spending patterns and more. Machine
learning also helps reduce traveller stress through applications such as
predictive pricing, forecasting potential for flight delays and rebooking
flights after tickets have been purchased.
Business travellers today interact across a number of
touchpoints, including smartphones, desktops, wearable apps, and over the
phone. Companies that make an effort to infuse elements of on-demand
functionality, personalisation, and authenticity into business travel, are
faring much better. Experience is now integral to core business travel and
expense.
With machine learning, companies can help ensure employees
secure the travel vendors they want while increasing traveller satisfaction,
maintenance of compliance and cost savings. Such advancements allow travellers
and companies to make smarter travel decisions. Machine learning and AI is
becoming ubiquitous as it turns static travel policies into dynamic policies
while building an incentive component that works for both the company and the
traveller.
Benefits of AI in the
travel industry
Big Data, AI and Personalisation
Artificial intelligence helps companies create
highly-tailored plans based on customersâ?? needs and preferences. Past
behaviours are fed into AI computers to predict future purchase actions. Deep
learning algorithms help make the most out of their customerâ??s online
activities. AI-based personalised plans also increase conversion rates while
ultimately improving traveller experience. AI brings customised suggestions
during the trip based on a travellerâ??s profile, location, time, and other data
based parameters. With AI, the output of these technical processes can bring a
more natural experience to the traveller. AI technology dedicated to travellers
also helps companies in decision making, managing predictive maintenance, and
handling disruptions like weather conditions.
Chatbots and Virtual Assistants
The most popular use case for consumer-facing AI within
travel is virtual assistants and chatbots. These are embedded in T&E
platforms, with the vision to remove friction in online travel planning and
booking when travellers want to interact with them. The concept represents a
dramatic shift away from traditional online travel planning.
Virtual assistants perform tasks for individuals based on
user information and access from external sources such as flight schedules,
hotel availabilities, country events, weather and traffic conditions.
In the near future, a virtual assistant could scan its
userâ??s calendar to identify events that require travel and offer to book
flights proactively, while taking into account the travellerâ??s preferences and
past booking behaviour. Virtual assistants will change the way travellers make
travel plans, mediating between travel players and travellers.
Based on Natural Language Processing, chatbots provide assistance
such as, sharing information, booking a trip and so on. These computer enabled
intelligent applications are able to understand human language and assess
contexts of conversations to ensure relevant dialogue. Moreover, by
combining context (location, time, language) with personal information
(age and interests), chatbots are able to push relevant offers to
customers with the help of AI.
Artificial intelligence is changing the rules for the travel
industry and the ability to predict the behaviour of travellers is unlocking
new revenue opportunities for travel players. Without a doubt, exciting times
are ahead and AI will be at the forefront of this revolution.
To recap, developments and trends driving growth in the
travel technology market are:
- ·
Focusing on customer experience and
pricing transparency;
- · Building price and convenience
orientated integrated solutions;
- · Providing packed solutions that ensure
cohesion with expense and invoice management
The ongoing integration of Machine Learning & advanced analytics will push
travel platforms to a new level that will be able to bridge the gap between the
virtual & physical, thereby creating environments that are able to learn
and adapt to customer behavior in real time. Companies must look forward to
conceptualizing new platforms for new growth & opportunity, by realizing the
benefits of scaling across the travel experience. They will then begin to have
greater visibility into the customer travel journeys and also better understand
preferences and behavior of users. Companies are becoming more open to
providing travelers unmatched travel experiences by making use of awareness of
customer expectations and re-aligning their tech strategy.