Data has changed the way companies look at business analytics. The term ‘big data’ was coined back in the 1990s, but Facebook has transformed its meaning in every possible sense. According to a report, Facebook users upload 243,000 photos in a minute. This will give you an idea of the significance of the data storage process in transforming businesses around the globe. Big data has begun to impact consumer security, product development, and machine learning tools. But how does it affect the hotel industry? In one of their articles, Hotel Tech Report shares the impact of big data in the hotel industry.
Big Data and the Future of the Hotel Industry
Understanding Big Data
Big data collects structured and unstructured data that companies gather to understand the market better. Besides business analytics, big data also provides an insight into the management, technical tools, and data storage process used in the company. Experts use three V’s to understand the magnitude of big data in a company: volume, velocity, and variety. Processing this information gives them an idea of the business metrics.
Why Is Big Data Crucial for Data Storage Process?
According to McKinsey’s research, big data can improve any company’s operating margin by 60%. Big data has helped various industries, such as telecommunications, healthcare, etc., improve their business relations and supply chain efficiency.
Components of Big Data in the Hotel Industry
There are several components of big data that impact the hotel industry. However, some data collections are not considered a part of big data:
- Market penetration index – the measure of a hotel’s occupancy in comparison to other hotels
- Average rate index – the measure of a hotel’s rate in comparison to other hotels
- Online review content – customer’s review of your hotel
How the Hotel Industry Should Explore the Data Storage Process
The majority of the data received in the hotel industry is in the form of unstructured data. Several data tools can help you build it comprehensively. Look for tools that offer a clean user interface. Rate Insight pulls from a list of your leisure and corporate events. It will give you a clearer data structure.
Tips to Improve the Culture of Big Data
Use an effective data change process that can help you harvest, structure, and use hotel data. It is better to use data platforms that show you actionable insights.
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