Why Thomas Cook Travel went of business?
Thomas Cook Travel collapse is really a direct consequence of the company’s failure to comprehend the disruptive themes which were impacting its industry during the last decade and act decisively to combat them.
“The company’s cessation of trading follows failing by its management to identify the effect on the travel business of mega-themes such as for example eCommerce, big data, artificial intelligence and, needless to say, the sharing economy – epitomized by Airbnb.
“Thomas Cook’s management didn’t comprehend the impact the main element themes of accommodation sharing and online travel could have on it. Had it committed to these disruptive technology themes early, it could have already been an extremely different story.
“This year 2010, Thomas Cook’s market capitalization was around $3.2bn. Year in the same, Airbnb was worth around $100 million. Had Thomas Cook had the foresight to purchase Airbnb once the sharing economy theme was in its infancy, it could not maintain such dire straits. Today, Airbnb is estimated to be worth over $30bn, while Thomas Cook’s business has collapsed.
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“It didn’t have to end this real way. As Thomas Cook’s demise has proved, viewing the world’s data by themes helps it be simpler to make important decisions. Companies that recognize and understand the disruptive themes impacting their invest and business inside them become success stories; those who skip the big themes within their industry, as Thomas Cook did, end up being failures.”
Contributed by Cyrus Mewawalla, Head of Thematic Research at GlobalData