Technology is an ever evolving process and never disappoints in the progression, no matter how big or small the progression is. There are various factors that have contributed to the technology progression in the travel industry, and the most influential factor has been Big Data and its flexible usage over the years.
So what is Big Data?
The term itself is pretty self-explanatory, meaning “a lot of data” – that is, datasets that are beyond the capabilities of a typical database in terms of size, workload, and overall cost – and the technologies that enable the extraction of meaning from it.
Where can we find this amount of data in travel?
The easily encountered storage unit for this kind of data are the analytic logs of any travel agency or a booking system, from where all transaction related movements can be tracked. Over the years, analytic tools have been used to derive various beneficial conclusions through these logs to increase conversions, to find detailed demographic related statistics and other relevant information which would help in driving an increase in sales.
Big Data will keep evolving over time, and this is the magic of Big Data, its continuous evolving process which provides insight into the expected progression in technology, it does not have any predefined parameters, and no set structured responses or request methods. These undefined parameters & free state of data help in deriving innumerable permutations and combinations which can be used to intersect anything with anything in order to analyse, mutate, group, split or reorder in multiple ways to drive on to various beneficial conclusions.
Until the last decade, these technologies were locked away in the vaults of big search companies, but with the evolution of mobile and social media which has led to a massive increase in this data, thus revolutionizing the storage, processing, and the overall communication protocols for Big Data to a new level. And making it an open source available to all of us.
Big data is no longer a way to derive solutions to big problems, it has become a new way of looking at the problems themselves. It is a method which keeps challenging technology and its users to a new competitive limit every day and is defining a new way in which the travel brands develop, innovate, and sell travel products overall.
How is Big Data being used in travel?
Over the last decade travel industry has seen two major trends in the big data, firstly there has been an exponential rise of data and information, and secondly the increasing scale of computing power and storage capacity, which was then used to integrate process and work with numerous and intricate data to generate insights and actions specific combinations to drive revenue by travel companies as per the company strategies and goals.
This usage of big data now has moved into finding 360degree detailed view of the traveller, in order to make travel more personalized, and improve the traveller’s overall experience in securing the preferred travel options. This is done by documenting data at every moment in the travellers journey, from the time they search online for travel requirements to making a hotel, flight or any travel related service booking, even the time spent while browsing and choosing a hotel, flight or a sightseeing service defines a lot about the travellers tendencies.
These new ways of looking at big data are the key to unlocking the impactful and incremental changes. It can very well be said that the ones who master these technologies are bound to gain an unfair competitive advantage.