Artificial intelligence (AI) offers the travel and hospitality industry new opportunities to expand its partner ecosystem and elevate customer experiences like never before.
The TCS AI for Business Study shows the majority of senior executives in the industry believe the latest advancements in AI have the potential to transform their business. This report provides this and other unique insights into how travel and tourism companies are moving forward to create effective AI strategies for their enterprise. It explores:
More than half of executives surveyed believe that AI will have a significant impact on the travel and hospitality industry.
Yet there’s no consensus on AI adoption strategies and not enough metrics to measure success.
The study reveals the top five strategic challenges for generative AI (GenAI) in the travel and hospitality companies:
As the integration of AI into business processes accelerates, expected financial return on such an investment becomes increasingly significant. But 73% of travel and hospitality companies said they lack adequate metrics and KPIs for their current AI deployments. Without adequate KPIs for AI-enabled operations, measuring return on investment and getting future buy-in is challenging.
More than half of travel and hospitality executives surveyed believe AI will augment and enhance human capabilities, enabling people to focus on higher-value activities that require creativity, empathy, and strategic thinking.
As AI becomes more advanced and part of “business as usual,” the role of humans in the workplace will evolve.
Innovation will be a focus for future AI implementations.
Build deeper connections with your customers by leveraging AI to deliver personalized, proactive, and meaningful experiences at every touchpoint in their journey. AI empowers your company to anticipate customer needs, tailor interactions, and provide targeted information that not only enhances customer satisfaction but also sets your brand apart, strengthening loyalty, and driving long-term success.
Prepare for success by harnessing AI's potential to expand revenue opportunities and drive innovation. Embrace AI not just as a tool for automation, but as an accelerator for growth that will redefine roles, empower your workforce, and unlock new value. In the semiconductor industry, Generative AI is key to revolutionizing chip design, streamlining operations, and setting new benchmarks for best practices. By strategically adopting AI, your enterprise can lead the way in the digital era, staying ahead of the curve and thriving in a rapidly evolving landscape.
Prioritize enterprise readiness for scaling up successful pilot programs.
Success in the controlled environment of a pilot/POC exercise is no guarantee of success in scaled productionization. Invest in initiatives to prepare your data, tooling, architectures, and people for enterprise-wide AI adoption.
TCS’ Thought Leadership Institute conducted an anonymous study of approximately 1,272 senior executives with P&L responsibilities in 12 industry sectors across Asia, Europe, Nordics, LATAM, North America, and the United Kingdom and Ireland, with respondents having an annual revenue of $5 billion to $100 billion. The travel and hospitality industry findings are based on feedback received from 67 survey respondents. This global study examines how CEOs, LOBs, directors, and business line managers are preparing their business to be AI-ready, focusing on aspects such as their strategy around operations, talent, and future implementation plans. The study also provides best practice recommendations based on these insights.
