More data does not mean better data
The increasing digitalisation is generating more data than ever more, but more data does not mean better data.
Travel and hospitality companies are data-rich but insight-poor because they struggle to turn the disjointed data into useful information, and valuable insights to enhance the experience.
Smart data use is expected by travelers. According to Amadeus 40% of travelers were willing to share information about their hobbies, interests, and preferences if it could lead to better flight, hotel, and activity suggestions and a more tailored overall travel experience.
How to start?
- Make sure you get the basics right to understand your customers and their behavior before start diving into smart algorithms and big data.
- Understand all the data you have access to.
- Continue by defining the desired outcome of your initiative and start testing your solution.
The companies with the most data will ultimately have the best chance at delivering personalized service and improve their margins.
But remember, more data does not better data, companies need to start building up internal capabilities to translate all the data into insight and innovation that can create measurable and sustainable ROI.