Beyond supports travel technology client with data commercialisation journey
A global travel technology firm turned its data into new revenue streams, with the help of consultants from Beyond. By developing scalable data products and a data commercialisation strategy, the client achieved double-digit revenue growth, according to its advisors.
Headquartered in the UK, a global professional services firm had provided distribution, technology, and payment solutions for the travel and tourism industry for more than 20 years. The company also provides IT services to airlines, such as shopping, ticketing, and departure control.
The company’s position as a trusted partner of the global travel industry positions it with huge potential, when it comes to monetising its vast data assets. With a wealth of information on travel bookings, customer preferences, and market trends, the client subsequently determined the time was right to commercialise its data to create new revenue streams and gain a competitive edge in the market.
The challenge was to transform raw data into actionable insights that could be monetised effectively while supporting travel agents and partners in making better-informed decisions. For that, the company turned to Beyond for support.
Beyond planning
Rated Gold for Data Science in Consultancy.uk’s annual industry rankings, Beyond is a prominent player in the field of data analysis consultancy services and is renowned for its expertise in AI, data science, and technology consulting. Founded in 2007, Beyond was formerly part-owned by Visa – mean its proprietary tools and consulting experience have already been utilised by leading brands including McDonald’s, DFS, British Airways, and Manchester City FC – as they sought to harness their data to drive sustainable business change.
The consultancy developed a plan to leverage data for new revenue streams in the travel industry. Beyond’s comprehensive data commercialisation strategy focused on several key areas.
Data monetisation strategy
Beyond worked with the client to identify and validate opportunities to create new revenue streams. This involved market testing to evaluate the potential of different data assets and the development of scalable solutions tailored to meet market needs.
Development of data products
The collaboration led to the creation of data products that empowered travel agents and partners with insights into customer behaviour, market trends, and booking patterns. These products were designed to be intuitive and easy to integrate into existing workflows, ensuring they added value without overburdening users.
Empowering partners
Beyond provided the client with the tools and strategies needed to empower their partners with data-driven insights. This included the development of secure cloud-based solutions and the management of extensive market data sets, enabling partners to optimise their operations and drive growth.
Strategic market expansion
The data commercialisation strategy also focused on expanding the client’s market reach by creating new products that could tap into emerging markets, ensuring the company remained at the forefront of industry innovation.
Lessons learned
In practice, the firm set about ensuring the client learned several key lessons before moving ahead. First, that monetisation requires strategic planning. Identifying the right opportunities and developing products that meet market needs is crucial for successful data commercialisation. At the same time, empowering partners with insights is crucial – particularly powered by technological solutions to enhance their ability to make informed decisions, driving mutual growth.
Finally: scalability is key. Developing scalable solutions that can be easily integrated into existing systems is essential for ensuring widespread adoption and maximising the impact of data products.
The results of the client’s journey in data commercialisation speak to the power of those lessons, according to Beyond. An update from the firm on its website meanwhile claims its client has seen its data commercialisation efforts contribute to a 15% increase in revenue, highlighting the financial impact of effectively monetising data assets. Meanwhile, by providing travel agents and partners with actionable insights, the client was able to solidify its position as a leader in the travel technology industry, offering unique value that set it apart from competitors.
The strategy successfully identified and developed multiple new revenue streams, ensuring that the client’s data assets were fully utilised to drive business growth. Overall, that demonstrates the power of turning data into a strategic asset that drives revenue and market expansion, positioning the company for continued success in a competitive industry.
