The purpose of this project is to formulate a model, which will enable companies to transform the massive amount of information that is to be gained from various Big Data sources, into a tangible strategy. The output of this project will focus on generating solutions to companies from the hospitality sector, on how to apply knowledge from Big Data sources into their business model.
There are various approaches to creating a model that deals with the usage of information from Big Data. One might argue that since Big Data is primarily a technical topic, one ought to pursue a framework that puts focus on a technical model that centers on how to “crunch” the data more efficiently, or how to make algorithms that more accurately help to calculate outcomes. Our focus, however, will be on developing a strategic model that companies can use when working with Big Data as part of their business model.
Even though the focus area in this review is the hospitality sector, we are also aiming at putting a broader view on the concept of Big Data. This will yield a holistic understanding of current research within the area, and hopefully help us in our further research. Likewise, the model that we intend to develop would also be useful for a wide range of companies outside the hospitality sector.