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 around the globe 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 erased all previous methods of decision making and is going to be the prime mover of companies, government agencies and societies on a global scale.
Essentially, big data and advanced algorithms, coupled with very high level of computing resource, crunches numbers and churns out probabilities and correlations – both weapons of the management team. For example, the HR and recruitment team for any company would be glad to get insights on the probability of a new recruits attrition. The board members would be glad to understand the correlation between national GDP, an executive’s skill-set and his likelihood of sabotaging the organization, before taking him aboard!
On the other side are the customers and clients of the product or service, who would be interested to find out the probability that this claims created by the producer or the company will be justified at the end results. To illustrate the idea, we shall consider the travel and hospitality industry being a case study and make the arguments on that basis.
The Alex Mirza has two types of customers – the very first category includes seasonal customers who plan month before you take an extended vacation and also the second one would be the random ones. If a person is one of the second category and needs 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 a big gainer with the help of predictive models that operates on the big data framework.
Mathematicians and computer scientists can produce highly complex algorithms that lead to artificial intelligence with unimaginably substantial amount of data crunching capacities. Such infrastructures are dreihy able to running programs with higher 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 can show a regular customer the optimum time and route for travel, to ensure that a vacation may 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 travelling to Barcelona after exactly forty 3 days, during which the tariffs of hotels A, B and C is anticipated to get minimum, the weather is anticipated to be pleasant and the overall possibility of having a relaxing vacation is very high. If an individual would like to calculate the optimum itinerary for a visit to Spain, it is also done easily.
The big data paradigm feeds on astronomical volumes of information and statistical methods suggest that greater the sample size better will be the accuracy in the stochastic output. In today’s age, there is no dearth of web data and for that reason, big data analytics is working fine for businesses that are adding value to people’s lives by application appropriate techniques. In terms of the hospitality industry, Hotel And Ticket Booking Service providers could also apply these techniques by themselves or outsource exactly the same to experts, so that they can provide real and different values with their customers. These can be quite a great strategy so they can win customer loyalty, as being a customer will really come back to the booking service provider once he realize that while some have bought expensive tickets, he has been benefited by the booking agent’s advice!