In the ever-evolving world of travel, travel agents play a vital role in orchestrating seamless experiences for their clients. However, they often grapple with a host of challenges, particularly in areas like manual ticketing processes, discrepancies in ticket issuance, cancellations, rebooking, and substantial volume of refund requests. The intricate process of managing refund requests is not only time-consuming but also involves intricate coordination with multiple airlines and service providers.

The travel industry is a dynamic and fast-paced sector, and one essential aspect of Travel Agency operations is fare auditing—the process of reviewing contract rates and fares to ensure correct fares are loaded into the GDS. Whilst simple, fare monitoring and audit is crucial and aids to prevent unnoticed loss for both Travel Agencies and the end-clients.

According to the World Travel and Tourism Council (WTTC), the global travel and tourism industry suffered a loss of 62 million jobs and $4.5 trillion in GDP in 2020 due to the pandemic. The pandemic has forced travel agencies to rethink their business models and strategies – with many having to shut down or lay off employees, and those that survived faced a highly uncertain and competitive market.

The pandemic has had an unprecedented impact on the global travel and tourism sector and its repercussions are still being felt. According to a Statista report, over 50 million travel jobs have been lost globally during the span of the pandemic. Now as we see restrictions being lifted gradually since mid 2022, demand surge has in turn created severe travel chaos in various countries – as seen in major cities such as London and the United States.

The surge of the COVID-19 outbreak for the past 2 years has led to a continued global rise in inflation, staffing shortages and widespread disruption of the global economy. Yet, the outsourcing industry has so far proved to be resilient in times of turmoil. According to a Statista report, the BPO industry is projected to reach US$330 billion by the end of year. This includes a compound annual growth rate (CAGR) of 6.69%, leading to a market volume of US$450 billion by 2027.

There is still a month left before we enter 2023, but the warnings of incoming economic downturns are already coming in thick and fast. According to KPMG’s latest CEO survey, 86% of top executives believe there will be an economic recession in the next 12 months. This is indicated by the tightening of monetary policy in 54 countries, rising interest rates and inflation for these past few months – not to mention the Russia Ukraine war and COVID-19 pandemic still ongoing.