Big Data continues to be the buzzword in the technology and business space for quite a while 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 really powerful that it has almost erased all previous methods of making decisions and will probably be the prime mover of companies, government agencies and societies on the global scale.
Essentially, big data and advanced algorithms, in conjunction with high amount of computing resource, crunches numbers and churns out probabilities and correlations – the 2 weapons for any management team. As an example, the HR and recruitment team of any company would be happy to get insights on the chance of a brand new recruits attrition. The board members would be glad to be aware of correlation between national GDP, an executive’s skill-set and his awesome chances of sabotaging the company, before taking him aboard!
On the other part would be the customers and clients of the service or product, who will be interested to learn the probability that the claims produced by the producer or the provider would be justified in the end results. To illustrate the purpose, we shall take the travel and hospitality industry as a case study and build the arguments on that basis.
The Alexander Mirza CEO has two kinds of customers – the first category consists of seasonal customers who plan month prior to taking a long vacation and also the second one are the random ones. If somebody is among the second category and requires traveling frequently, remain in hotels and do stuff on the move, there is little big data based predictive models are capable of doing to cut costs. However, the very first category could be a big gainer through the help of predictive models that operates on the big data framework.
Mathematicians and computer scientists can create highly complex algorithms that give rise to artificial intelligence with unimaginably large 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 typical customer the optimum time as well as route for travel, so that a trip can be planned with minimum cost. Such models can suggest, for instance, which a person should buy plane tickets from X airlines exactly five days later for visiting Barcelona after exactly forty 72 hours, where the tariffs of hotels A, B and C is expected to get minimum, the climate is predicted to become pleasant as well as the overall chance of having a relaxing vacation is quite high. If one desires to calculate the optimum itinerary for a visit to Spain, it can also be done easily.
The major data paradigm feeds on astronomical volumes of web data and statistical methods suggest that greater the sample size better will be the accuracy of the stochastic output. In today’s age, there is absolutely no dearth of web data and for that reason, big data analytics is working fine for companies that are adding value to people’s lives by application appropriate techniques. With regards to the hospitality industry, Hotel And Ticket Booking Service providers may also apply these techniques on their own or outsource the identical to experts, to enable them to provide real and unique values to their customers. These could be a great strategy so they can win customer loyalty, as being a customer will really go back to the booking provider once he recognize that and some have bought expensive tickets, they have been benefited through the booking agent’s advice!