Our reliance on digital technology means that data is building at an increasing rate. According to IBM we currently create 2.5 quintillion bytes of data everyday and 90% of the data in the world today has been created in the last two years alone.
Much of this data is irrelevant but where businesses are identifying the correct data sources and taking the time to analyse them they are finding value. Hospitality business should also think about making accurate data available to guests and clients.
In this briefing four hospitality experts discuss data management and analysis:
Many disruptive businesses have digital and data front and center of their strategy.
In hospitality Airbnb employs ‘data scientists’ to analyse things like the likelihood of a host accepting requests from potential guests. This analysis can help them increase the amount of successful matches.
In other industries, companies like Uber have invested in clever data analysis to be able to make predictions about its customers’ behaviours outside of the cab.
Established hospitality brands are also investing in digital and data. In October last year Accor announced plans for its digital transformation, which involves a €225 million investment plan and focus on two ‘pillars,’ IT infrastructure and data management.
Much of the data used and produced today is on mobile devices. According to Accenture ‘50 billion devices will produce actionable data by 2020’.
Research by Ericsson found that mobile data traffic increased by 55% from 2014 to 2015.
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Video clips produced by yBC for the Hospitality Channel, including interview from industry conferences such as the IHIF conference as well as specific Hospitality Channel shoots.