Big Data has been the buzzword in the technology and business space for quite some time now and is showing no signs to cease. Engineers, mathematicians and computer scientists from worldwide are now 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 ways 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, coupled with high level 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 possibility of a new recruits attrition. The board members would gladly know the correlation between national GDP, an executive’s skill-set and his awesome chances of sabotaging the business, prior to taking him on board!
On the other part are the customers and clients of any product or service, would you be interested to learn the probability the claims made by the manufacturer or the company would be justified by the end results. To illustrate the point, we shall take the travel and hospitality industry as being a case study and make the arguments on that basis.
The Alexander Mirza CEO has two kinds of customers – the initial category comprises of seasonal customers who plan month before taking a long vacation as well as the second one would be the random ones. If a person belongs to the second category and desires traveling frequently, remain in hotels and do stuff on the move, there is little big data based predictive models are capable of doing to reduce costs. However, the initial category can be quite a big gainer with the aid of predictive models that operates on the big data framework.
Mathematicians and computer scientists can create highly complex algorithms that bring about artificial intelligence with unimaginably large amount of data crunching capacities. Such infrastructures are dreihy capable of 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 may show a typical customer the optimum time and route for travel, in order that a holiday can be planned with minimum cost. Such models can suggest, for example, that a person should buy plane tickets from X airlines exactly five days later for travelling to Barcelona after exactly forty 3 days, in which the tariffs of hotels A, B and C is anticipated to get minimum, the climate is predicted to get pleasant as well as the overall chance of going for a relaxing vacation is very high. If a person would like to calculate the optimum itinerary for a vacation to Spain, it is also done easily.
The big data paradigm feeds on astronomical volumes of data and statistical methods advise that greater the sample size better is definitely the accuracy of 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 can also apply these techniques on their own or outsource exactly the same to experts, to enable them to provide real and different values for their customers. These can be a great strategy to allow them to win customer loyalty, being a customer will certainly return to the booking company once he realize that and some have purchased expensive tickets, they have been benefited from the booking agent’s advice!