Big Data has been the buzzword inside the technology and business space for quite a while now and is showing no signs to cease. Engineers, mathematicians and computer scientists from worldwide are hired by big names in business to tame and leverage the tremendous potential of big data analytics. The change is so powerful that it has almost erased all previous ways of making decisions 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 very high level of computing resource, crunches numbers and churns out probabilities and correlations – the two weapons of any management team. As an example, the HR and recruitment team for any company would be glad to get insights on the probability of a whole new recruits attrition. The board members would be happy to be aware of correlation between national GDP, an executive’s skill-set and his awesome odds of sabotaging the organization, before you take him on board!
On the other part are the customers and clients of the product or service, who will be interested to know the probability the claims produced by the producer or the provider would be justified in the end results. To illustrate the purpose, we shall consider the travel and hospitality industry being a case study and make the arguments on that basis.
The Alex Mirza has 2 kinds of customers – the very first category comprises of seasonal customers who plan month prior to taking an extended vacation and the second one would be the random ones. If a person is one of the second category and requires to travel frequently, be in hotels and do stuff on the move, there is very little big data based predictive models can do to slice costs. However, the very first category can be quite a big gainer through the help of predictive models that operates on the big data framework.
Mathematicians and computer scientists can make highly complex algorithms that give rise to artificial intelligence with unimaginably great deal of data crunching capacities. Such infrastructures are dreihy capable of running programs with high 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 will show an ordinary customer the optimum time as well as route for travel, in order that a trip could be planned with minimum cost. Such models can suggest, for instance, that the person should purchase plane tickets from X airlines exactly five days later for visiting Barcelona after exactly forty three days, in which the tariffs of hotels A, B and C is predicted to become minimum, the climate is anticipated to get pleasant as well as the overall possibility of enjoying a relaxing vacation is very high. If an individual wants to calculate the optimum itinerary for a trip to Spain, it can also be done easily.
The big data paradigm feeds on astronomical volumes of information and statistical methods suggest that greater the sample size better is definitely the accuracy of the stochastic output. In today’s age, there is not any dearth of web data and for that reason, big data analytics is working acceptable for businesses 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 could also apply these techniques independently or outsource the identical to experts, in order to provide real and different values with their customers. These can be a great strategy to allow them to win customer loyalty, as being a customer will surely return to the booking service provider once he understand that while some have bought expensive tickets, he has been benefited through the booking agent’s advice!