We’re creating a more connected travel industry, underpinned by sustainability and long-term investor relations.
'The world’s most valuable resource is no longer oil, but data', this article published in ‘The Economist’ became one of the most quoted headlines in technology conferences across the world in 2017.
The market capitalization of listed tech companies increasingly reflects the amount of insight they have access to – digital 1’s and 0’s are produced by smart gadgets and machines, driven by industry 4.0.
According to the European Commission , the size of the European data economy is estimated to reach €739 billion by 2020.
Similar to oil, to extract the full power of this digital gem, our industries need technology to locate it, knowhow to refine it, a legal framework to define its uses, and, eventually, a marketplace to trade such a resource.
In the context of these new data-driven ecosystems, organizations need to access the huge amount of information that is being generated. For example, if you look at the travel sector today, there are mountains of information which, if one were to easily access and carefully examine, could help deliver a truly connected journey for travellers worldwide.
Making the most of this insight becomes imperative for travel players like us, to ensure quick and efficient delivery of products and services while facilitating a seamless and convenient experience for our customers. Each player handling this information on their own is not enough: travel companies will need to share it to deliver on traveler needs. That’s why we believe that data exchange and monetization will become key in the near future. While some will benefit from acquiring these insights, others will turn this ‘new oil’ into a new revenue stream.
With that in mind, Amadeus recently decided to invest in a forward-thinking start-up called Dawex through its corporate venture arm, Amadeus Ventures , a travel venture program which invests in start-ups sitting at the crossroads of travel and technology.
Based in France, this company has the knowledge, expertise and commitment to leverage data to drive industry innovations like AI and analytics. Dawex’s mission is to create the conditions for the smooth development of the data economy by facilitating the exchange of data between companies and organizations.. They have developed a marketplace, where companies can exchange all type of data through files or APIs. Its platform ensures trust, low friction and engagement. Today, more than 7,000 organizations from 20+ industries rely on Dawex’s Global Data Marketplace and Data Exchange Platform technology. It helps organizations to source, monetize, and exchange data directly, securely and in full compliance with regulations.
Through our collaboration, we can explore data monetization opportunities for our customers and deliver truly connected journeys to travelers worldwide.
In our world, Dawex would act as an enabler, allowing different travel and hospitality players to exchange information in a safe and compliant manner. For example, if your flight is delayed, your transfer provider could be notified, your hotel would know that you are arriving late and could reschedule your dinner reservation, etc. Or, if you took an earlier train than expected, your hotel would also know and offer early check-in while you are on the road.
By collaborating with companies such as Dawex, we hope to unlock the power of data in travel and continue to deliver on Amadeus’ promise to shape the future of travel.