Yanolja Cloud's Jongyoon Kim talks acquisitions, collaborations, automation in travel (WiT Studio)

Summary

In this insightful interview, Jong Yun Kim, Managing Director and co-CEO of Yanolja Cloud, discusses the future of travel in the context of rapid AI evolution. He emphasizes the importance of human revolution, focusing on ESG and digital transformation to minimize carbon emissions and enhance customer happiness. Kim also highlights Yanolja's strategy for acquisitions and collaborations, aiming to diversify travel experiences and streamline data flow across the industry. He anticipates the transformative impact of generative AI on travel planning and the importance of creating a seamless, personalized customer experience.

Takeaways

• 🏆 Jong Yun Kim, the Managing Director and co-CEO of Yanolja Cloud, was named CEO of the Year in Korea by IDC.
• 🌱 Kim emphasizes the importance of the Human Revolution in the context of travel, especially with the rapid evolution of AI.
• 💡 He discusses the necessity of ESG and carbon emission reduction as part of the human revolution, highlighting digital transformation as a means to achieve sustainability.
• 🛠 Kim believes that technology is changing the role of humans, with machines replacing repetitive and inefficient human processes, allowing humans to provide more value and happiness to customers.
• 🏢 He talks about the potential of using data to improve operations, such as identifying and addressing customer issues proactively in the hospitality industry.
• 📈 Yanolja considers diversification and vertical integration as key criteria for acquisitions, aiming to expand the travel experience beyond traditional offerings.
• 🌐 The company has a global presence, with a focus on extending its solutions to properties beyond large resorts, particularly in regions like Africa and the Caribbean.
• 🤝 Kim compares the future of the travel industry to the electric vehicle market, suggesting a transformation that requires collaboration with traditional players and the use of data as a driving force.
• 🔗 Yanolja is working on seamless data flow across the value chain, investing in technology companies to facilitate this, which is crucial for enhancing customer experiences and operations.
• 🤖 The use of automation, such as the Cloud Kiosk developed with Samsung Electronics, aims to streamline the booking process and improve the user experience by connecting online platforms with on-site operations.
• 🔮 Looking ahead to 2024, Kim predicts that generative AI will play a significant role in travel, potentially replacing search engines and OTAs, with Yanolja working on a Travel Data Platform (TDP) to act as a personal assistant for customers.

Q & A

What is the significance of the term 'Human Revolution' in the context of the future of travel, according to Jong Yun Kim?

Jong Yun Kim views 'Human Revolution' as a critical topic, emphasizing the importance of ESG and carbon emission reduction for survival, and digital transformation for adapting to natural changes, which are key aspects of the human role in the future of travel.

How does Jong Yun Kim perceive the impact of AI on the role of humans in the travel industry?

He believes that AI and new digital technologies will change human roles by replacing repetitive and inefficient processes, allowing humans to provide more meaningful benefits and happiness to customers, thus enhancing efficiency and productivity.

What does Jong Yun Kim think about the importance of minimizing carbon emissions in the travel industry?

He considers minimizing carbon emissions as a crucial part of the 'Human Revolution' and suggests that digital transformation is vital for realizing a more sustainable and eco-friendly travel industry.

What criteria does Yanolja consider when looking to acquire a company?

Yanolja focuses on two main criteria: diversification of the travel experience and ensuring seamless data flow across the value chain, which includes investing in technology companies to facilitate this data flow.

How does Yanolja's approach to acquisitions align with its vision for the travel industry?

Yanolja's acquisitions aim to diversify the travel experience and integrate vertically to create a seamless data flow, which is essential for providing additional services and enhancing the overall customer experience.

What is Yanolja's strategy for collaboration with other brands in the travel industry?

Yanolja seeks to collaborate with other brands to transform the travel industry, similar to the impact of electric vehicles on the automotive industry, by providing data and technology as the 'engine' for new business models.

What role does generative AI play in Yanolja's vision for the future of travel?

Generative AI is expected to replace search-related processes and act as a personal assistant, streamlining the travel planning and booking experience, and potentially changing the value chain in the travel industry.

How does Yanolja plan to address the challenges of expanding its presence in regions with limited hotel and resort inventory?

Yanolja aims to digitalize smaller and medium-sized accommodations and diversify the travel business in regions like Africa, helping these areas contribute more to their GDP and attract more independent travelers.

What is the purpose of the 'cloud kiosk' developed by Yanolja in collaboration with Samsung Electronics?

The cloud kiosk is designed to connect the booking platform with on-site operations, allowing for a seamless check-in process and improving the overall customer experience from booking to travel.

How does Jong Yun Kim view the potential of automation in streamlining the booking process and enhancing the user experience?

Jong Yun Kim sees automation as a way to create a seamless customer experience from booking to travel, with IoT devices and cloud kiosks playing a significant role in connecting customer behavior with the booking platform.

What travel trends is Yanolja looking forward to in 2024, and how does the company plan to adapt to these trends?

Yanolja anticipates a shift towards body and long-tail markets, with generative AI playing a key role in search and booking processes. The company is working on a Travel Data Platform (TDP) to act as a personal assistant, providing a more personalized and automated travel experience.