The word “Big Data” which has been derived from social media has actually become a buzz word when it comes to product innovation and decision making. According to a report by Amadeus, which is a technology company that offers IT solutions to the travel and tourism industry, “Big Data is bound to shape the future of the travel industry”.
In fact, Businessinsider.com says that traveling wouldn’t even be possible if it weren’t for big data. We use it the minute we get our boarding pass, use our cell phones internationally, check the weather of our destination and even when we check into our hotel using our credit cards.
However, according to Roy Rodenstein, who’s the CEO of TrueLens, which is a big data savvy company, he believes that Big Data might actually bring the “fun” back into traveling. As he sees it, Big Data was derived from social media, which has the capacity to “help and delight travelers” giving them a more personalized experience.
Rodenstein believes that these personalized experiences actually lead towards stronger word to mouth endorsements that are known to enrich the traveler’s profile and providing them with a more satisfying experience.
A report by Hotelmarketing.com, defines Big Data as being “ volumes of unstructured data”, which in case of traveling, actually holds a promise to deliver, “ a more efficient and tailored travel experience” that will benefit that travel industry and in turn the travelers.
As is the case with the most “disruptive technologies” or more precisely, data, the ones who are early adopters of this travel space are most likely to be the winners of the market share. In fact, till now companies such as Google, eBay, Facebook, Linkedin were all built with the help of big data.
Today, executives of travel companies such as Air France-KLM, Marriott Hotels and Cathay Pacific are all realizing how Big Data can actually be used to, “ focus around customer needs and preferences, not industry processes”.
Specifically, according to the Amadeus report highlighted the following points on how the travel industry should use Big Data to enhance product innovation, better products for public traveling and customer relations.