Travel companies have woken up to the power of the data recently and are now coming to grips with how best to derive meaningful insights from it.
A good starting point, according to Rick Seaney, CEO of travel data analytics specialist
3Victors
, is figuring out what data is meaningful, what is missing and how to bridge the gap between the two.
During a session at The Phocuswright Conference 2020 online event, he shares his belief that now is the right time to move towards real-time data, given that - because of the pandemic - historical data is almost useless to predict demand going forward.
Bridging the gap between what’s meaningful and what’s missing is all about trust, according to Seaney, which he believes can only come with a “heavy dose of verification.”
“The ‘L’ in machine learning means yours and the machine’s time to learn. It takes time.”
He also touches on the need for travel companies to share data, since Big Tech has to potential to “eventually own and hoard most of the relevant travel data we may need.”
See Seaney's full interview with Phocuswright analyst Coney Dongre below.
Spotlight & Interview: Trendwatch - Data & Insights - 3Victors - The Phocuswright Conference Online 2020