NEW YORK--(BUSINESS WIRE)--Today, Priceline report their annual earnings which have been forecasted to slightly elevated expectations.1 Together with Expedia, they both control 95% of the US Online Travel Agency (OTA) market. 2
According to a Phocuswright report, the total travel market is expected to reach over $400 billion in 2020.3 But the online travel agency (OTA) market faces tough competition from vendors such as Airbnb, as well as tech giants Google, Alibaba and Amazon.4 Skift Research found that Google travel business is worth as much as $100 billion, outpacing the earnings of OTAs like Priceline, which has a $90 billion market cap.5
In response to the rising competition, OTAs are turning to digital solutions which help reduce costs and improve time to market through, among other things, automation of manual data entry processes such as contract and rate loading, and property content management.
Intelenet® Global Services has developed iLoadTM, which eliminates manual uploading and verification of property rates and information by automating a major portion of the activities involved, resulting in huge savings in time and resource availability.
William Hoppe, Travel & Logistics Practice Leader at Intelenet® Global Services, comments: “As the lines between technology and travel increasingly blur, travel and hospitality companies need to prioritize providing hassle-free and timely booking options to retain their market share from agile technology competitors. Throughout the year, one of the biggest challenges for OTAs and hospitality companies is manually inputting rates, booking and property information, including promotional rates and daily changes to availability, while adhering to each contract’s policies. This practice can be time consuming and result in human errors, which can lead to huge retail losses.
“Submitting this data by hand is a time-intensive process which is prone to a number of errors that impact the overall end-customer satisfaction. For instance, if a $400 hotel rate is mistakenly entered as $40, the travel service provider has to honor the advertised rate, which in turn can hurt profits. iLoad, a next-generation automation solution, however, is capable of reading data off any source and can, using artificial intelligence to process business rules, accurately upload it, capture relevant information, perform company and property-specific calculations, and output the resulting data into client reservation systems. Deployment of iLoad can positively impact cost and time-to-market, driving an on-average 30 percent improvement in productivity, while practically eliminating the errors that result in retail losses.
Mr. Hoppe continues: “In an ‘always-connected’ world, customers expect fast and accurate results and smooth transactions. Through automation, travel companies can ensure that they provide the highest level of service, using the most reliable and cost-competitive data available. In a brand agnostic age, especially during busy travel periods, attention to customer care is more important than ever in order to ensure customer longevity.”
Intelenet has a suite of travel technology solutions developed by digital experts who have over 15 years of experience in the travel and hospitality space. Intelenet has recently been recognized as a high performer by HFS’ Travel and Hospitality Blueprint Report for 2017, in its ability to drive speed, efficiency and cost-effectiveness for its clients through innovative technologies.
About Intelenet® Global Services:
Intelenet® is a large global Business Process Outsourcing player, committed to delivering its client's strategic goals and helping in enhancing, broadening, and deepening the relationship to add value.
Backed by The Blackstone Group, a leading Global Private Equity player, with a current portfolio of clients that includes several Fortune 500 companies, Intelenet® Global Services is a 55,000 people organization spread across 70 global delivery centers across America, UK, Europe, Middle East, Philippines and India; supporting 100+ clients in over 25 languages.
Intelenet® provides innovative, cutting-edge solutions, supporting customers across Contact Center solutions, F&A, HRO, IT solutions and security & compliance across Banking and Financial Institutions, Healthcare, Travel and Hospitality, Telecom, Retail, Manufacturing, Logistics and Utilities & Energy verticals. Intelenet® Global Service's range of integrated BPM services deliver transformational benefits to clients through reduced costs, ongoing productivity improvements, and process re-engineering.