Big Data has been a buzzword in technology and business for quite some time and shows no signs of ceasing. Engineers, mathematicians and computer scientists from around the world are hired by big names in business to tame and exploit the huge potential of big data analytics. The change is so powerful that it has almost wiped out all previous decision-making and will be the main driver of companies, government agencies and communities worldwide.
Basically, big data and advanced algorithms, combined with a very large amount of data processing resource, crack numbers and combine probabilities and relationships – the two weapons of any management team. Eg. Will the HR and recruitment team of any company be happy to gain insight into the likelihood of a new recruit. The board members were happy to know the link between national GDP, the skills of a director and his chances of sabotaging the company before taking him to the board!
On the other hand, clients and customers of any product or service who would be interested in knowing the likelihood that the requirements of the manufacturer or service provider would be justified by the end results. To illustrate this point, we take travel and hospitality as a case study and build the arguments on this basis.
The travel and hospitality sector has two kinds of customers – the first category consists of seasonal customers who plan a month before taking a long vacation, and the second they are random. If someone belongs to the other category and needs to travel frequently, stay in hotels and do things on the go, there are some big data-based predictable models that can do to cut costs. However, the first category can be a big winner using predictable models that work on the big data framework.
Mathematicians and computer scientists can create very complex algorithms that give rise to artificial intelligence with unimaginable amount of data crushing capacity. Such infrastructures are quite capable of running programs with a high resource demand and, in turn, can empty probabilities and relationships between remote-related parameters.
For example, researchers have successfully developed and tested predictable mathematical models that can show an ordinary customer the optimal time and route to travel so that a vacation can be planned at minimal cost. Such models may, for example, imply that a person must buy airline tickets from X airlines exactly five days later to travel to Barcelona after exactly thirty days when hotel prices A, B and C are expected to be minimum, weather is expected to be comfortable , and the overall likelihood of enjoying a relaxing vacation is very high. If you want to calculate the optimal itinerary for a trip to Spain, it can also be made easy.
Big data paradigm feeds of astronomical data sets and statistical methods suggest that larger sample size is better the accuracy of stochastic output. In the present, there is no shortage of data and therefore big data analysis works well for companies that add value to people’s lives by applying appropriate techniques. When it comes to the hospitality industry, hotel and ticket booking service providers can also apply these techniques alone or outsource the same to experts so they can provide real and unique values to their customers. This can be a great strategy for them to win customer loyalty, as a customer will definitely return to the booking service provider when he realizes that while others have bought expensive tickets, he has benefited from the booking agent’s advice!