Digital Economy Handbook Infographic: Impact of Data Factories on Hospitality Industry
This blog is dedicated to the Digital Economy Handbook 2018, a project undertaken by VCA-Spaces team members. In this handbook, we examine data factories in different industries to uncover the effects of the 'IT revolution' on the business environment. The blog will highlight one of these industries every 2-3 weeks with the goal of getting your input on the topic. You can leave your input in the comment section below. Any significant contributions will be rewarded with a free copy of the Digital Economy Handbook 2018.
This instalment of the blog highlights the role of the data factory in the hospitality industry. Due to our ever-increasing access to information, nowadays it is getting easier to book your own fully arranged trip. Companies in the online hospitality industry give a quick overview of the offers that are most suitable for a particular customer regarding car rentals, flights, and accommodation. This reduces the need for mediation by a traditional travel agency, cutting out the middleman and making it cheaper for the customer. These websites have become large data factories where are tailored to fit the needs of a wide array of customers. The most notable examples are the Priceline group (booking.com and rentalcars.com) and Expedia inc. (Trivago and Carrentals.com). Furthermore, in the last couple of years Airbnb has even cut out the businesses at the back-end by allowing individuals to rent out their own house.
Smart algorithms and polished websites in the hospitality industry allow customers to have a quick overview of all the options that are especially interesting to them. These algorithms will only improve with time. How do you think the hospitality industry will look in ten years?