The term TravelTech describes the digitalization of the travel and tourism industry.
The travel and tourism industry is a cross-sectional industry and therefore comprises several other sectors. On the one hand it is the catering industry with e.g. hotels, but on the other hand also companies offering services in the transport sector to transport travellers to their final destination. Also included are companies that sell digital services or digital products to hotels as well as travel portals itself. Thus TravelTech characterizes the use of the opportunities of digitization by these industries and companies to improve value creation or processes, to create new business models or to offer their customers completely new added value.Chief Digital Officer (CDO)?
Classical industries are affected by the disruptive upheaval. This means that companies have to change into technology companies. This change of business in tech describes BusinessTech. These are often compound words from the classic industry + tech. For example Finance + Tech = Fintech.
See also (glossary BusinessTech):
The business model canvas is the de-facto standard for business models, especially in the digital world. That is why it is important for Chief Digital Officer (CDO).
See also (glossary Business Model Canvas):
- Business Model Canvas
- Business Model
- Business Model Canvas: Channels
- Business Model Canvas: Cost structure
- Business Model Canvas: Customer relationships
- Business Model Canvas: Customer segments
- Business Model Canvas: Key activities
- Business Model Canvas: Key partners
- Business Model Canvas: Key resources
- Business Model Canvas: Revenue streams
- Business Model Canvas: Value propositions
- We are Marketing: Tourism and Technology – How Tech is Revolutionizing Travel
- Capsulet: Ready for the future? 5 Trends in the travel tech industry?