At Amadeus, we are always committed to understanding the impact of major trends in our industry. We recently sponsored a new report, ‘At the Big Data Crossroads: Turning towards a smarter travel experience’ authored by Professor Thomas H. Davenport, Visiting Professor of Analytics at Harvard Business School.
Big data is arguably the biggest opportunity for travel businesses to embrace the changing structure of data and maximise its use. It offers the potential for a vast shift for all travel companies, empowering them to enhance both the business and experience of travel.
In a special four part series, we shall be exploring the concept of Big Data looking at the benefits, uses, challenges and recommendations.
So what makes Big Data such a powerful idea?
Big data can provide insights that will help deliver a more intelligent travel experience. Structured data has historically been divided between different silos, be they systems or companies, harnessing both unstructured and structured data promises a more integrated view of our industry. This offers travel companies the opportunity to enhance current industry processes, push innovation and build better relationships with their customers.
Where does Big Data come from?
- Social Data: This can include
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data from social media services and functionality such as Facebook Likes, Tweets & YouTube views.
- Transactional Data: Typical transactional data including invoices, payment orders, storage records and deliveries.
- Machine Data: This data can consist of information gathered from industrial equipment; real-time data from sensors and web logs that track user behaviour online.
What does Big Data mean for the Travel Industry?
Big Data presents an opportunity to ‘put the fun back into travel’, which at its very heart is about improving the passenger experience. Big data can help to make travel more responsive and focused around traveler needs and preferences.
Big Data can be the foundation for greater industry wide innovation. Big Data demands big ideas and the courage to implement them. Managing and analysing data is no longer an issue for IT departments alone; instead it is driving the travel industry’s business agenda.
How can Big Data transform the travel industry?
Read Part 2 in our series here: Big Data: What does it mean for your business?
Read more here: Amadeus.com