In hospitality technology there has been a lot of talk about “big data.” What does it mean and why is it important? This infographic, published by Tnooz, does a great job explaining. Basically “big data” encompasses any data produced from all kinds of activities. This includes data from smartphones, social media, even sensors in casino chips.
Although it may seem trivial, the possibilities to analyze data from your property alone could mean better service and ultimately, revenue generation. Imagine knowing guests’ preferences as soon as they walk in the door—from what they like for breakfast to shopping habits. Analyzing data to offer more products and services that add value to your guests’ stay and allow you to increase guest satisfaction and revenue.
In a August 2011 article, Ten Reasons Why Big Data Will Change the Travel Industry, Timothy O’Neil-Dunne was already thinking about the possibilities. He predicts that big data will play an important role in bringing big media and big telecom back to travel. A great example is Google’s recent investment in online travel, which allow them to use data in the underdeveloped hospitality industry.
According to a recent Tnooz article, venture capitalist agencies invested $10 million in Duetto Research, a company who specializes in hospitality revenue management and technology. They will join the race to efficiently capture, process, and manage big data first. Google and certain social media companies (think Facebook and Twitter) currently have a good foothold on data curating; it will be interesting to watch the big data pursuit unfold.
What do you envision for the future of big data in hospitality? Have you started collecting any big data of your own?
Be prepared with two more articles about hospitality’s evolving technology: