Big Data has been the buzzword in technology and workspace for quite some time now and shows no signs of stopping it. Engineers, mathematicians, and computer scientists from all over the world are hired by big names in business to tame and take advantage of the vast potential of big data analytics. This change is so powerful that it almost eliminates all previous decision-making methods and will be the main driver of companies, government agencies and societies on a global scale.
Basically, big data and advanced algorithms, along with a very large amount of computing resources, reduce numbers and determine probabilities and relationships – two weapons of any administrative team. For example, the HR and Recruitment team at any company would be pleased to gain insight into the potential for a new recruitment drain. Board members will be happy to know the relationship between the national gross domestic product, the set of executive skills and opportunities to subvert the company, before taking it to the board!
On the other hand, there are customers and clients of any product or service, who wish to know that the claims submitted by the manufacturer or service provider may be justified by the final results. To clarify this point, we should take the travel and hospitality industry as a case study and build arguments on this basis.
The travel and hospitality sector has two types of clients – the first category consists of seasonal clients planning a month before taking a long vacation and the second is random clients. If someone is in the second category and needs to travel frequently, stay in hotels and do things on the go, there are few predictive models based on big data that they can do to cut costs. However, the first category can be a big winner with the help of predictive models operating on the Big Data framework.
Mathematicians and computer scientists can create highly complex algorithms that lead to artificial intelligence in an unimaginably large amount of data milling capabilities. These infrastructures are fully capable of running programs with high resource requirements, and can in turn highlight the possibilities and relationships between related parameters remotely.
For example, scientists have successfully developed and tested predictive mathematical models that can explain to the average customer the optimal time and path for travel, so that vacation planning can be planned at the lowest cost. Such models can indicate, for example, that a person must purchase plane tickets from X Airlines after exactly five days to travel to Barcelona exactly forty-three days later, when hotel definitions A, B and C are expected to be a minimum, The weather is expected to be nice and the overall possibility to enjoy a relaxing holiday is very high. If one wants to calculate the optimum itinerary for a trip to Spain, this can be done easily.
The big data model that feeds on the astronomical quantities of data and statistical means indicates that a better sample size is the accuracy of random outputs. In this afternoon, there is no dearth of data, and therefore, big data analytics work well for companies that add value to people's lives through appropriate technologies for application. When it comes to the hospitality sector, hotel and ticketing service providers can also apply these technologies on their own or outsource the experts, so they can provide real and unique values to their clients. This can be a great strategy for them to gain customer loyalty, as the customer will definitely return to the booking service provider once he realizes that while others have bought expensive tickets, he has benefited from the advice of the booking agent!