Big Data continues to be the buzzword inside the technology and business space for a long time now and it is showing no signs to cease. Engineers, mathematicians and computer scientists from around the globe are hired by big names in business to tame and leverage the tremendous potential of big data analytics. The change is very powerful that it has almost erased all previous ways of making decisions and will probably be the prime mover of companies, government departments and societies on the global scale.
Essentially, big data and advanced algorithms, along with extremely high amount of computing resource, crunches numbers and churns out probabilities and correlations – both weapons of any management team. As an example, the HR and recruitment team of any company would be glad to get insights on the probability of a brand new recruits attrition. The board members would be glad to understand the correlation between national GDP, an executive’s skill-set and his awesome chances of sabotaging the business, before taking him on board!
On the other side are the clients and customers of any services or products, would you be interested to know the probability that this claims made by the producer or even the company would be justified at the end results. To illustrate the point, we shall consider the travel and hospitality industry being a case study and build the arguments on that basis.
The CEO Hospitality Soul has two types of customers – the very first category comprises of seasonal customers who plan month before you take an extended vacation as well as the second one would be the random ones. If someone is one of the second category and desires traveling frequently, stay in hotels and do stuff on the move, there is very little big data based predictive models are capable of doing to cut costs. However, the initial category can be a big gainer with the help of predictive models that operates on the big data framework.
Mathematicians and computer scientists can make highly complex algorithms that give rise to artificial intelligence with unimaginably substantial amount of data crunching capacities. Such infrastructures are dreihy competent at running programs rich in resource requirement and as a result, can churn out probabilities and correlations between remotely related parameters.
For instance, scientists have successfully developed and tested predictive mathematical models that can show a regular customer the optimum time as well as route for travel, in order that a holiday may be planned with minimum cost. Such models can suggest, for instance, that a person should buy plane tickets from X airlines exactly five days later for travelling to Barcelona after exactly forty 72 hours, in which the tariffs of hotels A, B and C is anticipated to get minimum, the climate is predicted to become pleasant and also the overall possibility of enjoying a relaxing vacation is very high. If a person would like to calculate the optimum itinerary for a visit to Spain, it could also be done easily.
The large data paradigm feeds on astronomical volumes of data and statistical methods claim that greater the sample size better is definitely the accuracy in the stochastic output. In today’s age, there is no dearth of information and thus, big data analytics is working fine for companies that are adding value to people’s lives by application appropriate techniques. When it comes to the hospitality industry, Hotel And Ticket Booking Service providers could also apply these techniques on their own or outsource exactly the same to experts, so that they can provide real and unique values to their customers. These can be quite a great strategy so they can win customer loyalty, as a customer will surely return to the booking service provider once he recognize that while some have bought expensive tickets, he has been benefited through the booking agent’s advice!