Business Intelligence in the travel industry
Your travel buddy
Right person, right place at the right time
This is the time of the year where most of us want to go on vacation and of course find the better deal for the longest period. Travel companies have to send the right offer to the right person at the time that person needs it the most; either during the search and booking process or when the person has reached its destination.
To get the right info, the travel company needs to analyse how their customers browse on the internet for a destination and they do need to have access to real-time information about the state of the market at any particular time.
Business Intelligence allow you to do all of that and even more
Any company willing to take accurate decisions need to be able to make sense of all the information they receive from their social networks platforms or customers databases.
Or any type of data actually. They need to store and manage all their data to improve what they can offer to their customers. Business Intelligence (BI) offers many data management and organization tools to make it easier to access and optimize the data access.
Data storage and maintenance have a cost and knowing which data to use can help reducing that cost. The easiest it is to maintain, the better it is for the company in terms of cost.
How to make sense of all that information?
Companies need to transform big data into smart data so managers or whoever who needs to use this information can adapt their prices and improve their offers to retain more customers.There are a variety of data structured and unstructured such as comments, emails, testimonials, photos, questions on Facebook, Twitter or any other platform where the travel company has a presence. All that must be taken into consideration and the industry has to be reactive to retain their customer(s) or potential ones. People who are active on social media for positive or negative purposes usually expect any company to answer within the hour. Therefore, company needs to react as fast as possible and make sure they are always improving the overall experience of their clients.
At the tip of your fingers
Without even realizing you are in contact with fast, accurate data every time you look for any vacation deals to book your next trips. You are using some BI tools on a regular basis when you look for flights on applications such as Momondo, Hopper, Kayak, ...
Even when you chat with a virtual agent - these are called chatbots - to get more info about a destination obtain suggestions, check schedules, ...
The tools used by these apps analyse in real time billions of data (applying the Real Time Analytics) to suggest you with the best time of the year to travel or when you should purchase your flight ticket.
If you have ever used any of these applications, you came across the possibility to view a calendar with prices and make a better and accurate decision about your purchase.
Hopper even allow you to create reports about "When to fly and buy" where you can display: average price ticket, best period to book, best day for departure and return, alternative airports to pick up from for a cheapest fare, ...
This is made possible by analysing thousands of trip flight prices from crowd-sources airfare searches made the week before your actual search.
As a manager would do for its company you do it for yourself and can take a better decision having access to detailed and accurate data about flight trends...
Have you ever thought BI could be at the tip of your fingers?