Big data in hospitality sector is utilizing technology to streamline customer experience

Ever been on a tour and felt that everything is happening your way, starting from the appearance of the room to the travel arrangements? If so, you have been one of those lucky people who have already experienced the sophistication of big data in hospitality industry. Businesses around the world are already waking up to the importance of big data analytics. Getting the right insights gives you an advantage in a competitive business environment, and hospitality industry is no different from it. Big data in hospitality sector is utilizing technology to streamline the customer experience.

The term big data was coined in 1990. But the technology got its recognition only when social media platforms like Facebook arrived on the scene in 2005. With people generating infinite amount of data every day, big data applications are invading everything from product management to fraud detection. Big data defines the collection of information from both online and offline sources to support the ongoing development and operations of a company or an organization. In hospitality industry, big data solutions are mostly associated with customer behavior and interactions. Hotels and other facilities functioning under the hospitality industry fence are getting a grip with the concept of big data analytics to increase its performance and revenue.

From a broad perspective, travel and hospitality firms are the accelerators of mood. They blow up people with extraordinary content to make them joyful during their trips. A hotel’s performance highly depends on how well they help people carry precious movements. Customers too expect a lot from the companies. They want hospitality industry to do more than cater to their needs, they look forward to their needs being anticipated. Big data is one way to unlock a better, more tailored experience. Hotels use big data analytics to optimally price and manage their customers. Big data applications also help hoteliers to tune in to customers’ wants and deliver them with the right content. Henceforth, let’s look at some of the applications of big data in hospitality industry.

Hotel revenue management 

Anticipating the needs of consumers is very important in hospitality industry. Especially, mandatory things like the number of rooms needed should always be taken into account to boost the hotel performance. Fortunately, hospitality industry is gaining insight by utilizing the available big data and collecting more data from online platforms and third parties. Big data content like the information on occupancy rates, current bookings, key performance metrics, school holidays, local events, etc will contribute to better hotel performance. They carry out big data analytics to more accurately anticipate the level of demands. This will directly impact the hotels revenue management strategy.

Personalized marketing and advertising

Marketing and advertising sector is one of the loyal users of big data solutions, almost in all industries. They place data at the center of their strategies and use it to improve efficiency, reduce wasted ad spending and create a more engaging advertising experience for consumers. It is no different in hospitality industry. Big data leverages a more detailed understanding of guest performances, the way they book, and other vital metrics. Big data analytics provide the marketing team with a special focus to concentrate on a detailed understanding of customers’ behavior. This allows marketers to create a more specific segment of ads that focuses on a particular or a group of people.

Addresses the internal pain points

Hospitality industry is also a hub of confusion and chaos at times. Everything doesn’t go well always. Restaurants might sometimes find themselves in the void of fewer sales and rational customers. However, there could always be a reason behind the sudden plummet in the routine. Fortunately, big data can help restaurants find where they lack behind. With the help of big data applications restaurants can perform analysis and see which item has made the void and ask the chef to redo it. Besides, big data collected from hospitality industry can be used for the front-of-house operations as well.

How to bring big data into the hotel’s culture?

Even though big data plays a massive role in enriching the performance of hospitality industry, not all data are considered valuable. Driving the right data will enhance business profit. However, to begin with, implying big data applications in the hospitality industry, the organizations should initially be open to fund the motive. Moving forward, they should train the employees to embrace big data analytics in every decision they make.

For example, Marriott International is one of the greatest facilitators of big data solutions. The company uses data to track competitors’ brands and hotels, identify new revenue streams outside of rooms such as new facilities and services, and make sure they are satisfying both guests and people in the local community. Marriott especially utilizes big data to enhance revenue management and customer satisfaction.

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It has been a widely acknowledged fact that big data has become a big game changer in most of the modern industries over the last few years. As big data continues to permeate our day-to-day lives the number of different industries that are adopting big data continues to increase. It is well said that when new technologies become cheaper and easier to use, they have the potential to transform industries. That is exactly what is happening with big data right now. Here are 10 Industries redefined the most by big data analytics-

Sports

Most elite sports have now embraced data analytics. In Premier League football games, cameras installed around the stadiums track the movement of every player with the help of pattern recognition software generating over 25 data points per player every second. What more? NFL players have installed sensors on their shoulder pads to gather intelligent insights on their performance using data mining. It was analytics which helped British rowers row their way to the Olympic gold.

Hospitality

Hotel and the luxury industry have turned to advanced analytics solutions to understand the secret behind customer satisfaction initiatives. Yield management in the hotel industry is one common use of analytics which is an important means to tackle the recurring peaks in demand throughout the year in consideration with other factors which include weather and local events, that can influence the number and nationalities of guests checking in.

Government and Public Sector Services

Analytics, data science, and big data have helped a number of cities to pilot the smart cities initiative where data collection, analytics and the IoT combine to create joined-up public services and utilities spanning the entire city. For example, a sensor network has been rolled out across all 80 of the council’s neighborhood recycling centres to help streamline collection services, so wagons can prioritize the fullest recycling centres and skip those with almost nothing in them.

Energy

The costs of extracting oil and gas are rising, and the turbulent state of international politics adds to the difficulties of exploration and drilling for new reserves. The energy industry Royal Dutch Shell, for example, has been developing the “data-driven oilfield” in an attempt to bring down the cost of drilling for oil.

And on a smaller but no less important scale, data and the Internet of Things (IoT) is disrupting the way we use energy in our homes. The rise of “smart homes” includes technology like Google’s Nest thermostat, which helps make homes more comfortable and cut down on energy wastage.

Agriculture and Farming

The power of AI has embraced even traditional industries like Agriculture and Farming. Big data practices have been adopted by the US agricultural manufacturer John Deere which has launched several data-enabled services that have led farmers to benefit from the real-time monitoring of data collected from its thousands of users worldwide.

Education

Education sector generates massive data through courseware and learning methodologies. Important insights can identify better teaching strategies, highlight areas where students may not be learning efficiently, and transform how the education is delivered. Increasingly educational establishments have been putting data into use for everything from planning school bus routes to improving classroom cleanliness.

Banking and Securities

Securities Exchange Commission (SEC) has deployed big data to track and monitor the movements in the financial market. Big data and analytics with network analytics and natural language processors is used by the stock exchanges to catch illegal trade practices in the stock market.

Retail traders, Big banks, hedge funds and other so-called ‘big boys’ in the financial markets use big data for trade analytics used in high-frequency trading, pre-trade decision-support analytics, sentiment measurement, predictive analytics, etc.

This industry also heavily relies on big data for risk analytics including; anti-money laundering, demand enterprise risk management, “Know Your Customer”, and fraud mitigation.

Entertainment, Communications and the Media

The on-demand music service, Spotify uses Hadoop big data analytics to collate data from its millions of users across the world. This data is used and analyzed to give customized music recommendations to its individual users. Over the top media, services have relied big on big data to offer customized content offerings to its users. An important move in the growing competitive market.

 Retail and Wholesale Trade

Big data has in a big way impacted the traditional brick and mortar retailers and wholesalers to current day e-commerce traders. The retail and whole industry has gathered a lot of data over time which is derived from POS scanners, RFID, customer loyalty cards, store inventory, local demographics, etc. Big data is applicable to the retail and wholesale industry to mitigate fraud, offer customized products to the end user thereby improving the user experience.

Transportation

Big data analytics finds huge application to the transportation industry. Governments of different countries use big data to control the traffic, optimize route planning and intelligent transport systems and congestion management.

Moreover, the private sector uses big data in revenue management, technological enhancements, logistics and to gain a competitive advantage.

Big data is improving user experiences, and the massive adoption change has just begun.

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