Success in the increasingly competitive hospitality industry is dependent on prompt knowledge of what’s going on in the operation. The need to know customer information: who they are, what they buy, and how likely they are to come back again, can be elusive. Additionally, the time-sensitive nature of business metrics makes it difficult to answer certain questions such as: What are daily sales results on an individual property? What are the average expenses per day? What are labor costs? What is the daily cash position? The sheer volume and time-sensitive nature of events in the hospitality industry can be overwhelming. Hence information becomes the essential ingredient to success in the hospitality industry.
A Business Intelligence solution enables analysis by exception and gives decision-makers of multi-location organizations a robust way to decipher and analyze information gathered at each level. BI tool helps aggregate, process and visualize data from disparate sources, multiple applications, allows decision-makers to quickly identify and address trends or potential problems. BI enables decision-makers to move from speculative decision-making to fact-based decision-making based on knowledge.
Business intelligence is simply the people, processes, and technologies that turn data into information. It is the key strategic opportunity for successful hospitality corporations.
Information Challenges in Hospitality Industry:
- Enormous amounts of data in multiple, disparate systems makes single enterprise wide view becomes challenge
- Revenue management is dynamic and constantly changing resulting complexity in pricing optimization and forecasting strategies
- Tremendous challenge in meeting customers’ expectations and preferences due to constant pressure of capturing, analyzing, and creating the right message / offer using the right medium and at the right time
- Essential tool for protecting market share
- Identifying unproductive rate strategies
- Uncovering new revenue opportunities
- Beat the competition
- Dynamic MIS & ad-hoc Reports to understand your current market position
- Illuminate future performance trends
- Compile detailed picture of competitive environment (who is traveling & from where)