More than nine out of ten hotel companies (92%) always or frequently using Big Datameet or exceed their goals. There is still a lot to be done and certain difficulties to define the concept remain, this type of information is more and more important in the establishment’s day-to-day activities. Sabre gives four tips on how to exploit the full potential of this resource.
1) Be selective. With so much data, only relevant information concerning your business must be taken into account.
2) Analyze. In order to obtain added value from the data given. It’s all about being creative and giving different solutions. What in the English speaking world is known as “Thinking outside the box”.
3) Display. Current and historical data, so that it is easier to come to conclusions.
4) Forecast. To predict future developments and trends in occupancy and rates.
Results back up big data. A Forbes study confirms the advantages of its use. Out of the organizations that have implemented Big Data, in at least 50% of their marketing initiatives, three in five (60%) say they have exceeded their objectives. However, companies using Big Data in less than 50% of their marketing initiatives, have only exceeded 33% of their expectations. The research is based on a survey of 211 senior executives in the United States.
“The report shows that it is more likely that large users of Big Data generate useful consumer habits and increase their profits more than companies that are behind in their use of these technologies,” said Bruce Rogers, Forbes Media Chief Insights Officer.
More than nine out of ten companies (92%) always or frequently using Big Data meet or exceed their goals, while only 5% of those using Big Data declared to have fallen short of their expectations.
Many managers have trouble defining Big Data and its potential benefits. Only half of the managers noted that their understanding of what Big Data is and what its benefits are was good or very good.
Systems that quickly generate data and detect customer behaviour changes will be more and more important. Approximately a quarter of the participants in the survey considered these systems to be the key to their business success, while over 43% said that they would be increasingly important for most of their activities.
Everything indicates that we are bound to catch the “Big Data” train, despite not really knowing where it will take us. It has recently began its route, but looks set to continue at full speed.