Many industries are burdened by legacy technology and processes that no longer make sense in the current context. This makes for fertile ground for disruption. Consider what happened to mobile operators around 10 years ago. They were relegated to commodity providers after the launch of the smartphone, app store and widespread availability of wireless broadband. Their pace of change was simply too slow to counter seismic changes in market forces and customer demand.
Financial services, particularly in Europe, are facing a similar threat with the introduction of new regulations that will see banks obliged to share customer data with third party innovators through open APIs. The goal is to foster innovative services that will benefit customers and to end a perceived monopoly of the incumbents. Unlike mobile operators, Financial Services are embracing the source of disruption. Consultants and various organizations are acting as matchmakers of collaboration between the C-suite and Fintech hopefuls. Institutions are spinning off their own startups competitors, that act independently of parent companies in a radical amputation from legacy technology and processes. Digital transformation is on the lips of every C-Level executive in the industry.
For airlines whose systems are trussed up by restrictive, innovation-stifling complexity, it’s clear that disruption of the status quo is imminent. It’s time to stop applying technology work-arounds and tinkering with processes that make little sense in today’s commercial reality. It’s time to address the wholesale transformation of the airline offer and embrace airline-controlled technologies that make this possible. Airlines that take the leap will benefit from more revenue, faster innovation, happier customers, and lower costs. And those that don’t? They will be relegated to the role of utility.
Offer transformation is the theme of FLX-Disrupt 2018, the airline industry’s only event dedicated to innovating airline distribution, revenue management and commerce, through new generation technologies and strategies. Taking place in Miami, 24 – 26 April, FLX-Disrupt 2018 is a complimentary event open to airline executives. The agenda will challenge delegates to rethink decades of legacy processes, embrace offer transformation, and realize the power of airline-controlled (NDC) distribution.
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