Transforming & Challenging The Travel Industry Through AI
The travel industry has not always had the best reputation for embracing the latest technologies. However, things are changing and the rapid advances in digital technology such as AI-powered analytics will only help accelerate the pace of change.
Technology is transforming the travel sector for its most important stakeholders – customers, airline operators and medical and insurance providers. At the center of this evolution, artificial intelligence, predictive analytics and big data are uniting to create improved customer journeys and commercial efficiency gains.
Failures are bad for any business but predicting technical problems before they arise can save not only reputations but more importantly, time and money. In an industry where time is indispensable, predictive maintenance can help airline operators avoid flight delays, and algorithms can help pilots with fuel efficiency. Aviation Today reported that Qantas Airways uses a data analytics platform based on 10 billion data points to provide automated updates that “identify fuel efficiency gains and offer operational insights” to help pilots reduce fuel burn and emissions.
Similarly, this approach can also help companies keep aircraft in service for a longer time. The data compiled by sensors on the assets and put through the same paces the engine will experience in real time can dictate the faith of an engine. According to AFP companies that invest in these programs enjoy a 20%-40% improvement in cycle times of important processes.
Combating Travel Fraud
According to Association of British Insurers figures, the UK travel fraud bill sits at £3.6m a day which forces premiums up for everyone. But this is an area where AI powered analytics can help the fight the rise of travel insurance fraud.
Predictive analytics and machine learning can see through most fraudulent trends and patterns. A big data approach can spot the next fraud trend and scam in real time, with geo-location identifying if such a trend is emanating from a specific area.
Data shows the spate of food poisoning and backpacker scams in recent years is increasing rapidly. In fact, one in five backpacker claims are submitted in the last few days of a trip. Since this trend has been identified as a cause for concern, AI-powered analytics and machine learning algorithms can now trigger an immediate red flag, warranting the claim for further investigation.
Corporate Travel Management
Most organizations have a particular set of needs when it comes to having the right workforce available at the right time. Ensuring the right people, with the right skills, are where they need to be is an essential part of any industry. However the mounting pressures of cost reduction are certainly being felt by corporate travel teams.
Examining data can expose booking patterns that may have gone overlooked, allowing companies to apply this insight to gain better deals from suppliers and create a more efficient travel program. The use of artificial intelligence can expose these patterns swiftly, eventually introducing more automation into what can become a laborious booking process. Applying the insights from actionable data can not only reduce costs but help drive better business decisions when it comes to planning corporate travel.