{"id":243574,"date":"2024-10-22T06:15:00","date_gmt":"2024-10-21T23:15:00","guid":{"rendered":"https:\/\/www.ttrweekly.com\/site\/?p=243574"},"modified":"2024-10-21T20:52:30","modified_gmt":"2024-10-21T13:52:30","slug":"ai-tops-the-agenda-in-company-budgets","status":"publish","type":"post","link":"https:\/\/www.ttrweekly.com\/site\/2024\/10\/ai-tops-the-agenda-in-company-budgets\/","title":{"rendered":"AI tops the agenda in company budgets"},"content":{"rendered":"\n<p>BANGKOK, 22 October 2024: Generative Artificial Intelligence remains a central focus for the travel technology sector looking ahead to 2025, but challenges are emerging as initial optimism begins to dissipate.<\/p>\n\n\n\n<p>That is according to a new report released by Amadeus \u2014 \u2018Navigating the Future: How Generative Artificial Intelligence is transforming the travel industry\u2019 \u2014 which surveyed experts in the field from across the travel ecosystem.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"600\" height=\"358\" data-src=\"https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2024\/10\/navigating-the-future-600x358.jpg\" alt=\"\" class=\"wp-image-243602 lazyload\" data-srcset=\"https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2024\/10\/navigating-the-future-600x358.jpg 600w, https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2024\/10\/navigating-the-future-300x179.jpg 300w, https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2024\/10\/navigating-the-future-768x458.jpg 768w, https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2024\/10\/navigating-the-future-1536x916.jpg 1536w, https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2024\/10\/navigating-the-future-2048x1221.jpg 2048w, https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2024\/10\/navigating-the-future-696x415.jpg 696w, https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2024\/10\/navigating-the-future-1068x637.jpg 1068w, https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2024\/10\/navigating-the-future-1920x1145.jpg 1920w, https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2024\/10\/navigating-the-future-704x420.jpg 704w\" data-sizes=\"(max-width: 600px) 100vw, 600px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 600px; --smush-placeholder-aspect-ratio: 600\/358;\" \/><\/figure>\n<\/div>\n\n\n<p><strong>Generative AI is a top priority in budgets<\/strong><\/p>\n\n\n\n<p>Among the 300+ industry leaders questioned, Generative AI was cited as a \u2018top priority\u2019 for the coming year by 46%, ahead of any other technology. This figure rose to 61% in Asia Pacific, suggesting the region may be ready to take the lead in this transformative technology.<\/p>\n\n\n\n<p>Other technologies cited as a top priority for 2025 included data management (38%), cloud architecture (36%), non-generative AI IT infrastructure (34%), and biometric technology (23%).<\/p>\n\n\n\n<p>Globally, over half of travel technology leaders (51%) argue Generative AI already has a \u2018significant presence\u2019 in the travel industry in their country. A further 36% expect this presence to emerge over the next year, while 11% expect the process to take one-to-two years. Just 2% of travel technology leaders think it will take three or more years for Generative AI to have a significant presence in the travel sector.<\/p>\n\n\n\n<p>Today, 41% of travel companies say their organisation has the budget and resources to implement Generative AI. In comparison, 87% are open to working with a third-party vendor to develop Generative AI-powered applications.<\/p>\n\n\n\n<p><strong>Challenges in the deployment of Generative AI<\/strong><\/p>\n\n\n\n<p>While support for the roll-out of Generative AI in the travel technology sector remains undimmed, &#8220;Navigating the Future&#8221; finds a number of emerging challenges.<\/p>\n\n\n\n<p><strong>When asked what, if anything, was slowing the roll-out of the technology, industry leaders said:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Data security &#8211; 35%<\/li>\n\n\n\n<li>Lack of Generative AI expertise and training &#8211; 34%<\/li>\n\n\n\n<li>Data quality and inadequate technological infrastructure &#8211; 33%<\/li>\n\n\n\n<li>ROI concerns, lack of use cases, or difficulty in estimating value &#8211; 30%<\/li>\n\n\n\n<li>Difficulty in connecting with partners or vendors &#8211; 29%<\/li>\n<\/ul>\n\n\n\n<p>Today, Generative AI specialists are grappling to recruit experts and train existing workforces to bridge a skills gap while working to secure data and convince senior leaders of the value of Generative AI investments.<\/p>\n\n\n\n<p><strong>How is Generative AI being used?<\/strong><\/p>\n\n\n\n<p>While the experimentation with the deployment of Generative AI continues, several use cases have emerged in the travel technology sector.<\/p>\n\n\n\n<p>These are led by digital assistance for travellers during booking (53%) and followed by recommendations for activities or venues (48%), content generation (47%), helping staff to better serve customers (45%), and collecting and condensing post-travel feedback (45%).<\/p>\n\n\n\n<p><strong>What does the successful deployment of Generative AI look like?<\/strong><\/p>\n\n\n\n<p>\u201cNavigating the Future\u201d respondents were looking for, in ranked order, return on investment, customer satisfaction, efficiency and productivity improvements, performance metrics (accuracy, precision and relevance) and increases in key performance indicators.<\/p>\n\n\n\n<p>Amadeus Chief Technology Officer Sylvain Roy said, \u201cGenerative AI has the potential to transform every facet of our work across the travel ecosystem, significantly enhancing the passenger experience at every step of the journey.<\/p>\n\n\n\n<p>While technology will be a key focus for the next year, questions are rightly being asked whether Generative AI will deliver sufficient returns on investment, while talent shortages are also coming under the spotlight.<\/p>\n\n\n\n<p>\u201cIt is crucial that we use this new technology responsibly, ensuring data security, privacy, and content reliability. It is time for Generative AI to prove it can live up to the hype,\u201d Roy concluded.<\/p>\n\n\n\n<p><strong>You can download the full research here:<\/strong> <a href=\"https:\/\/amadeus.com\/en\/resources\/research\/generative-ai-travel-industry\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>https:\/\/amadeus.com\/en\/resources\/research\/generative-ai-travel-industry<\/strong><\/a><\/p>\n\n\n\n<p>Amadeus commissioned Mercury Analytics, a market research organisation which harnesses state-of-the-art techniques and AI, to study the role of Generative AI in the travel sector. In the third quarter of 2024, 306 senior technology decision-makers in the travel industry with knowledge of Generative AI were questioned. They were based in 10 markets: Canada, Italy, the UK, France, Germany, India, Australia, China, Japan and the US.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BANGKOK, 22 October 2024: Generative Artificial Intelligence remains a central focus for the travel technology sector looking ahead to 2025, but challenges are emerging as initial optimism begins to dissipate. That is according to a new report released by Amadeus \u2014 \u2018Navigating the Future: How Generative Artificial Intelligence is transforming the travel industry\u2019 \u2014 which [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":243602,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[246,1581],"tags":[],"class_list":{"0":"post-243574","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-singapore","8":"category-trends"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>AI tops the agenda in company budgets - TTR Weekly<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ttrweekly.com\/site\/2024\/10\/ai-tops-the-agenda-in-company-budgets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AI tops the agenda in company budgets - TTR Weekly\" \/>\n<meta property=\"og:description\" content=\"BANGKOK, 22 October 2024: Generative Artificial Intelligence remains a central focus for the travel technology sector looking ahead to 2025, but challenges are emerging as initial optimism begins to dissipate. 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