WNS Limited, a leading provider of global digital-led Business Process Management (BPM) solutions, has partnered with HFS Research, a global business research consultancy, to unveil a comprehensive market impact report titled “Pivoting Toward the New Frontier in Travel & Hospitality.” This collaborative effort aims to provide insights into the challenges, priorities, and opportunities shaping the Travel and Hospitality industry in 2024 and beyond, drawing from a survey of over 300 enterprise leaders across airlines, airports, hotels, and Online Travel Agencies (OTAs).
The report delves into the evolving landscape faced by Travel and Hospitality firms as they adapt to meet the swiftly changing expectations of customers. Businesses are actively implementing innovative strategies to enhance the customer experience while balancing cost considerations and navigating the disruptions brought about by digital advancements. Additionally, the report underscores the importance of ecosystem development and collaboration in uncovering new avenues for value creation within the industry.
Key findings from the report include a significant focus on cost containment and efficiency investments by more than 50 percent of surveyed firms. However, a notable proportion, one-fifth of all firms, also prioritize becoming innovation-driven. Additionally, there is a noted variance in how firms approach digital transformation across ecosystem, enterprise, and functional layers, with a projected shift towards greater emphasis on ecosystem development in the coming years. Challenges in keeping up with customer expectations amidst constant digital disruption are highlighted by over 36 percent of firms, despite a majority believing they have attained moderate to advanced levels of digital maturity.
Investments in enabling technologies such as hybrid or multi-cloud solutions, ERP, and Robotic Process Automation are identified as top priorities for Travel and Hospitality firms to achieve their business objectives. Furthermore, partnerships, particularly in sustainability initiatives, are seen as crucial drivers of ecosystem growth, with a significant percentage of firms expressing the need for consulting expertise and tailored tech solutions to address pressing issues like carbon footprint reduction and ESG initiatives.
Keshav R. Murugesh, Group CEO of WNS, emphasized the report’s role in identifying important trends and priorities for the industry amid accelerating change and volatility. Melissa O’Brien, Executive Research Leader at HFS Research, underscored the dual challenge faced by the travel and hospitality industry – the need to cut costs while innovating. She emphasized the critical need for a strategic balance between efficiency and innovation, highlighting the role of emerging technologies and strategic partnerships in shaping a customer-centric and sustainable future for the industry.
This collaborative report between WNS and HFS Research offers valuable insights and strategic direction for industry stakeholders navigating the transformative landscape of the Travel and Hospitality sector.
