Patrick Buckley Robot Waiters – The future or just a gimmick? As we continue to battle the COVID-19 pandemic, the hospitality industry is looking to technology as a way to keep workers safe. Could robot waiters be the answer? In...
Patrick Buckley How will AI change the labour market for the better? From the way we shop, to the way we learn, the digital world in which we live is unrecognisable from the reality of a decade ago. One area which...
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LUCA LUCA Talk 7: Using Mobile Data in the Transport Sector The next webinar in our series takes place on the 3rd of October. In this LUCA Talk, you will get the opportunity to hear about how Mobile Data can...
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LUCA The refugee crisis and Syrian Civil War; a humanitarian issue reflected through data When we finish the year we always look to the past to weigh up the good and the bad moments of the year (trying to make the most of...
Data Science – Helping consumers to save money and travel for lessLUCA 27 September, 2017 Have you ever purchased a train or plane ticket online? If so, you will know how hundreds of different website display different prices. Also, you will be aware that prices fluctuate, generally increasing the later they are booked. So when is the best time to book? Can Big Data give us the answers? Obviously, train operators and airlines do not want to inform people of when their prices are set to increase. They predict when demand will be high and inflate prices accordingly – the higher the predicted demand, the higher the price. If they were to release insights into their price change schedule, it would alter consumer behavior. People will rush to buy tickets before inevitable price increases and in turn save money. Figure 1: Helping you to save money An independent train ticket seller, The Trainline, believes it has solved the pricing mystery through the power of Big Data. As a massive corporation operating primarily in the United Kingdom, they have access to billions of past data points relating to train ticket prices and demand fluctuations. Now they are in a position where they can accurately predict when prices are due to increase. On their mobile app, there is a feature known as the “Price Prediction Tool” and it will show a user when a journey is likely to sell out and how the price will change depending on the booking date. They also claim that the system will become increasingly accurate as time passes and their data bank grows (however, they believe the current system will still save users on average 6% on the price of advanced tickets). It will learn from all future searches, benefitting consumers in the long run. In addition to aiding users to save money, The Trainline has also manipulated its data to make journeys more comfortable for their clients. They are doing this by suggesting areas of the train which are likely to have empty seats based on previous data information. This is an incredible example of how Big Data has been used to help consumers, but is there any more potential to explore in this industry? In theory, any large comparison site has the power to manipulate its data for the benefit of its consumers. Figure 2: Helping you to save on your next holiday Let´s take the example of Skyscanner, a site which provides comparisons on plane ticket prices. The aim of Skyscanner is to display the lowest possible price to consumers and the inclusion of Big Data analysis will surely aid this. Skyscanner has already conducted some basic research into its potential. A tool on their website informs users of the best time to book but it is extremely limited; with only 10 departure airport locations (all situated in the UK) and only 19 destination airports (presumably the most popular destinations with the largest amount of data). This tool certainly has space for innovation and development. Firstly, as more data is collected, they could display information for more routes. In addition, it is currently separate from the flight search tool; a coming together of these two would result in a more informative consumer experience. It is clear to see that the world of Big Data is growing and here at LUCA we will always strive to be at the forefront of innovation. It is only a matter of time before more companies unlock their true potential with Big Data. Businesses will take advantage of the information to maximize their revenues but as discussed, consumers will benefit from the increased ease of operation. Big Data is the future of business. Don’t miss out on a single post. Subscribe to LUCA Data Speaks. LUCA Talk 7: Using Mobile Data in the Transport SectorGSMA Announces new developments in BD4SG Initiative
Patrick Buckley Robot Waiters – The future or just a gimmick? As we continue to battle the COVID-19 pandemic, the hospitality industry is looking to technology as a way to keep workers safe. Could robot waiters be the answer? In...
Patrick Buckley How will AI change the labour market for the better? From the way we shop, to the way we learn, the digital world in which we live is unrecognisable from the reality of a decade ago. One area which...
Patrick Buckley How AI is helping fashion retailers stay afloat With an estimated current global market value surpassing 406 billion USD, the fashion industry is one of the most significant yet vulnerable industries out there. In an ever-worsening socio-economic...
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Patrick Buckley Thanks to AI, the future of video-conferencing is in sight. Throughout the COVID-19 pandemic, video-conferencing has become the backbone of both our work and social lives. Today, on #WorldHugDay, we take a look at some of the ways in which...
Patrick Buckley How AI and Machine Learning help to develop vaccines As Christmas approaches this year, we have all been gifted the great news that the Pfizer/BioNTech vaccine has shown to be both safe and effective in creating an immune...