Identifying your technology requirements correctly is the first step to success

Becoming a market leader requires selling more of your inventory without the added burden of costs. Right Technology is the key here.


Hit the sweetspot


For any Travel Business, be it a traditional or a start-up, it is imperative to identify their strengths. In these days of "best deals", when everything is available online, Travel Companies are facing the squeeze from their suppliers as well as customers. As a business owner, you aim to sell more month-on-month but how? 

Know your Business
Identify your key targets over the next 3-5 years. Software requirements are different for Tour Operators and Destination Management Companies form those of Travel Agents. It becomes more complex if your business is a hybrid. 
  • Destination Management Company(DMC)/Inbound Tour Operator(ITO) 
    Traditional sales channels, if not saturated, are yielding limited growth opportunities. Following pointers should help you decide the best software for your business:
            Q1.   Do you have your own proprietary inventory contracts?

              Q2.   Do you need to serve a network of agents/clients from your office? 
                Q3.   Do you want to sell more via different channels?

          Following are the answers to the questions above :
          1. A Contract Management System (CMS) that gives you the following
            • Digitized Contracts
            • Up-to-date room rates
            • Ready for direct distribution
          2. Back-office automation system to do the following:
            • Instant Quotations/sales for all requests
            • Serve more requests with the same staff numbers
            • Create packages faster than ever before
          3. You need to harness the power of XMLs
            • Use proprietary XMLs to sell more 
        • Travel Agency
          Traditional sales channels, if not saturated, are yielding limited growth opportunities. Following pointers should help you decide the best software for your business:
                  Q1. Are spreadsheets failing to manage your reservations as volumes go up?

                 Q2. Is your inventory management good enough?

                 Q3. Can you create quick offers/deals & market them fast?

                Following are the answers to these questions:
          1. You need a Reservation Management System
            • Bookings & reservation details available at a click
            • Online access from anywhere
            • Track payments without errors of omission and commission.
          2. Get an online Inventory Management System
            • Online management of multiple supplier contracts (rates, rules & clauses)
            • Manage your allotments and avoid overbooking
            • Track your best sellers for smart contracting
          3. You would need a Quick Package Builder that:
            • Pushes the packages created on your website
            • Allows you to market the same to your partners & clients

        Convert more leads into paying customers
        Regardless of whatever Business you are in, it pays to invest in a tool that helps you convert more leads into paying clients. You need a Customer Relationship Management(CRM) system that helps you attain the following:
            • Auto lead generation from e-mails, your website & social media
            • Track followups and staff efficiency
            • Smart reports to improve your business processes

        Getting your technology requirements correct is the first step towards future growth. Businesses often tend to believe that the current setup is working great and spreadsheets are good enough for their business. But, one should pay attention to this:

        Spreadsheets work great only till the time a business breaks a certain threshold.

        Up next:
        CRM v/s Spreadsheets 

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