In today’s digital age, data is king, but for ForwardKeys CEO and Co-Founder Olivier Jager, data represents his life’s biggest adventure. “Milestones are plentiful as we started humbly, and we appreciate every opportunity we’ve been given,” says Jager as he looks back on the achievements that have defined the travel analytics company in the last decade.
“ForwardKeys started as and remains an adventure for me. The boat is bigger to steer but the possibilities that a bigger company allows are wider and richer,” he adds.
In 11 years, ForwardKeys grew from a team of two to 75, with its momentum showing no signs of abating. As the world transformed, so too did ForwardKeys evolve to meet the ever-changing demands of the information industry. And while data may have been an afterthought during the company’s early days, it is now the most important factor driving the majority of business decisions in 2021 and beyond.
“There once was a time when it was difficult to convince our customers that data was needed,” Jager adds. “Today, our discussions with customers are never about that, but rather about what piece of information is needed within the organisation, and what are the best ways for ForwardKeys to deliver the information.”
Recently, the pandemic crisis has driven another transformation; and while uncertainty may have dominated the travel and aviation industry over the last year, ForwardKeys has and will continue to serve as a source of clarity, or as Jager puts it as a ‘single source of truth.’
He says, “COVID-19 essentially modified the typology of customers we have, impacting the travel retail segment more than others. But brands and operators need to identify and anticipate where the business is, even during these difficult times.
“I do believe that ForwardKeys is moving toward a ‘single source of truth’ that will prevail over others. Simply because, to entertain a dialogue with a peer like a DMO and an airline, you have to be able to speak the same language and refer to the same metrics.”
In this interview, The Moodie Davitt Report sits down with Jager and looks back on the company’s most significant achievements on its 11th anniversary. We also discuss how the demand for data has evolved and what role global analytics companies like ForwardKeys can play in driving the sustained recovery of the travel industry.
How do you reflect on the ForwardKeys journey to date? What are some of the milestones along the way?
ForwardKeys started as and remains an adventure for me. The boat is bigger to steer but the possibilities that a bigger company allows are wider and richer.
In a short period, we’ve grown from a team of two to 75 staff members and counting, adding new clients along the way from travel and tourism to travel retailers and finance.
Growing without funding is not always an option but it worked for us. That was critical so that we could keep full authority in the company direction, and take risks, as well.
When your business relies on a small number of key individuals, that’s not scalable, it can prevent growth from happening. If you want to grow, then you need to organise the business in a way that the responsibilities are distributed and based on recognised processes. This is a quite difficult mutation, and a key step, but we have achieved that, and I am pleased with how it all turned out in the end.
Milestones are plentiful as we started humbly. And we appreciate every opportunity we’ve been given. From the top clients in various Ministries of Tourism, to the firm partnerships we’ve made with reputable world organisations such as the UNWTO, WTTC, TFWA, OAG and IATA; and their multi-cultural teams across Europe, Asia, Africa and the Caribbean.
What are the key elements that a successful and truly global travel analytics business requires today?
I think it’s down to combining the understanding of customer use cases or business objectives and having an in-depth knowledge of the data we process so that we can bring those all together clearly and quickly. We strive to make our data actionable and less intimidating for researchers and also marketers.
How has demand for reliable data evolved and what do client companies demand today that is different from when you began? Has COVID-19 changed or accelerated this?
We did open several markets that sound obvious to many nowadays. However, there once was a time when it was difficult to convince our customers that data was needed.
Today, our discussions with customers are never about that, but rather about what piece of information is needed within the organisation, and what are the best ways for ForwardKeys to deliver the information.
Many leading brands consume our data differently based on who’s using it. The supply chain department might use our API to feed its tools; marketers would use ForwardKeys front ends to plan marketing campaigns, and management would expect our insight team to provide PowerPoint presentations on forward-looking trends.
COVID-19 essentially modified the typology of customers we have, impacting the travel retail segment more than others. However, brands and operators need to identify and anticipate where the business is, even during these difficult times. We also “stick” to catering to evolving customer needs. For example, we released our Chinese Shopper Tracker solution to allow brands and operators to understand how the Chinese customer, who are currently not travelling abroad, are spending their money domestically.
What’s your view on the quality of data and how it is shared in travel retail in particular? Would you like to see things change? How?
At ForwardKeys, we are obsessed with the quality of our data. Sometimes we process information for a month before we can provide just a simple number.
I believe that is what makes us unique. We are not a ‘distributor of data.’ We create or source raw data, and then we master a complex process of data transformation and enrichment. under the guidance of our product manager, to deliver that piece of information our customers are looking for.
The industry has been using all sorts of data, based on surveys, customs, or other proxies. Too often these proxies are not good enough. They are not granular, or they are provided too late. I do believe that ForwardKeys is moving toward a ‘single source of truth’ that will prevail over others. Simply because, to entertain a dialogue with a peer like a DMO and an airline, you have to be able to speak the same language and refer to the same metrics.
By the same token, the information will become richer, companies and countries will be processing more data and connecting the dots among them to provide more insights. We want to play an important role in that landscape.
What do you see as the likely recovery path for the travel industry in 2021 and beyond? Do you see a much-changed world for travel emerging once this crisis passes? How might that look?
We are data people, and our job is to provide the best possible data to read current and forward-looking trends. At this point, the recovery patterns cannot be guessed from the data, because offer and demand are not free to behave as they would normally.
It’s all currently impacted by the restrictions enforced by the states. Until we find ways to “unlock” travel, and resume the demand and offer, we will be limited to identifying those routes that are doing good.
Booking lead times are naturally shorter, people are travelling more within their national borders…not because they want to. Rather because it’s the easiest and safest option at the moment.
Yes, the industry is changing, and, in many ways, we see the foundations of these new travel equations appearing every day when we listen to the news. Fewer airlines, fewer aircrafts, more controls, better procedures, more domestic shopping, increased financial market volatility, more pressure to meet ambitious sustainable travel and tourism goals, etc….
And yet there is still a huge desire from people around the world to start travelling again as a symbol of a recovered freedom post-COVID. The leisure market will bounce back first, while the business travel segment will take on a different approach as most of the world has gone online eventing these days. However, as humans, we miss that real vis-à-vis connection, so let’s see how we return to business after this pandemic.
What are the next steps in the evolution of ForwardKeys?
Well, our roadmap is clear at ForwardKeys, and it’s all about providing more pieces of information that our customers can use to make decisions. It is a small sentence but it’s a huge endeavour.
We’ll keep on creating, identifying and sourcing new data. We will continue to apply our knowledge and experience to get the data to speak and connect that to the information the industry is looking for. We just want to keep on providing our customers in the areas of tourism boards, travel retail, media planners and beyond what they need to make the best business decisions at the right moment. After all, life is all about timing, even during a crisis!
