The travel, tourism and hospitality industry adopts technology like none other. The Digital revolution touches the travel industry, driven by the need for increased efficiencies & personalization; the union between technology and travel is complete.
With tight integration with technologies like Big Data & Analytics, the pulse of the new age; the Travel industry enters a different league altogether.
The entire travel cycle, ranging from booking travel tickets, hotel booking, exploring options, price comparisons and more get a thrust with actionable data and insights to help organizations gain an edge over the competition, transform customer experience in a delightful way and increase business efficiencies.
The Travel Industry Entities
Travel Industry – Challenges
The Rising Customer Expectations
With the completely changed approaches across the service industries, travelers expect personalized experiences to reflect their likes & dislikes during their interactions with this industry as well.
Limited Insights Generated from Data Collected
A lot of data gets generated within the travel industry considering the volume and the size of the industry and the number of interactions happening.
But not all of it gets appropriately analyzed unless the right tools and technologies are leveraged.
Multiple departments and the absence of a central repository of data pose limitations in terms of data sharing & analytics, which causes a bottleneck in gauging customer expectations and delivering a superior experience.
The Perennial Issues With Staffing
Enterprises from the travel industry find it difficult to predict the number of personnel required during the peak seasons of travel resulting in complete chaos during times of rush.
Benefits Of Big Data & Analytics Services For The Travel Industry
The amount of data generated is enormous when it comes to the travel industry, with a huge number of transactions related to bookings, reservations, cancellations, inquiries, hotels, deals, pricing competition, car rentals, tourist ratings, feedbacks and more.
Enterprises from the Travel industry need to slice & dice the data to generate useful and actionable information with an aim to retain customers and get new ones. Big Data & Analytics companies offer sure shot solutions to this need and define a systematic approach to gain an edge over the competition.
Generating Personalized Customer Experiences
Data collected from travel sites, social media platforms, feedback from human interaction help develop various insights related to each customer. Personal data and preferences of the customer collated from different platforms get represented comprehensively with sophisticated analytical tools.
With Big Data & Travel Analytics, products and services are offered to the correct market segment at an appropriate time. Personalized customer experience facilitates marketing optimization, as customers are likely to receive relevant offers based on past trends, experiences shared and preferences exhibited.
Real-time offers by keeping a tab on the geographical location of the customers’ Loyalty programs and similar offerings tailored to retain customers can also be improvised based on personalized customer preferences by putting Big Data & Analytics to prudent use for this industry.
Deriving Competitive Prices
Big Data & Analytics services allow enterprises to gain a competitive edge by dynamically analyzing and comparing prices from multiple competitors along with their offerings.
This logical analysis is much faster and accurate than manual pricing analysis, as the technology possesses capabilities to gather, collate, index, filter and analyze huge chunks of structured as well as unstructured data.
The enterprise formulates the most competitive deal with better precision and relevance.
Generating Sense from Customer Ratings & Recommendations
Customers do not only use the content generated and processed by the travel industry but they also actively contribute to it. Hundreds of blogs and travel sites have customer reviews, feedbacks, and ratings.
Data captured & analyzed with Big Data & Analytics ensure that proper guidelines are derived and appropriate actions are taken.
Predictive Staffing & Maintenance
Appropriate analytical tools help the travel industry decide when to plan extra staff for peak staff, or when to curtail during the low season. This leads to better recruitment strategies, leave policies and training schedules, which ultimately benefit the traveler.
Maintenance and provisioning of the fleet are better achieved with insights from Analytics for the Travel industry.
Managing Costs & Revenue
Businesses can better analyze their cost of operations and profits by leveraging analytics & big data.
Normal margins as compared to that of peak tourist or booking seasons can be analyzed, profits for a particular travel segment as compared to that of competition can be compared, and overall revenue based on current and past trends can be better predicted.
Big Data In Travel Industry – Future
Big Data & Analytics have a pivotal role to play in the travel industry in the years to come. 2017 is expected to see better integration of software tools with wearables, sensors and GPS co-ordinates to deliver the best possible experience to travelers.
Today, travelers rely heavily on smartphones for bookings, locating places and even searching for a restaurant at a tourist place.
The data trail from smartphones and user profiles will prove to be a key aspect in the future of the travel industry, and big data and analytics in complete sync are expected to work wonders for this industry.
In a Nutshell
Technologies like the Internet of Things-IoT are rapidly integrating with analytical platforms to become interdependent and indispensable, ensuring continual improvements in the travel experiences. With technology being easily accessible, the contemporary traveler expects more from the integration of technologies with enterprises.
Customers will keep looking for innovative as well as competitively priced means for vacations. Big data and analytics services are projected to become the backbone of the travel industry with a marked digital transformation.