Throughout the official first day of CVENT CONNECT 2016 in Las Vegas yesterday, the focus was not on big data. Instead, the topic getting most of the attention was not a necessarily new concept, but a unique twist on the tired, over-curated topic of big data.
That fresh twist is New Data. nSight, the leader in online consumer shopping intelligence for hotels and destinations, spoke during a general session and a breakout on how industry decision makers are using new data to make steady, simple progress on questions they have not been able to answer before now.
Even the term Big Data is intimidating. Big implies that there is a large volume of high-velocity data. Like what flows from orbiting satellites measuring hundreds of factors that define weather patterns around the world. That is big data. Hospitality doesn’t necessarily need big data – it needs the right data.
Executives who are responsible for bottom-line results and budget ROI want more than their own data repurposed in charts and graphs. GMs, revenue managers and marketing directors are looking for intelligence that goes beyond what they can see in their own PMS and Google Analytics reports. They’re hungry for something different that will feed decision-making in new, more competitive ways. They’re looking for new data (#NewData).
nSight Founder Rich Maradik addressed the record-breaking CVENT CONNECT audience on how they can avoid the paralysis of analysis inherent in big data and win at the “last mile challenge” of putting data into action. “You need to derive small insights from big data,” explained Maradik. “Incremental insights are easily actionable, and can add up to big results down the line.”
Before you can begin to take action, it’s important to freshen your outlook with new data. To get new insight, you need a new perspective.
There are at least three options for establishing a new data view: