How Can The Travel Industry Reinvent Itself? - Possible Group

June 16, 2020by possiblegroup0
Travel Industry Reinvent
Travel Industry Reinventing Itself
The travel industry is starting from ground zero and will need to reinvent themselves to some degree.

 

2020, the start of the new decade has seen some unprecedented circumstances which has the world grappling with its effect still 6 months into the year. The world which was once termed as a global village have shut down their borders to neighboring countries to raise its defense against a virus so contagious that has plundered the world economy.

Globally, some countries have revealed their intention to open airports. Countries in the Middle East Europe, Australia, Canada have decided to open their borders.

 

Yet, the primary question of concern is whether travelling is going to be safe again?

This blog talks about the measures that need to be undertaken by the travel and hospitality industry to encourage patrons to visit them.

Management Guru Peter Drucker famously quoted: “The greatest danger in times of turbulence is not the turbulence; it is to act with yesterday’s logic.”

Every travel & hospitality business be it tourism, hotel, travel, etc. will need to craft suitable strategies for a positive outcome.

To survive and carve out competitive niches in this brave new world, they identify and service new opportunities.

 

The travel & hospitality industry players will need to shape themselves up and:

  • Encourage agility coupled with accountability: daily team huddles, weekly 30-minute CEO reviews, and once-a-month 60-minute reviews;
  • Rethink their operating model based on how their people work best;
  • Enhance to expand their digital channels;
  • Need to understand what customers will value, post-Covid;
  • Changing the ecosystem;
  • Considering nontraditional collaborations with partners up and down the supply chain;
  • Prioritize revenue opportunities;
  • Sense of possibility will be an enduring source of competitive advantage;
  • Redesign their operations and supply chains to protect against a wider and more acute range of potential shocks;
  • Speed up end-to-end value-chain digitization;
  • Increase capital;
  • Bring transparency in operating-expense;
  • Use of more automation and technology;
  • Work on sustainable operations for competitive advantage;
  • Speed will continue to be of the essence of moving ahead.

Specifically, they need to answer

  1. Who we are?
  2. How to work in this new environment? 
  3. How to grow?

 

And the companies which answer all of the above three questions and take action will surely reinvent themselves in the post-Covid world to survive and thrive as before!

 

As the borders are opening up gradually, most of the countries have instituted policies for the tourists and locals to have strict checks. It is only the beginning and the tourism industry’s responsibility is to allow the travellers to feel the same excitement and experience that was felt before.

 

Well the title is an interesting question to be considered, not only by people directly affiliated with the travel industry but the general populous.

 

 

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