It all comes down to understanding your data. There is a lot of talk nowadays about ‘big data’ in the hospitality industry. We are not ones for big words and fancy names, but we do know that without the information gained through your channels , one simply cannot make effective decisions, which directly impact on your bottom line.
Raw data or ‘Big data’ is a collection of multiple stats and figures sourced from channels inside and outside your establishment. That’s great to have but in order to get any valuable insights from this data, you have to process and structure it in the right way.
There are 100s of 1000s of reports you can generate from your reservation and property management systems, but unless you are going to really analize the data they represent and form an action plan on the findings… what use are they really? Improved personal service holds the key to success and profits in the hospitality industry and data analytics gained through technology has opened up every opportunity to be able to offer each guest a better and more personalised service.
Although there is much research into the integration of AI (Artificial intelligence) into the hospitality industry, therefor allowing almost instant ‘real time’ access to data for guest experiences… now I do think we are a long way away from being served our perfectly cooked Eggs Benedict by a tray carrying humanoid.
Let’s look at the type of data you have access to, here are just a few you have access to via reservation systems such as @ResRequest:
- Standard report
- Provisional expiry
- Update report
- Arrivals and departures
- Availability
- Occupancy
- Overbooking
- Bed Night report
- Sales Analysis
So what do we do with all this data:
Through reports, data and analytics the travel desk can put together itineraries which suit a guest’s preference based on his past behaviour and booking history. Food & Beverage reports allow the restaurant department to predict which menu items are likely to be ordered, see popular trends and know return guests’ preferences. It allows the reservation department to predict the optimal rate for a room based on historical demand as well as booking trends on external channels. It enables the sales and marketing team to create and send tailored messages across different networks based on reports showing which markets are indicating interest in your establishment. Data insights can directly increase profits of your establishment.
In a nutshell:
- Better understanding of what works for your own establishment
- Understanding your rate optimisation and when to run promotions to stimulate bookings
- Proper management of your revenue and yield.
- Improved Efficiency in planning inventory
- Optimised planning when allocating staffing
- Enhanced guest experiences
- On point – targeted marketing
A great further read: Article by McKinsey & Company, the famous consulting firm, explains how data analytics can help the hospitality and travel industry immensely.
