Claims:We claim:
1) The system and method for revenue management in travel industry by using big data technology is comprising of the contents such as;
a. Any computing device with high definition;
b. Any open-source framework like Hadoop for data analysis which stored data on big data; and
c. The web application for revenue management in travel industry
2) The system claimed in claim 1 wherein, big data analytics analyses the internal data like past occupancy rates, room revenue and current bookings related to hotel.
3) The system claimed in claim 1 wherein, big data analytics analyses the external data such as information about local events, flights and school holidays.
4) The system claimed in claim 3 wherein, in order to more accurately predict and anticipate demand.
, Description:FIELD OF THE INVENTION
The present invention discloses the system and method for revenue management in travel industry by using big data technology. The invention is related to travel industry, which are now well developed due to upcoming technologies. Big data is one of the best technologies which can be effectively used for revenue management in travel industry.
BACKGROUND OF THE INVENTION
Revenue is the total amount of income generated by the sale of goods or services related to the company’s primary operations. Revenue is often referred to as the top line because it sits at the top of the income statement. The revenue number is the income a company generates before any expenses are taken out.
Revenue management is the application of disciplined analytics that predict consumer behaviour at the micro-market levels and optimise product availability and price to maximize revenue growth.
Revenue management is usually associated with the suppliers of travel products such as airlines, hoteliers, and car rental companies and cruise lines. However, in the broader perspective, it applies to any entity that has a perishable commodity and would like to maximize revenue given its perishable inventory.
Revenue management is an extremely important concept within the hospitality industry, because it allows hotel owners to anticipate demand and optimise availability and pricing, in order to achieve the best possible financial results.
Revenue management refers to the strategic distribution and pricing tactics you use to sell your property’s perishable inventory to the right guests at the right time, to boost revenue growth. Other products such as your amenities and food and beverage offerings will also come into the picture.
The present invention gives the help or method for revenue management in travel industry.
The present invention discloses the system and method for revenue management in travel industry by using big data technology. Big data analyses internal data like past occupancy rates, room revenue and current bookings can be combined with external data, such as information about local events, flights and school holidays, in order to more accurately predict and anticipate demand. With the help of this analysis, financial results are maximised.
OBJECT OF THE INVENTION
The main object of the invention is, system and method for revenue management in travel industry by using big data technology.
Another object of the invention is, big data analytics analyses internal data like past occupancy rates, room revenue and current bookings.
Another object of the invention is, big data analytics analyses external data such as information about local events, flights and school holidays.
Other object of the invention is, with the help of this analytics data financial results are maximised.
SUMMARY OF THE INVENTION
The present invention discloses system and method for revenue management in travel industry by using big data technology. Big data analyses internal data like past occupancy rates, room revenue and current bookings related to hotel can be combined with external data, such as information about local events, flights and school holidays, in order to more accurately predict and anticipate demand. This invention help travel industry better able to manage prices and room rates, increasing them at times of high demand, in order to maximise the revenue that is generated.
BRIEF DESCRIPTION OF THE INVENTION
Fig 1 shows flowchart of the method and computer program for this invention.
DETAILED DESCRIPTION OF THE INVENTION
The present invention discloses the system and method for revenue management in travel industry by using big data technology.
Big data is the vast volume of structured or unstructured data that is readily available at our collective fingertips. These large data sets are analysed to reveal previously unknown patterns and provide insights into businesses, human behaviour, and more. Big data analysis is used for everything from financial services, to gauging someone’s productivity, to even monitoring the weather.
The key feature of big data is to analyse, understand and interpret it in order to give user a full a picture as possible about the targeted international recruitment.
The system and method for revenue management in travel industry by using big data technology is comprising of the contents such as;
Any computing device with high definition
The web application of revenue management in travel industry
Any open-source framework like Hadoop for data analysis which stored data on big data
Big data consists of five stages such as-
Data sources- web and social media, machines, Sensing, IoT
Content format – structured, semi-structured, unstructured data
Data stores – document oriented, column oriented, graph database, key value
Data Staging – cleaning, transform and normalization
Data processing – Batch and real time
The system and method for revenue management in travel industry by using big data technology is comprising of the steps are as;
Step 1) The web application of revenue management in travel industry is created
Step 2) Travel business member open the invention application
Step 3) Travel business member get all internal and external data information related to demand in future with the help of big data
Step 4) Invention application helps to travel business in making decision to manage revenue more effectively
Role of Big data in invention application is as:
Big data analyses internal data like past occupancy rates, room revenue and current bookings related to hotel can be combined with external data, such as information about local events, flights and school holidays, in order to more accurately predict and anticipate demand. This invention help travel industry better able to manage prices and room rates, increasing them at times of high demand, in order to maximise the revenue that is generated.
Revenue management is the most effective uses of big data within the travel industry. To maximise financial results, hotels and other tourism companies need to be able to sell the right product, to the right customer, at the right moment, for the right price, via the right channel, and big data can be invaluable for this.