Data Analytics - Finding Value In The Travel And Toursim Industry

After discussing big data in the travel and tourism industry and how it has transformed the different areas in it such as business, research and how it affects our lives. Therefore, it is pretty clear how important data is especially for companies. 

 

Data analysis can be defined as the process of transforming, cleaning and modelling data into useful information which can be used for day to day decision making in businesses. Therefore, it serves as a guide for companies to make better choices based on the data collected and analyzed. 

 

 

How Data Analytics is used by the Travel Industry

 

By collecting/analyzing data in the travel industry it allows the sector to know exactly what their customer wants such as travel hotspots, negative reviews etc. In 2018, the travel and tourism industry was said to be the second-fastest-growing sector as it added $8.8 trillion to the worlds GDP.  

 

Predictive analytics has helped revolutionize the travel industry such as Expedia which has invested £500M in research and developments, which has made a huge investment in data analytics and visualization by creating personalized recommendations, thus showing information and results that personalized for the customer. 

 

Popular travel site Booking.com makes use of predictive analytics across its different departments which serves a purpose. By creating products using data analytics this helps them understand the products and how they will be collected going forward when applying to the business.

 

As you can see analyzing data can be very helpful, most importantly it allows the travel industry to give us what we want when it comes to travelling,  be its cheap flights or fun activities. Data helps us as much as it helps organizations, by collecting the right data the right choices can be made to improve the travel and tourism industry.  

References: 

1) https://www.mygreatlearning.com/blog/what-are-the-use-cases-for-the-predictive-analytics-in-the-travel-industry/

2)https://www.eyefortravel.com/sites/default/files/data_in_travel_report_draft7.pdf

3)https://diginomica.com/expedia-investing-billions-data-create-personalized-travel-graphs