Investment & Fund Management
Elite Travel
Full Credential Description
Elite Travel Group, based in Elbasan, Albania, faced significant challenges due to the Covid-19 crisis, which severely impacted its diverse tourism business lines. Despite previously strong growth driven by digitalization, many operations became dormant during the pandemic. The company had been using three separate financial systems that did not communicate effectively, leading to inefficiencies in data processing. Managing Director Elvis Kotherja highlighted the need for a more integrated approach to technology, stating that the manual processes were time-consuming and hindered the ability to analyze data effectively.
To address these issues, Elite Travel Group implemented a new technology platform that utilized artificial intelligence and machine learning, allowing for streamlined operations. This integration enabled the staff to focus on data analysis rather than manual processing, fostering a more strategic approach to business development. Kotherja emphasized the importance of digitalization for the future of the company, particularly in training and re-skilling the next generation of employees, many of whom are now coders.
To support its cash flow needs during this challenging period, Elite Travel Group secured an EU-guaranteed loan from Raiffeisen Albania, backed by the European Investment Fund (EIF) through the Western Balkans Enterprise Development & Innovation Facility (WB EDIF). This financing was crucial as the nature of their work often required upfront payments, with revenue received later. Kotherja expressed optimism about the future, aiming for the company to be recognized as a leader in tourism consultancy, aspiring to be known as "the McKinsey of travel." The company is also committed to vocational training initiatives, partnering with local schools to provide internships and lessons, thereby investing in the future workforce of Albania.