In recent years, the tourism industry has been disrupted by a strong push for innovation, thanks to the introduction of new technologies and greater managerial awareness of their necessities. As is often the case, new technology evolves quickly in times of lack to solve or address the issues that the industry is facing at the time.
It is important to recap some pertinent developments to better understand the parts of technology that are necessary for hoteliers and which ones can be put aside for another day. So, let’s start at the beginning.
THE BIG DEAL ABOUT BIG DATA
Big Data is a relatively new concept in the tourism industry and, as such, there is still a great deal of confusion as to what it is and how it helps hoteliers get more bookings and revenue. I will give you a simpler definition and explain why it is key for the future success of revenue management.
Big Data is, quite simply, a huge amount of data – including email, data from images, text, search, etc. – that can be either structured (i.e., presented using tools like Excel) or unstructured. The vast use of cloud services combined with the volume of data has resulted in the term Big Data – simply because the scope and complexity of the data available are beyond the human mind to compute in a time-effective manner. The interconnection of systems, combined with the infinite capacity to store data at low prices, has opened the door to the democratization of Big Data, which was previously the exclusive domain of only a few.
Until recently, Big Data was the key element missing, but highly necessary, to complete and perfect the modern revenue management processes, revenue management systems, and strategies. Thankfully, today, we have the technology to support revenue management completely.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Why Western Couples Are Choosing India For Their Big Day?
Decoding the reason, and how to cater to them...
A Match Made in India
Director General of Tourism Mugdha Sinha's grand vision for wedding tourism...
Tee Off in Style
Hoteliers are giving golfing facilities a boost even as they offer putting greens that make the sport popular.
Bespoke Getaways: What Makes Them Desirable?
Boutique hotels are increasingly becoming the first choice among discerning guests as they provide meaningful breaks.
Blending Tradition with Innovation
The balance of honouring tradition while adding a dash of modern flair is what keeps the culinary scene fresh and exciting...
DON'T THINK, OUTSIDE THE BOX
The oft-quoted maxim, \"Think out of the box!\" does little to encourage creativity or innovation and often is their enemy.
Putting the Wow into Weddings
As hotels become the preferred venue choices for weddings, the industry is certainly shaking things up.
Innovation Is Not an Option but a Necessity
Emphasizing the need for the Indian hospitality sector to innovate and disrupt itself in the current transformative period.
Why Marriott built its GCC in India?
Drew Pinto, Executive Vice President and Chief Revenue & Technology Officer of Marriott International, tells Hotelier India all about finding the best talent in India...
FROM POTENTIAL TO POWERHOUSE
In an exclusive and candid interview with Hotelier India, Gajendra Singh Shekhawat, India's Minister of Culture and Tourism, speaks about how tourism and hospitality will power India's economy by 2047.
