The Way How Machine Learning Is Changing the Travel Industry?

By Jyoti Nigania |Email | Aug 24, 2018 | 4128 Views

The travel industry has changed a lot thanks to the internet. Earlier we used to go to brick-and-mortar travel agents to book a holiday tickets but now the whole scenario is being changed and we book our flights and accommodation online. Internet is changing our lives and now a day's most of the work and personal lives has been digitalized. 

There has been dynamic growth in business travel due to global economic recovery and consumers are expecting more today. Companies are trying their level best to leverage the emerging technologies to improve operational efficiencies in travel and they are also managing their expense. Customers are not only interested in technology innovation but they are also emphasizing on the real-time driven experience or value. Today what exactly we need is customized travel solutions which can offer new sources for the revenue and growth for the business perspective.

Disruptive technological tools like artificial intelligence and machine learning are at an evolutionary tipping point and reaching new levels of maturity. These technologies are also transforming the way how customers plan to travel while offering companies a cut in operating costs. Business travelers today interact across a number of touch points, including smartphones, desktops, wearable apps, and over the phone. Companies that make an effort to infuse elements of on-demand functionality, personalization, and authenticity into business travel, are faring much better. Experience is now integral to core business travel and expense. Companies are utilizing machine learning to gain more visibility into travel and expenses, which in turn has a positive impact on savings and offers greater benefits to travelers.
With machine learning, the companies can also enhance the satisfaction level of the customers and also maintain the compliance and thus saves the cost as well. Such advancements allow travelers 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 traveler.
Today's online consumers are producing large amounts of data for the companies. This ?¢??data exhaust' is increasingly being used in an innovative by the companies to offer them personalized services. Companies like Amazon and Netflix have already shown how effective product personalization can be in driving engagement and return visits, and the travel sector is moving in the same direction. Hence, Machine learning needs user data. 

Source: HOB