Right now, the broader travel industry is in a less-than-ideal position in technological readiness and digital transformation. Travel has, for example, been slow to adopt the cloud mainly due to concerns about data security, concerns about system downtime, and the impact of organisational silos that limit data sharing.
But travel needs cloud to grow cost-efficiently and with limited resources. It’s key for efficiency and agility. It also enables data-driven and customer-centered innovation.
In fact, an Accenture survey of nearly 4,000 C-suite executives at both private- and public-sector organisations globally, found that looking at cloud as a one-time migration to a static destination – essentially as a cheaper, more-efficient data center – is limiting.
A narrow focus on cost savings could actually put organisations at a competitive disadvantage compared to those using cloud more strategically across its many dynamic forms, including public, private and edge.
Earlier this year we unveiled our Business Futures 2021 report, which aims to help leaders make sense of our new reality by identifying the Signals of business change that are reshaping organisations globally.
One of these signals is the New Scientific Method. We argue that every company needs to become a scientific company.
Working at the convergence of the new frontiers of science will bring radical possibilities, but only if organisations can enhance their approaches to innovation. The report found that 83% of organisations agree that adopting a scientific approach to innovation will position them for future success.
Indeed, the pandemic has placed scientific innovation firmly back at the top of the agenda for government and business. In the second quarter of 2020, American companies spent more on software and R&D than on fixed assets for the first time in over a decade.
For many, in the travel industry, the thought of spending right now, is daunting. First, companies need to generate cost-savings, given how the pandemic has decimated revenues. But reinvesting cost-savings on software and innovation will help set-up companies for the future.
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