ADM for Refunds: Problem and Solution

 Airlines and online travel agencies (OTAs) and people employed there – the time is tough for all. Ever since the pandemic, the airlines' industry has taken a historic hit. Agent/Agency Debit Memo or ADM could pose a respite to the companies in this situation. Nevertheless, it would tend the travelling agents and hence the customers to bear significant losses on their flight bookings done during the lockdown period. So, what is the solution to this? Here is more on this discussion. 

What is ADM for Refunds?

 

An agency debit memo (ADM) is a notice issued by a carrier to a travel agent, requiring the recipient to pay a sum of money to the former. The payment demanded is compensation for the loss incurred to the airline due to non-adherence of the airline's policy by the travel agent. 

 

The entire ticketing lifecycle from flight reservation to post-ticketing billing adjustment (cancellation to refund)relies on several factors like commission, exchanges, fares, chargeback, fees, refunds, taxes, bookings and miscellaneous issues. Involvement of multiple factors makes the calculation of loss and recovery a tedious task.

 

How big is the ADM for refunds problem?

According to IATA, for every US$900 of the ticket sold, ADM can recover US$1.In 2015, airlines issued 2.3 million ADMs transactions for a value of US$579 million, and it took a whopping amount of US$150 million to manage the ADM process. The complexity of fare rules and ticket issuance and refund processes not just cost the airlines in terms of revenue but also in terms of poor customer experience. The delayed processing often blamethe sour relationship between OTAs and airlines.

 

How to solve the ADM for refunds issue?

Thanks to AI, Machine Learning, and NLP (Natural Language Processing) that automate the ticketing system and ADM refunds processes. Fare Note Interpreter from IGT Solutions is one such tool that uses these advanced technologies to add value to the aviation industry's stakeholders. It expedites the processes and reduces the probability of errors by successfully interpreting even the most complex fare rules. It's compatibility with popular reservation systems, and GDS makes its adoption easier.

 

Therefore, if you too are looking for an ADM for refunds solution for your business, IGT solutions may well help you out.

 

Digital Transformation In The Travel Industry – Paving Way To Success

The travel industry was enjoying a significant boom when the unpredictable COVID-19 played the spoilsport. Trains, flights, buses, and all other forms of transportation remained still due to lockdown worldwide, as well as in India. Months after the outbreak of the pandemic, the travel industry is now recovering, slowly and steadily, and digital transformation has played an important role in this regard. Despite the end of the quarantine period, people are apprehensive about stepping out of their homes.  

The Travel Hassles

The fear of corona virus prevails in the minds of people hitherto. Thanks to the massive digital transformation in the travel industry, things are getting back on track. It is true that people will no longer make queues in front of railway stations or airports. However, the travel-related hassles would again arise as the world gets healthier, and things start getting better. What should the travel industry or professionals in the travel industry do till then? 

Well, it is time to reinvent and adopt measures to tackle the sea of changes that the world has in store. If you have to do business in the year 2020 and after that, you need to build a strong digital presence. 

Questions That Could Build Your Digital Presence

It is wise to get ready for digital transformation in travel industry else it will be difficult for businesses to thrive. To start with, try answering the following questions:

• Is your company or business available on the Internet?
• Are you easily accessible to your consumers or clients online?
• Is all the information present on your website or online store true or needs an overhaul?
• Is digital marketing of your company going well or you need to make statistical changes?
• Do you need to hire a digital marketing professional or an agency that will ensure your website or online store is ranking high on Google? 

Digital transformation in the travel industry is a new normal. To exist and make profits, you have to ensure that your clients can find you online. IGT solutions can help you achieve this goal.

5 AI And ML Powered Solutions And The Pandemic Epoch

There are several ways to diagnose problems and find solutions to execute them. Evidently, companies are deploying AI and ML-powered solutions to respond to customer requirements in the existing coronavirus era. Covid-19 has brought critical times to the world, but on the flip side, it has propelled the businesses to serious implications across the globe.

AI and ML-powered solutions help businesses to adapt to the new business environment. Since Covid-19 is creating a ‘new normal,’ several AI and ML-powered solutions help the business to grow with remotely accessed operations. Here are a few of those important solutions:

1. Speech Analytics

Artificial Intelligence plays an essential role in a speech to text and text to speech analytics, respectively. Businesses can find customers’ satisfaction scores by understanding the tone, word, and sentiment of every word.

2. Text Analytics

AI and ML-powered solutions are helpful in text mining and causal analysis. Text analytics has a direct concern with sentiment analytics, which are further improving overall business performance.

3. Computer Vision

The computer vision through AI and ML analyzes the images and videos. It identifies labels and objects. It further discards the possible manual errors and improves things with unerring approaches. Threat identification and scarp reduction are the additional benefits of opting for the same.

4. NLP and Robotics

These solutions are very helpful in Natural Language Processing and used to render the queries in natural language.

5. Staff infrastructure

AI helps businesses to recognize if they need additional staff or have to lay off some employees to balance their expenses. In this way, AI and ML-powered solutions help them to find the exact required number.

IGT Solutions represent certain offerings to businesses. The only motive is to make the businesses stand in the brutal Covid-19 time. The ultimate AI and ML-powered solutions are giving a cushion to business so that they don’t lose hope to have better sunshine. To get timely and beneficial services in this respect, the trustworthy services of IGT Solutions would prove to be extremely helpful.

Here Is Why Travel Businesses Should Consider Customer Loyalty Programs

In the highly competitive travel industry of the modern times retaining customers a difficult task. The challenging aspect of running a business successfully is quiet challenging. However, to cater to the attention of audiences, businesses are turning towards implementing loyalty programs. 

Customer loyalty management services influence the consumer’s willingness to buy a product/service from a particular brand repeatedly. Specifically, customer loyalty programs entail providing consumers reward or value for the repeated purchases they make through a brand. Loyalty services drive positive customer experiences and imbibe customer satisfaction, which is why companies prefer imbibing them for utmost gains 

Why is customer loyalty important?

These programs are the tested methods of raising and sustaining the brand’s value in the market. Customers who appreciate your services are likely to continue purchasing from you. This pool of customers also becomes the prime market for your new product launches. Opting for customer loyalty management services in the travel segment provide businesses multiple benefits that go beyond monetary rewards. 

Ways customer loyalty management programs benefit travel businesses?

·       Increase revenue: Customer loyalty programs attract new customers and retain existing ones. They aid in expanding the consumer base and establishing trust among the audience. Additionally, loyal consumers are likely to convert and spend more. Usually, 5 % increase in retention through customer loyalty programs can boost your revenue by 25 to 95 percent. 

·       Increase purchase frequency: Loyalty programs make the consumer feel associated with the brand. These non-monetary rewards attract consumers repeatedly due to their personalized experience. The customers are likely to feel more appreciated and inclined to purchase from the same brand.

·       Provide room for growth: Loyalty programs are self-sufficient marketing modes of driving uninterrupted business growth. Loyal customers trust you and help you spread positive word-of-mouth. They influence their friends and family members to purchase from a particular brand. 

So, don’t miss any opportunity to drive conversion and keep the audience engaged. With customer loyalty management services from IGT Solutions, you can easily simplify your customer participation. Additionally, implementing loyalty programs will drive your business impeccable revenue growth.