%20.png)
Key Ideas
Evolution of Technology: Technology has evolved rapidly over the past 25 years, including the transition from the Internet era to mobile, social, and now to generative AI.
Impact of Generative AI: Generative AI will significantly change how we operate, book, and connect in the next 10 years, similar to the impact of the Internet in the past.
Hyper-Personalisation in Corporate Travel: A use case of a business traveler named Emma illustrated how AI can provide hyper-personalised travel recommendations based on her preferences and context.
AI's Role in Productivity: AI will enhance productivity by automating tasks such as travel bookings and expense management, allowing travellers to focus on their core responsibilities.
Future Trends Beyond AI: Future trends including AR/VR, robotics, automation, and the Internet of Things (IoT), will further transform corporate travel alongside generative AI.
A summary from the Keynote session ‘Technology that’s changing the game’ by Amex GBT Marketplace, VP Engineering, Pratik Modi at the Australia Corporate Travel Summit on 13 November 2024.
Overview
The Technology Presentation and Industry Forecast meeting, titled "PLENARY 1005," focused on the transformative potential of Generative AI in the corporate travel sector. The speaker outlined the evolution of technology over the past 25 years and projected significant changes driven by Generative AI in the next decade, including the emergence of Artificial General Intelligence within 3-7 years.
Key strategies for AI implementation were discussed, emphasising the need for a comprehensive roadmap, employee re-skilling, and robust data security measures. A notable theme was hyper-personalisation in travel, where AI-driven solutions enhance traveler experiences by providing tailored recommendations and automatic handling of disruptions. Future trends such as augmented reality, robotics, and the Internet of Things were highlighted as pivotal in shaping the industry.
Action items for attendees included developing AI strategies, re-skilling efforts, and exploring hyper-personalisation opportunities to capitalise on projected growth in corporate travel.
Notes
Introduction to Generative AI
Generative AI is evolving - fast!
Generative AI refers to algorithms that can create new content, such as text, images, and music, based on training data.
It has the potential to revolutionise various industries by automating tasks, enhancing personalisation, and generating creative solutions.
The technology is rapidly evolving, with advancements leading towards artificial general intelligence (AGI), which could outperform human capabilities in many areas.
Review of technology evolution over the past 25 years
The evolution of technology over the past 25 years has transformed various industries and consumer behaviours.
Key milestones include the rise of the Internet in the early 2000s, followed by the mobile and social media boom, leading to the emergence of the sharing economy with platforms like Airbnb and Uber.
The last decade has seen significant advancements in AI, machine learning, and blockchain, setting the stage for the current focus on generative AI and its potential impact on future business operations.
Prediction that generative AI will significantly change businesses in the next 10 years
Generative AI is expected to automate complex tasks, leading to increased productivity and efficiency across various industries.
The emergence of hyper-personalisation will allow businesses to tailor services and products to individual customer preferences, enhancing user experience.
New business models and opportunities will arise as generative AI enables innovative solutions and services that were previously unimaginable.
Artificial General Intelligence (AGI) expected in 3-7 years
AGI is expected to outperform human capabilities in various professional fields, including medicine and customer service.
The development of AGI could lead to significant shifts in job roles, requiring re-skilling and adaptation in the workforce.
Ethical considerations and data security will be crucial as AGI systems become more integrated into everyday business operations.
AI Implementation Strategy
Four key points for AI implementation: strategy and roadmap, re-skilling people, architecture, data security and policy
Have a clear strategy and roadmap to address the rapid advancements in AI technology and its implications for your organisation.
Invest in re-skilling your workforce to ensure they are equipped to work alongside AI systems and leverage their capabilities effectively.
Establish robust architecture and data security policies to protect sensitive information and maintain compliance while integrating AI solutions.
Three expected outcomes: productivity use cases, business use cases, new industry use cases
Increased efficiency in task completion, allowing employees to focus on higher-value activities rather than routine tasks.
Emergence of innovative solutions tailored to specific industry challenges, enhancing competitiveness and market responsiveness.
Creation of entirely new business models and opportunities driven by advancements in generative AI, reshaping traditional industries.
Corporate travel expected to grow from 1.4 trillion to 2 trillion
AI + IoT + Sustainability could increase opportunity by $150-200 billion
AI and IoT integration can optimise resource usage in corporate travel, leading to cost savings and improved efficiency.
Sustainability initiatives driven by AI can enhance decision-making, enabling companies to make environmentally friendly choices that resonate with consumers.
The combined effect of these technologies can create new business models and services, tapping into the growing demand for sustainable travel options.
Emphasis on persona-driven approaches for personalisation
Personalisation is tailored to the unique preferences, behaviours, and needs of individual users, enhancing their overall experience.
Utilising data from previous interactions, travel history, and personal preferences allows AI to make context-aware recommendations for travel arrangements.
A persona-driven approach not only improves customer satisfaction but also increases efficiency by anticipating needs and reducing the time spent on planning and booking.
Example of Emma, a business traveler, used to illustrate AI-driven personalisation
Emma is a senior sales representative who frequently travels for business, highlighting the need for personalised travel solutions.
AI-driven personalisation enhances her travel experience by considering her preferences, such as dietary needs and accommodation choices.
The use case emphasises how AI can proactively manage travel disruptions and automate expense reporting, allowing Emma to focus on her professional responsibilities.
Hyper-Personalisation in Travel
AI agent provides personalised recommendations based on traveler's profile and context
AI agents analyse a traveler's historical data, preferences, and behaviour to deliver tailored travel options that align with their specific needs and desires.
These agents can proactively suggest relevant events, accommodations, and transportation based on the traveler's itinerary and personal interests, enhancing the overall travel experience.
Real-time data integration allows AI agents to adjust recommendations dynamically, ensuring travellers receive timely updates and alternatives in response to changing circumstances or disruptions.
AI can suggest business networking opportunities during trips
AI can analyse a traveler's schedule and preferences to identify relevant networking events or meetings during their trip.
AI can provide real-time suggestions for events that align with the traveler's professional goals and interests.
By leveraging data from social networks and industry trends, AI can enhance the traveler's opportunities for meaningful connections.
Example of hyper-personalisation: AI considering food preferences and past choices
AI can analyse past dining preferences to suggest restaurants that align with the traveler's tastes.
Real-time data integration allows AI to recommend meal options based on dietary restrictions and previous choices.
AI can automatically book reservations at preferred restaurants, enhancing the travel experience without additional effort from the traveler.
AI can handle travel disruptions and rebooking automatically
AI can monitor real-time data for potential travel disruptions, such as weather events or flight cancellations.
It can automatically rebook flights and adjust itineraries based on the latest information, minimising traveler stress.
AI systems can provide timely notifications to travellers about changes, ensuring they are informed without needing to manually check for updates.
Automated expense reporting and submission
Automated expense reporting streamlines the process of tracking and submitting business expenses, reducing manual entry errors and saving time for employees.
AI-driven systems can automatically categorise expenses, match receipts, and generate reports, ensuring compliance with company policies and improving accuracy.
Real-time integration with travel itineraries allows for seamless tracking of expenses related to travel, enabling quicker reimbursements and better financial oversight.
Impact on Corporate Travel
Hyper-personalsation: persona-driven, context-aware, and intent-driven recommendations
Hyper-personalisation leverages AI to tailor experiences based on individual user profiles, preferences, and behaviours.
Context-aware recommendations utilise real-time data and situational awareness to enhance user interactions and decision-making.
Intent-driven suggestions focus on understanding user goals and motivations to provide relevant options and solutions during their journey.
Hyper-productivity: end-to-end automation of travel processes
Hyper-productivity enables seamless integration of travel processes through automation, reducing manual intervention and errors.
Real-time data analysis and AI-driven insights streamline decision-making, enhancing efficiency in travel management.
Automated expense reporting and itinerary adjustments allow travellers to focus on their core responsibilities, improving overall productivity and satisfaction.
AI's role in improving sustainability in travel
AI can optimise travel routes to reduce fuel consumption and emissions.
AI can analyse traveler behaviour to promote sustainable choices, such as eco-friendly accommodations and transportation options.
AI can facilitate real-time data tracking for carbon footprints, enabling companies to measure and manage their environmental impact effectively.
Future trends: AR/VR, robotics and automation, Internet of Things
Future trends in AR/VR, robotics and automation, and the Internet of Things include:
AR/VR technologies will enable immersive experiences for travel planning, allowing users to take virtual tours of destinations and venues before making decisions.
Robotics and automation will enhance customer service in the travel industry, with robots assisting in hotel check-ins, luggage handling, and providing information at airports.
The Internet of Things will facilitate smarter travel experiences, such as tracking luggage in real-time and personalising hotel room settings based on individual preferences.
Emphasis on data as the key IP, not code
Data is becoming the primary intellectual property (IP) in the AI landscape, surpassing traditional code.
Organisations must focus on collecting, analysing, and leveraging data to drive insights and innovation.
The ability to harness data effectively will determine competitive advantage and operational efficiency in the future.
Comments