HBI Staff | Hyderabad 
WNS (Holdings) Limited, a prominent provider of global digital-led Business Process Management (BPM) solutions, in collaboration with HFS Research, a global business research consultancy, has released a comprehensive market impact report titled: “Pivoting Toward the New Frontier in Travel & Hospitality.” This report offers a detailed analysis of the challenges, priorities, and opportunities that the Travel and Hospitality industry is likely to encounter in 2024 and beyond, based on a survey of over 300 enterprise leaders across airlines, airports, hotels, and Online Travel Agencies (OTAs).
The report emphasizes the dynamic and rapidly changing landscape that Travel and Hospitality firms must navigate as they strive to meet evolving customer expectations. Businesses are increasingly focused on deploying innovative strategies to enhance customer experience while balancing costs and managing the continuous waves of digital disruption. Additionally, the report underlines the critical importance of ecosystem development and collaboration as key drivers for unlocking new value sources within the industry.
Key findings from the report reveal that more than 50 percent of the surveyed firms prioritize cost containment and efficiency investments. However, approximately one-fifth of these firms also place a significant emphasis on becoming innovation-driven. The report indicates a noticeable variance in how firms approach the three layers of digital transformation: ecosystem, enterprise, and functional. Currently, the emphasis is on functional transformation, but a shift towards ecosystem development is anticipated within the next two years.
Furthermore, over 36 percent of firms identify keeping up with customer expectations as their biggest challenge amidst ongoing digital disruption. Despite these challenges, 72 percent of the firms believe they have reached a moderate to advanced level of digital maturity. Investment in enabling technologies is a priority for Travel and Hospitality firms aiming to achieve their business goals. This includes 52 percent of firms opting for hybrid or multi-cloud solutions, 50 percent allocating resources to ERP systems, and 44 percent focusing on Robotic Process Automation.
As strategic partnerships become increasingly vital for ecosystem growth, particularly concerning sustainability initiatives, 58 percent of Travel and Hospitality firms express a need for consulting expertise to help develop their strategies. Additionally, 51 percent seek tailored tech solutions to address issues such as carbon footprint reduction, while 45 percent require assistance in measuring and benchmarking their ESG initiatives.
Keshav R. Murugesh, Group CEO of WNS, remarked, “In this report, WNS and HFS Research have collaborated to help identify important trends and priorities for the Travel and Hospitality industry as it navigates accelerating change and volatility. The findings from this survey reveal the competing priorities faced by decision-makers across the industry. These businesses are currently focused on driving modernization, digital maturity, and operating model changes while at the same time trying to contain costs and improve customer experience. The report’s findings serve as a compass for industry leaders as they look to build resilient, future-ready enterprises.”
Melissa O’Brien, HFS Research Executive Research Leader, added, “The travel and hospitality industry faces a dual challenge: the imperative to cut costs while simultaneously innovating. Our collaborative report with WNS illuminates this digital conundrum and underscores the critical need for a strategic balance between efficiency and innovation. Embracing emerging technologies like GenAI and fostering strategic partnerships will be instrumental in shaping a customer-centric and sustainable future for the industry.”
