The hospitality industry is a darling to many people because not a lot of numbers are involved. Being excellent with people is still central to success in this industry, but data analytics is slowly creeping in. Indeed, today’s managers and directors have data and analytics at their disposal like never before. The question is, how are they using this to improve performance in their organizations?
It is worthwhile to apply business intelligence solutions considering the successes this strategy has brought to other industries. Even better, one doesn’t have to do the hard work; software solutions are available. Let’s see the transformations to expect when you adopt business intelligence solutions.
What are business intelligence solutions in the hotel industry?
Before modern business intelligence came into the hotel industry, Excel and related platforms were the only sources of data. Sales, cancellations, overstays, and such information would be used to gauge the performance of a business. Business intelligence has replaced this method, which is riddled with errors and inaccuracies.
Business intelligence is a group of tools designed for capturing data from different sources and converting it into a useful version.
Like many other industries, the hotel industry deals with large amounts of data. Some sources of this data are social media, web traffic, and reputation management platforms. With the growth of a business, this data only balloons and it becomes increasingly challenging to manually analyze the data.
Predicting Occupancy Revenue
Occupancy prediction is crucial for your hotel, and the more accurate it is, the better it is for business. To get to this level, reliance on data is of primary importance. You must collect and analyze data from different sources – web traffic, reservations, social media, search engines, and so on.
With this kind of information, it is easier to forecast the under-stays, overstays, arrivals, and cancellations. Having such a level of insight, you can know how to solve problems such as cancellations and under-stays, better. Aspects such as which type of room is in more demand at a particular time become clearer.
In short, business intelligence solutions can help your hotel business predict occupancy more accurately and therefore increase revenue.
Guest Data for Better Service
The success of a hotel business and superior guest service are intertwined. Serve the guests impeccably and they will return and even bring more clients. But you can’t improve your services if you don’t know what the guests like. Well, that’s why business intelligence solutions come in.
You already have loads of data from the sources indicated earlier. That’s where the answers to better service are. Favorite room, purchasing power, preferred time of the year – this is crucial data that can help you prepare the best treatment for the guests next time.
Take advantage of business intelligence solutions to customize your emails. For instance, guest data may reveal that the guests who visited last November had come to your town for an annual rugby tournament. This year is an excellent opportunity for you to maximize. As early as August, send the guests targeted emails, specifically reminding them of the rugby event. Make the packages timely and even offer a discount to attract as many clients as possible.
Promote Compliance with Business Intelligence
An equally vital way business intelligence solutions can transform your hotel business is in compliance and risk management. Every business is exposed to a range of operational and strategic risks that may hamper growth and customer experience.
In the modern business environment, Governance, Risk Management and Compliance (GRC) practices demand a step above the usual legal adherence. This gives a competitive advantage unlike any other.
Organizations are achieving these requirements through business intelligence to measure the extent of compliance. Business intelligence solutions can help your hotel business measure and analyze how much it has achieved concerning the set metrics.
The Next Steps
Business intelligence is crucial for your hotel business, so you want to start planning how to integrate it into your operations.
Here’s what to do.
First, you need to identify the right data. Not all data will be picked for analysis so you will need to start at this point.
Then you need to consider the common integration challenges, considering that existing internal infrastructure will be central to the solution. There needs to be a connection such that the business intelligence gets the necessary information first-hand and generates the requisite reports.
Once you have these issues sorted, you are ready for business intelligence solutions.
Competition in the hotel industry is tight and clients increasingly prefer customized and excellent services and products. Business intelligence is an undisputed path towards success in this and upcoming era.
Your hotel business can achieve new heights with the incorporation of business intelligence solutions that optimize your operations. A good BI tool not only aligns data sources but also blends new and old data to discover the best trajectory for your business. Choose the best tool and use it right and the return on investment will be great.
Start by engaging us as your preferred partner in hospitality for collaborative solutions.