Big Data has been the buzzword in the technology and business space for a long time now and it is showing no signs to cease. Engineers, mathematicians and computer scientists from worldwide are being 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 wiped out all previous methods of decision making and will probably be the prime mover of companies, government agencies and societies on a global scale.
Essentially, big data and advanced algorithms, along with very high amount of computing resource, crunches numbers and churns out probabilities and correlations – the two weapons of any management team. For example, the HR and recruitment team of any company would gladly get insights on the probability of a brand new recruits attrition. The board members would be happy to understand the correlation between national GDP, an executive’s skill-set and his awesome likelihood of sabotaging the business, before you take him aboard!
On the opposite side are the clients and customers of the services or products, who will be interested to learn the probability that this claims made by the producer or 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 Alex Mirza has 2 kinds of customers – the initial category consists of seasonal customers who plan month before taking a long vacation and also the second one would be the random ones. If a person belongs to the second category and desires to travel frequently, stay in hotels and do stuff on the move, there is very little big data based predictive models can perform to cut costs. However, the very first category can be quite 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 bring about artificial intelligence with unimaginably large amount of data crunching capacities. Such infrastructures are dreihy able to running programs with high resource requirement and in turn, can churn out probabilities and correlations between remotely related parameters.
For example, scientists have successfully developed and tested predictive mathematical models that will show a regular customer the optimum time and route for travel, in order that a holiday could be planned with minimum cost. Such models can suggest, for example, that a person should purchase plane tickets from X airlines exactly five days later for going to Barcelona after exactly forty 3 days, in which the tariffs of hotels A, B and C is anticipated to get minimum, the weather is anticipated to get pleasant and the overall possibility of having a relaxing vacation is extremely high. If an individual would like to calculate the optimum itinerary for a visit to Spain, it can also be done easily.
The big data paradigm feeds on astronomical volumes of web data and statistical methods advise that greater the sample size better is the accuracy in the stochastic output. In today’s age, there is not any dearth of web data and thus, big data analytics is working fine for businesses that are adding value to people’s lives by application appropriate techniques. When it comes to the hospitality industry, Hotel And Ticket Booking Providers could also apply these techniques on their own or outsource exactly the same to experts, so that they can provide real and different values to their customers. These can be a great strategy to allow them to win customer loyalty, being a customer will really go back to the booking company once he realize that while others have bought expensive tickets, he has been benefited from the booking agent’s advice!