Early this year, the US East coast was engulfed in a severe snowstorm, labelled as one of the biggest of the century. Services were mobilized, warnings were sent out and cities were on high-alert. Governments and corporates worked to minimize damages, while companies changed strategies to maintain a competitive advantage. So why the reference to weather? Its another example of the growing power of predictive analytics.
So how relevant is predictive analytics to Travel? Well, apply this same scenario to a travel provider. “Preventive” rather than “reactive” can be a critical requirement in Travel Industry’s day-to-day operations. In a field where every interaction, every journey and every ticket is a data point, the different combinations and computations of that data can lead to strategic insights. And if you do the math, this puts the travel industry’s potential to gain actionable insights and competitive edge, at the heart of its strategic plan.
If 2014 was the year of BI then 2015 will be for those who can drive predictive analytics.
According to TDWI Research, the top 5 reasons why companies want to use predictive analytics are to predict trends, understand customers, improve business performance, drive strategic decision-making, and predict behaviour.
There are 3 key aspects to Data in 2015 – 99:99:99
- 99% of all information should be made available
- to 99% of all your people
- at 99% the of their time
Most companies get to the first base – managing 99% of that data. But ask yourselves is the relevant data available to 99% of the employees at 99% of the time? Can industry predict a customer’s travel cycle and also provide his relevant upgrades to enable a journey worth remembering?
Technology allows for multiple tools and IT services that manage unstructured data with structured data and predict business futures and communications as and when it happens. In 2015, predictive analytics could be key to championing the way travel companies will communicate with customers.
From severe weather to the personalized journey offerings, data by itself is simply an asset, but when harnessed right, to the right people, can be quite compelling and powerful.
About the Author:
Renee Kishore is digital marketing specialist, and a published author. A researcher and writer of change tactics and technologies in travel and other verticals, she frequently posts across the digital ecosystem. With 8-yrs of experience in communications and marketing, Renee has a passion for discussions and can be reached at: email@example.com