Big data is a buzzword, or catch-phrase, used to describe a massive volume of both structured and unstructured data that is so large it is difficult to process using traditional database and software techniques.
In most enterprise scenarios the volume of data is too big or it moves too fast or it exceeds current processing capacity. Despite these problems, big data has the potential to help companies improve operations and make faster, more intelligent decisions.
Big data can provide insights that lead to increased guest satisfaction. It can help you in providing the right rate, to the right guest, at the right time. It can also give you more of a competitive advantage overall.
From a hotel operations point of view, big data offers also many different solutions. It can be used to reduce your energy bill for example. By combining data from 50 different sources, including electricity rates, weather data and a building’s energy consumption, two InterContinental hotels in San Francisco managed to reduce their energy costs by 10-15%. They created detailed energy profiles for their buildings and using a predictive algorithm they decided whether to use an onsite battery module or receive power from the grid.
Something to consider when cutting costs, and keeping your property group ahead of the curve when it comes to technology.