The Big Data revolution has had a huge impact on almost every industry and business sector globally. The travel sector is no different.
The potential impact and benefits of information gathered from mobile bookings, check ins, searches and payment transactions is huge. The data can be used not only to reduce costs but also to address challenges faced by travel managers and their employees.
What Is Big Data?
Big data refers to the mass of structured or unstructured data that inundates businesses on a daily basis.
In the travel industry, data is generated from every client and customer transaction such as bookings, itineraries, accommodation, enquiries, cancellations, customer feedback, geolocation etc.
Edel Doherty, MD at Beyond Business Travel Belfast says: “At every moment in a traveller’s journey, from the time they book their flight or search for car hire prices online, to when they check into accommodation, their actions create data. This data presents a valuable opportunity for businesses to provide better travel options to their employees and improve their experience.”
The data collected by employers themselves, or Travel Management Companies such as Beyond, can be utilised to streamline processes, to give customers what they want and to improve their time away from home.
How Can Big Data Help Travel?
Already many major travel companies are processing Big Data to determine hidden patterns, market trends, customer preferences and other facts which may help them boost revenues, enhance service or reduce expenses.
Doherty explains: “There’s a growing need amongst our clients to go beyond simply booking travel based on price. What we are experiencing is a growing demand for personalisation and enrichment.”
Edel explained just a few of the ways that companies can use Big Data to improve their travel programmes.
Personalisation: Analysis of Big Data can help companies understand the need of the individual traveller. Does one employee always book too near departure date, does another prefer early morning flights?
Instead of presenting a page of flight options, an employee could be given only one or two options which help them arrive on time, stay compliant with travel policy, and meet preferred vendor needs and business objectives.
Trips can be made easier and more enjoyable, automatically, which can improve staff retention and employee wellbeing. Bookings are compliant and duty of care obligations are met with ease.
Predictive: By analysing historical data of traveller choices, hotels, destinations, preferred airlines, reviews and other factors, travel managers can identify exactly what money is being spent on and whether those areas can be better managed to keep costs down. By asking the “What If?” question, they can predict what impact changes to corporate travel policies will have before they are rolled out.
Spend: Corporate card data can be analysed to ascertain, who’s spending the money, where they’re spending it and with which companies. Savings can be made, discounts can be sought and reporting becomes easier.
Who Is Using Big Data
The Dublin based Microsoft travel team analysed data from their 1.6 million travel records over a three year period and tracked cost per mile by city, carrier, advanced booking or not, class of service and more.
KAYAK uses Big Data to forecast flight pricing, by predicting whether the price of a particular flight will go up or down in next seven days.
Doherty concludes: “Many companies in Northern Ireland now want to translate their data into insights and are keen for us to help them improve efficiency and overall experience using this information.”
“Next month we are launching a new service called BEYOND Data, which will provide our account managers and their clients with on-demand access to real time data.”
“We will provide travel managers with a global or regional view of their data in any currency. Through this teams can easily monitor and manage spend, trends and traveller behaviour.”