can big data really transform travel?
DESCRIPTION
It’s hard to look anywhere in the news these days – media, conferences, webinars – without seeing something about data. But is “big data” really transformational or just hype? For sure, big data has impacted many industries and is fundamentally affecting consumers’ lives. Big data has the potential to significantly shape the future of the travel industry, which historically has had access to plenty of data – such as loyalty programs and price optimization analytics. However, big data is not just about volume but also about the variety, relevance and speed of data. Can companies turn this data into practical and powerful applications for business? What are the challenges? What’s next? Amadeus recently released a study written by Tom Davenport, visiting professor at Harvard Business School, which examines the potential big data has for the travel industry – new products and services for customers, improved customer relationships, better decision support and cheaper, faster data processing. Learn about: the history of data in the travel industry technical and operational challenges associated with big data improving business operations enhancing travel consumer experience Panelists for the webinar: Tom Davenport, visiting professor, Harvard Business School Thomas Cauthen, vice president of travel intelligence sales, Amadeus Kevin May, editor and moderator, Tnooz Gene Quinn, CEO and producer, TnoozTRANSCRIPT
Can Big Data really transform travel?
WebinarSeptember 5 2013
K
Kevin MayEditor & Moderator
Gene QuinnCEO & Producer
Your hosts
K
Tom DavenportVisiting ProfessorHarvard Business School
Your panelists
Tom CauthenVP, Business IntelligenceAmadeus
What is big data, and how can it be used to drive transformation across the global travel industry?
Key report findings
The industry is at a “big data crossroads”
increasing volumes of new, unstructured data
need to make passenger experience more targeted and distinct
understand what early adopters are doing
1. Act now
Now is the time for travel companies to “act”
Out of all the companies interviewed and researched, “none contradicted the hypothesis that big data has the potential to dramatically reshape the industry.”
Key action points
Research big dataStrategize about big data Don’t just explore the technology Start assembling necessary skillsWork with partners
2. Big data offers major opportunities
Opportunities for travel companies include:
Better decision support New products and services for customers Improved customer relationships Cheaper, faster data processing
1. New customer offers Flight price forecasting
Consistency with airline sites
2. Internal operations Randomized testing Increased efficiencies
3. Pockets of innovation are present today
Big data is being used by early adopters to:
Optimize revenue management Customize travel distribution Transform corporate travel Enhance internal operations Boost financial performance
4. Emerging technologies will be key
Emerging technologies will be key to big data evolution:
Open source software, new database types, emerging languages will need to be part of the new big data vocabulary
Big dataScale out infrastructureMassively distributedLinear scalabilityCommodity hardware
Large datasetsUnstructured or semi-
structured datasetsContinuously streaming
informationVolumes in multiple tera and
peta bytes range
Intelligent softwareMachine learning
Natural language processingA/B testing
5. The challenges to adoption
Effective deployment is not without challenges:
Creating an integrated data sourceHybrid technology environmentData skills shortageManaging data responsibly
Conclusion and recommendations Now is the time for the travel industry to unlock big
data’s transformative potential
Key recommendations for travel companies: Research big data – lead, rather than follow Strategize about big data – your business needs a
plan of action Don't just explore big data technology – look at
changes to business and operational processes too Start assembling big data skills – a scarce resource Work with partners for a seamless customer
experience
A Look Forward …Implications & opportunities for the travel industry
Tom CauthenVP, Business Intelligence
A Look Forward…Implications & opportunities for the travel industry
Cheaper, faster data management Faster recovery from irregular disruptions Better relationships with air passengers
Airlines
A Look Forward…Implications & opportunities for the travel industry
Enhanced revenue management
More timely and proactive product offerings
Better relationships with hotel guests
Hotels
A Look Forward…Implications & opportunities for the travel industry
New products and services based on big data
Better relationships with customers
Enhanced corporate travel programs
Travel Agencies
A Look Forward…Implications & opportunities for the travel industry
Consumers More relevant search and
booking options More personalized travel
packages More consistent customer
service
A Look Forward…Implications & opportunities for the travel industry
Technology Early adopters have many
initiatives underway Open systems – that scale
to manage all data Can operate in hybrid
technological environments
A Look Forward…Implications & opportunities for the travel industry
Business Predictive analytics to
guide the business More timely and
relevant data for decision-making
Learn more
To download a free copy of the report, “At The Big Data Crossroads: turning
towards a smarter travel experience”: www.amadeus.com/bigdata
K
Thank You!
Replay and presentation from today’s webinar will be available at www.tnooz.com
Please send your questions to [email protected]