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Can Big Data really transform travel?
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Can Big Data really transform travel?

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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? …

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, Tnooz

Published in: Technology, Business

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  • Tnooz/Kevin slide)In June, Amadeus issued a sponsored study – titled “At A Big Data Crossroads” -- which showcased the vital role that big data will play in helping the industry to deliver a better travel experience for both business and leisure travellersThe report explores the benefits and challenges of big data adoption for travel companiesAnd highlights big data initiatives from early adopters in the industry to identify current best practices The Amadeus report claims that the transformative potential of big data to the travel industry is the biggest opportunity in a generationSo today will further discuss the key takeaways of the report as well as further explore the implications and opportunities for the various segments of the travel industryAnd to kick things off, we have a couple of poll audience polls for you …
  • (T. Davenport slide) Introduce Prof. Tom Davenport …
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  • (T. Cauthen slide)+++++++++++In final summary…We can’t overstate the transformative potential of big data to the travel industry. It is the giggest opportunity in a generation.The big data opportunity comes with challenges for the industry to overcomeNonetheless, the prize is significant in terms of: More intelligent and smarter travel experience Enhancing current industry processesPushing the boundaries of innovationPutting the fun back into travel
  • (T. Cauthen slide)+++++++++++In final summary…We can’t overstate the transformative potential of big data to the travel industry. It is the giggest opportunity in a generation.The big data opportunity comes with challenges for the industry to overcomeNonetheless, the prize is significant in terms of: More intelligent and smarter travel experience Enhancing current industry processesPushing the boundaries of innovationPutting the fun back into travel
  • (T. Cauthen slide)+++++++++++In final summary…We can’t overstate the transformative potential of big data to the travel industry. It is the giggest opportunity in a generation.The big data opportunity comes with challenges for the industry to overcomeNonetheless, the prize is significant in terms of: More intelligent and smarter travel experience Enhancing current industry processesPushing the boundaries of innovationPutting the fun back into travel
  • (Tnooz/Kevin slide)
  • Transcript

    • 1. Can Big Data really transform travel? Webinar September 5 2013
    • 2. K Kevin May Editor & Moderator Gene Quinn CEO & Producer Your hosts
    • 3. K Tom Davenport Visiting Professor Harvard Business School Your panelists Tom Cauthen VP, Business Intelligence Amadeus
    • 4. What is big data, and how can it be used to drive transformation across the global travel industry?
    • 5. 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
    • 6. 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 data Strategize about big data Don’t just explore the technology Start assembling necessary skills Work with partners
    • 7. 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
    • 8. 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
    • 9. 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 data Scale out infrastructure Massively distributed Linear scalability Commodity hardware Large datasets Unstructured or semi- structured datasets Continuously streaming information Volumes in multiple tera and peta bytes range Intelligent software Machine learning Natural language processing A/B testing
    • 10. 5. The challenges to adoption Effective deployment is not without challenges: Creating an integrated data source Hybrid technology environment Data skills shortage Managing data responsibly
    • 11. 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
    • 12. A Look Forward … Implications & opportunities for the travel industry Tom Cauthen VP, Business Intelligence
    • 13. A Look Forward… Implications & opportunities for the travel industry  Cheaper, faster data management  Faster recovery from irregular disruptions  Better relationships with air passengers Airlines
    • 14. A Look Forward… Implications & opportunities for the travel industry  Enhanced revenue management  More timely and proactive product offerings  Better relationships with hotel guests Hotels
    • 15. 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
    • 16. A Look Forward… Implications & opportunities for the travel industry Consumers  More relevant search and booking options  More personalized travel packages  More consistent customer service
    • 17. 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
    • 18. A Look Forward… Implications & opportunities for the travel industry Business  Predictive analytics to guide the business  More timely and relevant data for decision-making
    • 19. 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
    • 20. K Thank You! Replay and presentation from today’s webinar will be available at www.tnooz.com Please send your questions to kevin@tnooz.com