Plan, Sense and Respond: Revenue Management in the Era of Big Data

Presented By: RateGain

Wednesday, November 08, 2017 11:55 AM – 12:30 PM
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Travel and hospitality companies have always dealt with big volumes of data – millions of bookings stored in a central reservations system, and revenue management systems cranking out millions of price/availability changes. All this data processing represents only one V of Big Data: Volume. However, there are other Vs to consider: Variety: In addition to structured data such as bookings and events, unstructured data like a review or a tweet can influence demand. Velocity: Data comes at significant speed. A tweet or a review can spread quickly, not to mention technology that enables information to reach customers instantaneously, forcing organizations to deal with real-time data at all times. Veracity: Not all data is created equal. Revenue managers must sift through this data to find the proverbial ‘needle in the haystack’ to stay ahead of competition and meet customers’ expectations. Learn how next-gen revenue management solutions must address all 4 Vs.