Tuesday, 12 September 2017

Why your next data hire should be a neural network

Neural networks are becoming more complex and powerful, creating a revolution in data analysis and making them indispensable to the travel and tourism industry according to EyeforTravel’s Does Deep Learning Hold the Answer? report.

Although Artificial intelligences (AI) are a long way from truly emulating the human brain and replacing your data analysts, they are taking their first steps and should definitely be a part of your data team. This is the conclusion of EyeforTravel’s new report into deep learning, which is free to download now.

The case for using neural network-powered deep learning techniques lies in the potential return on investment that they can provide. Not only can neural networks undertake complex analysis but they can also reduce workloads, freeing up data professionals to work on more demanding tasks. For example, the report notes that Stena Line’s deep learning program to understand price competition for its onboard products saves weeks of analyst labour, increases accuracy dramatically and all for a cost of roughly EUR15,000.  

Not only can they help with some of the more mundane tasks and working through very large data sets but it is constantly growing in complexity and will soon be able to take more tasks on. “Instead of building very complex models to understand the parameters that influence revenue, you just feed the data into a system and let the system – thanks to a deep learning algorithm – learn what works,” says Marion Mesnage, Head of Innovation and Research at Amadeus IT. “There is no assumption on the model whatsoever. That’s very disruptive…but we believe it could equal or outperform what humans can achieve.”

It's not just data teams that deep learning can help, marketing teams also stand to benefit substantially from deep learning. Neural nets can learn huge amounts about what makes customers tick, such as optimal pricing points and the best creative as well as where to deploy this. The report notes that The Travel Corporation is using deep learning to track online sentiment and automatically adjust advertising to appropriate formats and destinations. 

To find out more about deep learning download the free report now and see:
  • What brands such as Amadeus, Expedia, Stena Line, and The Travel Corporation are doing to harness deep learning.
  • How neural nets have been developed and how they power deep learning.
  • Where deep learning will transform the industry.
  • How deep learning can save time and reduce costs.
  • What the limits are to deep learning and how regulation might affect it.

The report is part two of EyeforTravel’s How Will Artificial Intelligence Transform Travel? report series. You can find the first report, which studies chatbots in travel, by clicking here.