As the world literally holds it breathe and stands 2 meters away from the nearest global citizen, the contagion known as COVID19 is wiping stock exchanges clean, devaluing currencies and killing the elderly.
The wild storyline does sound like the latest Jerry Bruckheimer or Spielberg Hollywood production, alas it sadly isn’t. This virus is viral, and the travel industry is taking punches from all sides. From airlines to airports and the retail within them, everyone is wondering what is next?
Meanwhile, travellers are being sent mixed messages by the media. One the one hand you have the hashtag #StayAtHome, while travel trade is pushing for a self-preservation hashtag, #OneTravelIndustry, encouraging visitors to change their reservation dates over refunds. Who to trust? Could alternative data be the trusted source?
Survival of the Fittest
Conspiracy theorists are shaking their heads in disbelief at the apocalyptic scenarios in Milan, Wuhan, Madrid, and Paris. Is this a modern test of Darwin’s survival of the fittest? Is there something more sinister behind all this?
Sinister or not, fact or fiction, data science may be the way forward. The source of truth.
Rather than this being a testament of time dedicated to your level of fitness, it’s more about how fast and smart you are. With smart technology and alternative data being scraped on a daily, if not hourly manner, using your wits to outsmart competitors is the way forward.
From Orlando Disney, Louis Vuitton to the Marriotts of the world, all are quick to get their hands on the latest non-traditional dataset, alternative data.
The Alternative Crystal Ball
Never has big data been as appealing as now. The hour for data geeks and analysts to shine is now. Alternative data will be the modern-day crystal ball, the mystic gypsy replaced by a spectacled tech expert.
Datasets and APIs are readily available for those keen to look into the future and not squirm if they see some ghastly truths and figures. Yes, the picture B.C and A.C, before and after COVID-19 will be vastly different as economies try to pick themselves up.
Companies who are already using smart data to assess the impact of the virus will translate that into new business opportunities over the following months – they are the true modern-day survivors.
Financiers tracking the success of their markets using alternative data will maintain their top dog position despite the shaky market and doom and gloom news articles.
As for the travellers, back-packers and the global nomads of the world? Perhaps after the quarantine, there will be a return to B.C and A.C travel arrangements, before cave and after cave vacation options.
The Power of ForwardKeys
ForwardKeys was founded in 2010 on the premises to share data knowledge to empower government organisations, hotels, travel retail, brands, and financiers to make decisive business actions based on science and truth.
Over 17 million air bookings are crunched, daily, then presented for clients to interpret into reports or dashboards.
With Amadeus, Sabre, TravelPort, AXESS(Japan/APAC) and TravelSky(China) as some of the booking sources, clients can expect the most comprehensive datasets covering direct and non-direct bookings made globally.
Contact us now to learn more or to try the free demo.