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Big Data in Tourism & Hospitality: 4 Key Components

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Identified as one of the major trends impacting the travel industry, among many other industries, big data is already playing an important role in how travel organizations are shifting their efforts. Many people think it’s a “technology thing” when it’s really about business processes and intelligence to better deliver the customer promise. What is big data all about and how can we better understand the phenomenon? A easy way to memorize it is to consider the four Vs of big data: Volume, Variety, Velocity, and Veracity.

1. VOLUME

It boggles the mind to think about how much content is created on a daily basis, even on an hourly basis. Better yet, take a look at this infographic that depicts what takes place every minute on the internet:

Photo Credit: Social Media TodayWith so much information circulating on external platforms, it becomes difficult to make sense of it all specially when brands attempt to reconcile this level of data with their internal data. That is, data provided through points of sales or traditional channels of distribution, i.e. call centre, web site, on premises, newsletters, customers relations, etc. Thus the challenge here is akin to drinking from the fire hose or, to put it differently: how does one make sense of the information, transforming big datainto smart data?   READ MORE


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