Reforming the Travel Industry

Big Data and analytics are primarily reforming all aspects of the travel industry, and companies that do not adapt will be lagging behind in the data-led industry. Big Data Analytics is improving the customer experience, increasing business efficiency and revenue management in travel industry.

The travel industry generates and operates on vast quantities of data around reservations, inquiries, itineraries, hotel bookings, rental cars, trains, airlines, fare charts, customer feedbacks etc., thereby leaving long trails of data. Travel is overflowing with data and companies are increasing their dollar spend to get to the insight this provides to them, according to Eye for Travel’s new industry-wide State of Data and Analytics in Travel Report 2017.

According to the report, 74.5 percent participants anticipate a budget increase for data and analytics in 2017. More than 50 percent of the sample suggests a budget increase to the tune of 6 percent or more and 30 percent expect it to increase by 11 percent or more. Participants were most optimistic about budget increases in Asia-Pacific, followed by Europe and then finally North America. This geographic split is governed by how participants view the coming year for the travel and tourism industry as a whole. In both Asia-Pacific and Europe 16.3 percent of sample size is neutral or negative about growth prospects for this year vis-à-vis to 23.3 per cent of respondents from North America.

The travel and tourism industry has realized the importance of data analysis and is steering into a comfortable position to further exploit it to their benefit. The travel industry is catching up fast with other industries in terms of analytics and data deployment. These planned budgetary increases will help get the maximum value out of the huge amount of data that already exists in silos and more that will be generated in the future, by employing analytic techniques that can help get useful insights from it.

Below are some of the enhancements that travel intelligence, via Big Data Analytics, can bring in the two areas – customer experience and business efficiency improvement.

  • Personalized customer experience – Availability of personal data from social media platforms and Big Data Analytics help in making travel more responsive and focused on the traveler’s needs as well as preferences. Better-targeted services bring in better customer relationships or more loyal customers and eventually better revenues
  • Personalized customer experience – Availability of personal data from social media platforms and Big Data Analytics help in making travel more responsive and focused on the traveler’s needs as well as preferences. Better-targeted services bring in better customer relationships or more loyal customers and eventually better revenues
  • Superior pricing strategy – Big Data Analytics is effectively replacing traditional manual fare analysis with smart automation by gathering, indexing, filtering and analyzing existing and real-time data from multiple sources. Dynamic analysis of competitors pricing will help travel companies in creating a better pricing strategy for travel. Big Data Analytics allows travel sites to forecast price change over time, for better serving their consumer needs.
Are you looking for "Car Service to JFK from Westchester NY"? Check out jfkcarservice The passionate experts in this field are ready to answer all of your requests.