Success of the corporate travel industry is tied to technology. Artificial Intelligence, Blockchain and Biometrics will occupy a central place in the universe of business travel
AI
Experts believe that Artificial Intelligence will be able to automate certain aspects of business travel faster than leisure travel thanks to the data contained in traveller profiles, travel programme parameters and recurring travel patterns.
BLOCKCHAIN
Changes to business travel are just around the corner and Blockchain is simply the connectivity piece. The possibilities how Blockchain can impact the travel industry are enormous.
BIOMETRICS
The airport is the place where biometrics, robotics, wearables converge. Fingerprints and facial recognition are already a reality. New technologies in general and biometric parameters in particular are expected to optimise travel processes.
Artificial Intelligence
Considered by many to be the world's most changing invention, AI can be defined as the ability of machines to perform routine tasks 'intelligently'. AI is what allows machines to process that multitude of data, find patterns and thanks to algorithms that mimic human reasoning, perform tasks that previously required human intervention to perform.
The volume, range and depth of corporate travel data is immense, delivering information within almost any industry worldwide. We know the frequency, category and class of travel, the type of traveller and their destination. There is enough data to assess the weight of this information with economic performance indicators.
By obtaining travel data, including credit cards, travel and expenses and combining it with human resource data and other information in the context of operations and revenue streams, organisations can accurately correlate travel with revenue.
The benefits of this technology also simplify the life of travellers, travel managers, and travel programme managers.
AI and corporate travel - perfect allies
Artificial Intelligence has received a great deal of attention and it is sometimes difficult to understand its advantages and disadvantages. If your music device makes a mistake and doesn't play the song you wanted to hear, no problem. But if your travel application receives the wrong request, the implications can be considerable. That's why CWT has taken a thoughtful approach on how to leverage this technology and is now working on implementing it in our solutions.
To remain a market leader we have a large data analysis and innovations team working on introducing Artificial Intelligence, Predictive Analytics, Blockchain and Chatbots into the world of corporate travel.
Blockchain
Blockchain is essentially a decentralised and transparent data network. A technology that will change the way travel managers and travel management companies’ use and exchange a traveller's identity.
This technology stores information in unalterable encrypted blocks. This information can only be accessed through codes shared by authenticated users, who can see the data but not modify it and create incorruptible records of their transactions. Suppliers, travel managers and travel management companies will be able to track the identity of travellers at different points on their journey without compromising data security.
An authentication system such as Blockchain increases protection against fraud and decreases the risk of identity theft.
Additionally, invoicing, settlement, payments, contract negotiation and identity verification are activities performed by travel industry companies through manual processes with multiple controls and verification systems. Distributed records secured by Blockchain will ensure that all parties agree on a single version of the truth in real time by eliminating such time-consuming processes.
For example, a traveller's identity can be verified from anywhere, eliminating that cumbersome exchange with passport control when it doesn't look like their photo.
Additionally an application is being tested that clearly assigns luggage to passengers to minimise risk of lost baggage.
When it comes to loyalty programmes, points and bonuses Blockchain technology can be helpful too. Reward points could be collected across different vendors, made immediately available and used like a currency.
Changes in business travel are just around the corner and Blockchain will surely provide new capabilities making business travel easier.
Biometrics
Biometrics are a set of computer techniques used to automatically identify an individual on the basis of physical, biological and even behavioural characteristics.
Biometric parameters are already used in airports to reinforce control and security measures and new advances are expected this year.
1 -The fingerprint for example will replace boarding passes at airports where biometrics, robotics and wearables are beginning to be implemented.
2- Airline companies and airports are beginning to present solutions that will use facial recognition for a "biometric boarding" or "selfie ID", which would use the authenticated photo of the traveller stored in his mobile.
3- On the other hand, facial emotions are beginning to be used in hotel satisfaction surveys. That technology detects the reactions of guests, processes the information and obtains an assessment that activates internal protocols to improve the customer experience.
But this is only the beginning. There is more to come - airports might be using biometrics to enhance security checks making them easier and faster for business travellers.
The question remains to what extent business travellers are prepared to hand over their personal data to authorities, carriers or airports for the sake of speedier travel.
Are you interested about the latest trends and price projections for the travel industry in 2019?
Find out how you can foresee the external factors that impact your business
Discover CWT's exclusive tools based on these technologies
New myCWT platform
Our consolidated travel platform powers the business travel tools your travellers need—online, mobile, and with travel counsellors—to help them book within your programme.
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Spend less time reporting and more time managing your travel programme with our interactive solution. Easy to handle allowing you to analyse travel expense data, identify opportunities, track company indicators and benchmark with your peers.
Programme Messenger 2.0
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Sometimes employees are hesitant to book a trip in advance, because they think the fare or rate will drop after they book. Our tool solves that problem and constantly monitors rates.
CWT Travel consolidator
Need a better view of your travel and expense data? Our tool will give you full visibility of your travel data and off-channel spend. Discover how easy savings can be identified.
