The idea that "Data is the new oil" has been echoed numerous times, which makes Big data an impure version of that oil. Big data refers to a set of unsorted, semi-sorted, and sorted chunks of data mined by industries and applied to advanced analytics applications for creating better customer service and personalized marketing campaigns. For example, industries can gain valuable information about potential customers through big data and analytics software. This can lead to better customer engagement and conversions.
The 5 Vs of big data are the pillars of this discipline. We will look at each of them.
Volume: As the name suggests, Volume is the amount of data the industry has mined. Volume can also be understood as the foundation for Big Data. A large volume of data mined can be considered as Big Data. It is important to consider how much computing power is available on the market in order to determine whether big data is relevant.
Velocity: Velocity is defined as the speed at which the data is mined. It is a pivotal aspect for an industry as faster velocity enables important business decisions to be implemented faster. However, it is essential that the data is available at the right time to enable business decisions to be made. A limited set of collected data, on the other hand, can be better than collecting more data than an organization can cope with since this can result in slower data processing speeds.
Variety: Variety defines how diverse the mined data is. When an industry has a collection of data that is diversified and well organized, it can come up with productive business decisions. The data collected can either be structured, unstructured or semi-structured.
Structured Data: Traditional data that is well organized and easy to understand. For example, date and time, Name, Email ID.
Semi-Structured Data: It's not traditionally organized data and does not have any formal structure. For example, metadata, JSON file, XML file, CSV files.
Unstructured Data: It’s an unorganized form of data that cannot fit into tables or relational databases. For example, Image files, video files, audio files
Veracity: Accuracy of the data mined is what veracity is. It’s very important to have accurate data at the right time for any organization. Having incomplete or inaccurate data can sometimes lead to a lot of ambiguity and can, as a result, delay the decision-making process indefinitely.
Value: Value is the economic benefit that a business can derive from mining data. It depends on how the business uses the collected data.
How Big data can play a pivotal role in Travel Industry
A number of important benefits can be derived from big data for the travel industry, that enables them to make more evidence-based decisions. These include:
Enhance Revenue Generation: For the travel industry, it’s important to target the right audience at the right time and at the right place. The use of big data can help the travel industry, such as hotels and resorts, prepare for the heavy traffic of customers coming their way by using their previous data. The industry can then set its prices depending on the influx of customers.
Reputation Management: With the internet age, consumers can share their opinions and experiences in a variety of ways, including social media sites, search engines, and dedicated review websites. In addition, many customers check reviews of hotels before making a booking and compare different properties.
By combining this information with feedback obtained internally, companies can identify their strengths and weaknesses, and where customers are impressed or disappointed. Following the collection of this information, hotels can use it for their training efforts, ensuring future reviews are positive.
Better Customer Service: Travel industries have different customers and each customer has a different experience to share. Big data can help travel industries by providing information about past customer experiences in order to improve their customer services.
Businesses in the travel sector cater to a wide spectrum of customers with differing racial, ethnic, cultural, and taste preferences. The interaction and feedback from these diverse customer groups can provide industries with many insights into business needs, which can lead to economic growth. The industries can use big data to access such information based on their requirements.
Market Analysis: Big Data can help industries become more competitive by analyzing the current market behavior and identifying their potential competitors. Observing business strategies and prices, as well as the services offered, the industries can understand the business strategies of their competitors.
Strategic Marketing: Big data can also provide information about the current trends among the customers and help industries to promote their brands accordingly. A number of platforms or sources exist through which customers share their information, and these platforms or sources could be used by the industries to collect the data and promote their brand.
How Can Nomads Help?
Sometimes big data can be complex and a huge investment of time and money can be required. At Nomads, we have the expertise to assist travel industries with big data. Our wide range of services include:
Data Mining - Our software is able to extract data at a high rate and provide a large amount of data to our customers.
Facilitate data accuracy - Our team of analysts helps our customers understand and analyze the right data.
Data scrutinizing - Our Analysts have the ability to inspect data closely to help eliminate unwanted information and sort the data in an orderly fashion.
Using big data the right way is crucial to maximize its value in any industry. In order to ensure that it's used in the right manner, one must always remember the 5 Vs.
Visit https://dbsnomads.blogspot.com to learn more about other services provided by Nomad.
Author - Kashyap Srinivas
That was informative, thank you .. ofcourse data is the new oil, rather oxygen
ReplyDeleteVery informative
ReplyDeleteBig data is without a doubt one of the most controversial issues in my opinion since seeing it from the company's point of view it brings many benefits because it collects all the consumer's information and it is used in different ways.
ReplyDeleteAt the same time I think that this is also beneficial for the consumer since on different occasions it helps him to know reviews etc. from other consumers.
Excellent article.
We are familiar with the quote “Data is new oil”. The big data and analytics are playing a vital role in digital transformation of the travel industry, thus driving more effectiveness and efficiency. It also helps in the strategy to define new business models and bring about successful changes for the travel brands across the globe.
ReplyDelete-Prateek