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How Big Data Analytics Power Profits for the Hospitality Industry

Posted on August 6, 2018May 23, 2020 by Dexlab

How Big Data Analytics Power Profits for the Hospitality Industry

The hospitality industry is highly dependent on customer satisfaction. And the analysis of big data can help this industry predict customer behavior by understanding their needs and expectations. This in turn enables the hotels and restaurants to provide personalized customer service and retain loyal customers.

Hospitality service provider Airbnb is making the most of the new ‘’mobile first’’ approach where responsive designs are created for the smallest screens. This mode allows customers to engage in Airbnb business through phones. Although big data and its analysis is a large part of the success for this industry, many companies are yet to fully understand the gains associated with big data.

Here are some ways how big data enables the hospitality industry to drive profits:

Take better control of business:

Effectively analyzing big data drastically changes how the business runs. The hotel industry is a data rich sector with massive volumes of web, audio and video content. However, many hotels don’t use their data to its full potential. For instance, hoteliers collect loyalty information but few exploit the data for making business decisions. Through analytical data exploitation, hotels can deepen their understanding of the behavior, needs and expectations of guests and develop better loyalty programs.

Customer segmentation and Targeting:

Hotels must use customer data to provide better customer service as that is essential for ensuring that customers return to avail their services again. Analyzing this data is crucial to segment customers based on booking and travel trends, preferences, chance of responding to promotions, etc. Targeting clients with wrong offers can hinder business growth. Data analysis allows them to retain their best repeat clients by good incentives and promotions. It also allows them to build separate deals for customers who don’t visit them often with the hopes of converting them to loyal customers.

Set best prices for rooms:

Big data analytics is very important for setting competitive hotel prices so that it attracts more guests. Apart from setting the best price for rooms, hospitality-driven businesses can optimize the budget for utilities through analysis of weather data and energy rates.

On-time delivery:

As big data tools become more and more advanced, it shall enable better collection of data from traffic, temperature, weather, route and other sources. This will improve food delivery by providing better estimates of time taken to deliver. Moreover, it shall help restaurants understand how all the aforementioned sources affect the quality of food. Thus, it helps to plan the transportation beforehand and optimizes the utilization of resources.

Menu enhancement:

Using the customer data on food preferences, restaurants can build a customer profile that contains their favorite food and drinks. From the data gathered through feedback forms and online surveys, they can identify the most popular items in their menu and determine whether their menu needs to be improvised or completely reengineered.

Hence, new sources of data and emerging technologies like IoT (Internet of Things) and AI (Artificial Intelligence) enable the hospitality industry to understand the current trends in the market and boost the overall profit of the enterprise.

Companies who are embracing the power of big data are reaping huge profits, and students who are enrolling for big data Hadoop courses are earning big bucks! So, unlock your career with a big data Hadoop certification in Gurgaon. And follow DexLab Analytics for the latest big data related blogs and information.

References:

www.smartdatacollective.com/hospitality-industry-emergence-big-data

www.hiddenbrains.com/blog/big-data-analytics-driving-restaurant-industry-towards-profitable-growth.html

insidebigdata.com/2018/08/03/three-industries-profiting-big-data

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How Big Data is Revolutionizing Political Campaigns in America

Posted on June 8, 2018 by Dexlab

How Big Data is Revolutionizing Political Campaigns in America

No doubt that big data is altering the manner in which politicians win elections in America, but it is also breaking American politics. So was the verdict in a column by NBC’s Chuck Todd and Carrie Dann.

According to Todd and Dann, recent technological advancements give access to detailed voter information and demographic data, like what they watch, what they shop and what they read; campaign initiators are completely aware of the preferences of voters. Hence, it enables them to target people who are most likely to vote for them through ads and other relevant content. They don’t feel the need to persuade the ones who are less likely to agree with their ideologies. Clearly, this is a crisis situation that fuels polarization within a governing system. It is encouraging campaigns to appeal to their most likely supporters rather than all their constituents. Also, this process is cheaper and faster.

Eitan Hersh, a notable professor of political science at Yale University conducted research on the role of big data and modern technology in mobilizing voters. So, let’s find out if his research work indicates the situation to be as adverse as Todd and Dann claims it to be.

New sources of data:

Earlier, campaigns relied on surveys to generate their data sets, which were based on a sample of the entire population. Now campaigns can use data that is based on the entire population. The data sets that are looked into include voter registration data, plenty of public datasets and consumer databases. Zonal data, like neighborhood income, can be accessed via the Census Bureau. Information about a voter, like her party affiliation, gender, age, race and voting history is often listed in public records. For example, if a democratic campaign is aware that a person has voted for a Democratic party previously, is Latino or of African origin and is under 25 years, then it is highly probable that this person will vote for them.

Once campaigns chalk out their team of supporters, they employ party workers and tools like mails and advertisements to secure their votes.

Hacking the electorate:

According to Eitan Hersh, it is truly impossible to completely understand the interests of the entire population of voters. However, campaigns are focusing heavily on gathering as much data as possible. The process consists of discovering new ways existing data can be utilized to manipulate voters; asking the right questions; predicting the likeliness of a group to vote for a particular candidate, etc. They need to find sophisticated ways to carry out these plans. The ever increasing volume of data is definitely aiding these processes. Campaigns can now customize their targeting based on individual behavior instead of the behavior of a standard constituent.

Types of targeting:

There are chiefly 4 methods of targeting, which are not only used for presidential elections but also for targeting in local elections. These are:

Geographic targeting: This helps target people of a particular zip code, town or city and prevents wastage of money, as ads are focused on people belonging to a specific voting area.
Demographic targeting: This helps targeting ads to specific groups of people, such as professionals working in blue-chip companies, men within ages 45 and 60 and workers whose salaries are within $60k per year for example.
Targeting based on interest: For example, ads can be targeted to people interested in outdoor sports or conservation activities.
Targeting based on behavior: This is basically the process in which past behavior and actions are analyzed and ads are structured based on that. Retargeting is an example of behavioral targeting where ads are targeted to those who have interacted with similar posts in the past.

To conclude, it can be said that victory in politics involves a lot more than using the power of big data to reduce voters to ones (likely voters) and zeros (unlikely voters). Trump’s victory and Clinton’s defeat is an example of this. Although, Clinton targeted voters through sophisticated data-driven campaigns, they might have overlooked hefty vote banks in rural areas.

To read more interesting blogs on big data and its applications, follow Dexlab Analytics – we provide top-quality big data Hadoop certification in Gurgaon. To know more, take a look at our big data Hadoop courses.

References:

https://www.vox.com/conversations/2017/3/16/14935336/big-data-politics-donald-trump-2016-elections-polarization

https://www.entrepreneur.com/article/309356

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How Big Data Will Impact E-commerce Industry in 2018?

Posted on March 15, 2018May 23, 2020 by Dexlab

Whatever happens online and offline, it’s because of DATA. As the technology evolves, the ways to gather and measure data also diversifies. The best way to grasp the data world mechanisms is to study and analyze trends in behavior.

Big data is a concentrated accumulation of conventional and digital data from within and outside company operations. The inception of big data has enabled businesses to use huge amounts of data to carry out bigger and more complicated analyses.

However, the pressing issue that people face today is that they have “too much” data – collecting, organizing and understanding data has become quite complicated because we now are inundated with ceaseless numbers, percentages, stats, facts and perceptions.

To be precise, for years, Big Data has been buzzing around the digital front – let’s delve into what it actually means and what promises it holds in 2018 for ecommerce…

E-commerce industries are the biggest consumers of data. They can extract any information from Big Data and predict customer behavior and streamline robust operations.

Here are 4 ways in which big data will change the shape of e-commerce in 2018:

Better shopper analysis

For online success, understanding shopper’s behavior is more than important. Harness big data; it offers information on trends, customer choices and spikes in demands. It is the key to successful marketing.

Throughout this year and more, big data analytics will continue tracking shopper behaviors and fine-tuning your marketing strategies based on that.

Flawless customer service

Figures regarding dissatisfied customers and frail customer service are alarming. Truly speaking, more than 90% of unhappy customers won’t like to do business with a company that has turned their expectations down, owing to poor customer service. Therefore, for ecommerce success, utmost focus on customer service is downright important.

This year, expect data analytics to improve customer experience, while giving more focus to predictive monitoring. This will aid companies in identifying crucial issues and resolve them before even a customer gets involved.

More secure and easy online payment options

Since big data came into our lives, several things, like online payments got easier and more secure. How?

Big data incorporates various payment functions in a single centralized platform. It helps in making the process easier, as well as reduces fraud risks.
The advanced analytics are powerful enough to identify threats and structure proactive solutions to combat potent risks.
Big data helps in detecting money laundering transactions.
Productive data analytics allows e-commerce chains to cross sell and upsell.

Mobile commerce evolution

Day by day, the use of smartphones is increasing. The use of desktop computers is soon becoming obsolete. Big data is making impossible things possible, especially in the world of smartphones and ecommerce. Companies can now very easily gather data from multiple sources and analyze customer trends through mobile technology. Google has pioneered a wave of technologies, giving preference to mobile friendly and highly responsive sites. They bring in higher traffic to their pages. Hence an instant hit!

As closing thoughts, ecommerce companies wholeheartedly thanks Big Data for the way it has simplified the process of online shopping. For more big data inspiration and blogs, follow DexLab Analytics.

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The article has been sourced from – http://dataconomy.com/2018/02/5-ways-big-data-analytics-will-impact-e-commerce-2018/

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Top 6 Big Data Trends for 2018

Posted on December 12, 2017May 23, 2020 by Dexlab

Big data is expanding, and by next year almost a majority of businesses will be attracted towards the brighter prospect of this cutting edge technology. Even this year saw an enormous increase in volume, variety, velocity of data, which assures that the next year will witness more data, more numbers.

Data science pundits have predicted some of the leading trends that would be in the forefront in the big data revolution 2018. Come, let’s take a look:

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The Impact of Big Data on Marketing

Posted on December 11, 2017May 23, 2020 by Dexlab

In marketing, the analysis of data is a highly established one but the marketers nowadays have a massive amount of public and proprietary data about the preferences, usage, and behavior of a customer. The term ‘big data’ points out to this data explosion and the capability to use the data insights to make informed decisions. Understanding the potential of big data presents various technical challenges but it also needs executive talent devoted to applying the solutions of big data. Today, the marketers are widely embracing big data and are confident in their use of analytics tools and techniques. Let us learn about the ways in which Big data and analytics can improve the marketing efforts of various businesses around the around.

Locating Prospective Customers

Previously, marketers had to frequently make guesses as to which sector of population comes under their ideal market segment but this is no longer the scenario today. The companies can exactly see who is buying and even extract more details about them with the help of big data. The other details include which buttons they generally click while on a website, which websites they visit frequently, and which social media channels they utilize.

Tracking Impact and ROI

Many retailers have introduced loyalty card systems that track the purchases of a customer, but these systems can also track which promotions and incentives are most effective in encouraging a group of customers or a single customer to make another purchase.

Handling Marketing Budgets

Because big data allows companies to optimize and monitor their marketing campaigns for performance, this implies they can allocate their budget for marketing for the highest return-on-investment (ROI).

Personalizing Offers in Real-Time

Marketers can personalize their offers to customers in real time with the combination of big data and machine learning algorithms. Think about the Amazon’s “customers also bought” section or the recommended list of TV shows and movies from Netflix. The organizations can personalize what promotions and products a particular customer views, even down to sending personalized offers and coupons to the mobile phone of a customer when he walks into a physical location. The role of Personalized Merchandising in the ecommerce industry will continue to increase in the years to come.

Improvement in Market Research

Companies can conduct quantitative and qualitative market research much more inexpensively and quickly than ever before. The tools for online survey mean that customer feedback and focus groups are inexpensive and easy to implement, and data analytics make the results easier to take action.

Prediction of Buyer Behavior and Sales

For the past several years, sales teams, in order to rate their hottest leads, have made use of lead scoring. But, with the help of predictive analytics, a model can be generated and it can successfully predict sales and buyer behavior.

Enhanced Content Marketing

Previously, the return-on-investment for a blog post used to be highly difficult to measure. But, with the help of big data and analytics, the marketers can effortlessly analyze which pieces of content are highly effective at moving leads via a sales and marketing funnel. Even a small firm can afford to use tools for implementing content scoring which can highlight the content pieces that are highly responsible for closing sales.

Optimize Customer Engagement

Data can provide more information about your customers which includes who they are, what they want, where they are, how often they purchase on your site, and how, when they prefer to be contacted, and various other major factors. The organizations can also examine how users interact not only with their website, but also their physical store to enhance the experience of the user.

Tracking Competitors

New tools for social monitoring have made it easy to gather and examine data about the competitors and their efforts regarding marketing as well. The organizations that can utilize this data will have a distinct competitive advantage.

Managing Reputation

With the help of big data, organizations can monitor their brand mentions very easily across different social channels and websites to locate unfiltered testimonials, reviews, and opinions about their company and products. The savviest can also utilize social media to offer service to the customers and create a trustworthy brand presence.

Marketing Optimization

It is quite difficult to track direct ROI and impact with traditional advertising. But, big data can help organizations to make optimal marketing buys across various channels and to optimize their marketing efforts continuously through analysis, measurement, and testing.

What is Needed for Big Data?

At this point, talent and leadership are the major things that big data needs. In most of the companies, the marketing teams don’t have the right talent in place to leverage analytics and data. Apart from people who possess analytical skills to understand the capability of big data and where to use it, companies require data scientists who can extract meaningful insights from data and the technologists who can develop include new technologies. Due to this, there is a high demand for experienced analytics talent today.

Big Data Limitations for Marketing

In spite of all the promise, there exist certain limits to the usefulness of big data analytics in its present state. Among them, the major one is the major one is the analytics tools’ and techniques’ complex “black box” nature which makes it hard to trust and interpret the output of the approaches of big data and to assure others of the accuracy and value of the insights generated by the tools. The difficulty of gathering and understanding data also limits the capability of marketing companies to more fully leverage big data. Beyond this, the marketers are identifying many hurdles to expanding their utilization of big data tools and they include lack of sufficient technology investment, the inability of senior team members to leverage big data tools for decision-making, and the lack of credible tools for measuring effectiveness.

Conclusion

Cloud computing is also playing a major role in marketing with the Cloud Marketing process. Cloud Marketing is a process that outlines the efforts of a company to market their services and goods online via integrated digital experiences. Once the data analytics tools become available and accessible to even the smallest businesses, there will be a much higher impact of big data on the marketing sector as there will be much broader utilization of data analytics. This can only be a boon as organizations enhance their marketing and reach their customers in innovative and new ways.

This article was produced by Savaram Ravindra, a content contributor at Mindmajix and not by the editorial team of DexLab Analytics, a leading Hadoop training institute in Gurgaon.

Author’s Bio: Savaram Ravindra was born and raised in Hyderabad, popularly known as the ‘City of Pearls’. He is presently working at Mindmajix.com. His previous professional experience includes Programmer Analyst at Cognizant Technology Solutions. He holds a Masters degree in Nanotechnology from VIT University. He can be contacted at savaramravindra4@gmail.com. Connect with him also on LinkedIn and Twitter.

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4 Ways Airlines Industry Can Use Big Data for Better Customer Satisfaction

Posted on August 9, 2017March 30, 2019 by Dexlab

While waiting to board your plane, the last thing you would want to hear is – we regret to inform, your flight has been delayed or worse cancelled, leaving you exasperated at the very hour. Even though your flight takes off on time, while waiting in front of the baggage carousel, you may face some moments of anxiety before your bag arrives on time. Luckily, these distresses are now becoming a thing from the past.

Things are changing, and technology world is evolving drastically. By leveraging Big Data and technology upgrades, aircraft industry has been able to improve their operations and work more smoothly and accurately. In addition, the air travel industry is witnessing several benefits, in terms of revenue and consumer satisfaction.

Here are the ways in which airlines have been using data to derive maximum operational gains everyday:

Smart Maintenance

Wear and tear is common, even the most advanced airplane models equipped with superior technology require time to time maintenance. Owing to this, travelers may experience delays – as per 2014 survey data, mechanical glitches were the second most reason for the majority of flight cancellations and delays. Maintenance takes its toll on airlines potential as the planes need to be grounded for repairing.

With Big Data, airlines can easily track their planes, predict crucial repairs to be done, and provide advice about which parts need to be bought ahead of time and which to keep in reserve on hand for last minute technical issues.

Reducing Jet Fuel Use

It is impossible to predict how much fuel is used onboard for any given route, historically. But Big Data analytics and cloud data storage has made the impossible possible – you can now track how much fuel is being consumed by each airplane, while taking all the factors into consideration. This paves the way for airlines to draw predictions about the amount of fuel required for a trip to how many number of passengers can board at once.

Taking the Boarding Decisions

Remember, airlines lose if they fly with empty seats, so it’s in their best interest to get everyone onboard. With the help of real-time data, airlines can now easily decide whether to wait for a passenger or leave on time so as not to harass other passengers who might catch connecting flights. Smart boarding is now the key, gone are the days when decisions used to be based on instincts. It’s time to enhance efficiency and performance.

Tracking Bags

Travelers who travelled before had to be hopeful about their luggage making it back to them. But now, Big Data revolution and tracking technology has changed a lot of things. Nowadays, airlines ensure its travelers the peace of mind that they will surely receive their luggage as promised. Delta is the first airline that offered tracking data facility for its passengers, using an app format. Customers can easily monitor their bag, reducing the uncertainty revolving luggage arrival.

Flight operations, crew operations, marketing and air cargo are some areas in airlines industry that boast of rich opportunities for Big Data solutions implementation. In our modern economy, competition is at its peak. To make your airfare rates cheaper and save big on jet fuel, shaking hands with Big Data technology is imperative.

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Top 4 Best Big Data Jobs to Look For in 2017

Posted on July 11, 2017July 11, 2017 by Dexlab

Data is now produced at an incredible rate – right from online shopping to browsing through social media platforms to navigating through GPS-enabled smartphones, data is being accessed everywhere. Big Data professionals now fathom the enormous business opportunities by perusing petabytes of data, which was impossible to grasp previously. Organizations are taking the best advantage of this situation and rushing to make the best of these revelations about.

Big data courses are now available in India. DexLab Analytics is the one providing such advanced Big Data Hadoop certification in Gurgaon.

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A New India in the Make: GST’s Impact on Items and Services

Posted on July 5, 2017July 5, 2017 by Dexlab

India’s iconic tax reform is here. Rolled out from midnight of 30^th June, 2017, GST is taking the entire nation by a storm – the GST Council has pegged the tax rates for 1211 items and 600 services, holding a majority of these within 18% tax rate slab.

The GST Council has designed 4 tax rate slabs primarily for numerous items – the rates are as low as 5%, standard rates hover around 12% to 18%, whereas the highest rate found is of 28%. Some of the items had higher effective tax rates before GST implementation, but under the new tax policy, the consumers are to be benefitted at large.

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Will GST Boost The Big Data Revolution? The Answer lies Within

Posted on July 3, 2017July 3, 2017 by Dexlab

It is July 1st, 2017 – the epic day when GST, aka The Goods and Services Tax comes into effect, simplifying the whole tax collection procedure of the nation. From today, there will be a single tax on the supply of goods and services that will replace all other state and central levies. GST is pegged to be one of the most impressive economic tax reforms implemented by PM Narendra Modi to take Bharat to the summit of transparent digitization.

Data is crucial. While it ushers in a greater transparency and simplified tracking through data, it also unleashes the requirement for Data Analytics and ERP solutions. Besides, GST includes several billing software and payment gateway channelization, triggering plenitude of job opportunities in the IT sector. Reports say it is going to be a $1 billion opportunity for IT vendors over the next two years. Quite a lot to think about!

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