Big Data analytics is the next big thing, and the travel industry is not left untouched by it. In this highly competitive age, the edge is held by hotels which provide the best customer experience and for this, one needs to have accurate and detailed information about consumer preferences and lifestyle.
The consumer is at the centre of all big data efforts and all the myriad information footprints generated by him at different
points must be collected to enhance his experience. Information systems can be quite fragmented and even territorial, with records pertaining to a single customer showing up in reservation, post-sales complaint, survey, loyalty and other systems. The key to success lies in combining all of these bits of information to build an accurate customer profile.
Further, companies can use big data to get more information with higher frequency in real-time, so that they can make smarter and more dynamic pricing decisions, and optimized capacity planning. This helps them avoid losses due to incorrect prediction of demand for their services.
Big data has opened up new opportunities for businesses in this industry to actively engage with customers, customize
products and services, and help devise high impact marketing strategies. To conclude, it is the perfect pill to boost the hospitality industry.
