FEATURE ARTICLE
Are we using business intelligence and big data intelligently ?
By Patrick Andres , Managing Director , The Rainmaker Group Asia Pacific
Unprecedented changes are dramatically shifting the landscape of today ’ s hospitality industry . The market is feeling the pressure from industry consolidation and the upsurge in supply from alternative lodging options . Technology is also playing a role in changing consumer behavior , your guests are living a more digital lifestyle , which means that hoteliers must continue to innovate to remain successful . Today ’ s guests have high expectations . They know that they can shop around – not just for the best price , but for the best value and best experience .
Travelers ’ tastes are also changing . They have more options when booking , and they know it . Research shows that the hotel industry helped to drive the advent of alternative accommodations by leaving a whole swath of needs unmet . The Internet has made the process of finding providers simple and quick , so the sharing economy disruptors are capitalizing on those unmet needs .
In an industry that is constantly in transition , a hotelier ’ s success will be largely determined by how quickly they respond to disruptions in the marketplace . What can conventional properties do to convince travelers that price isn ’ t everything and to encourage these travelers to book directly with them ? One strategy is to change the conversation . Hoteliers need to focus on value by personalizing the traveler ’ s experience . Offer a perk when guests book direct . Whether that ’ s complimentary meals , free Wi-Fi , or room upgrades , find their currency and give them a perk for booking with the property itself . Having guests who continually book direct , allows you to own their data , gather information on their preferences and perfect the offer to keep them coming back . OTAs can ’ t provide this same level of service .
Measuring What Matters
A successful approach for driving guest loyalty can only be executed using actionable data and Business Intelligence reporting tools to better visualize guests ’ data . Before they begin planning , hospitality leaders look to their revenue managers , who must rely heavily on technology to gain precise , usable intelligence . The days of reactive revenue management decisions are over . In hospitality , the strongest competitors are those with a method for proactive profit optimization that include strategic pricing based on accurate customer segmentation ; this will allow for more personalized pricing .
There is an abundance of data that must be collected consistently , accurately and analyzed intelligently to make a positive impact . Fortunately , Business Intelligence tools can simplify the process so that more time can be spent dissecting the output to make more strategic decisions . Performance statistics from numerous sources can be analyzed instantaneously . Access to online search behavior , air traffic , competitor sales , social media , and forward-looking booking data delivers insight into developing trends .
Casino hotel properties , a market Rainmaker has been working with for decades , typically amass an abundance of information about their players and use it to understand their value . But are they collecting the same intelligence about their non-casino guests ? If so , are they acting on it properly ? If hoteliers are not aggregating the right data and using Business Intelligence reporting tools to visualize this data , there is no way they can begin to gain insight into guest behavior and then leverage it to attract and retain the most valuable customers .
Rainmaker ’ s Business Intelligence tool , revintel , helps combine data from disparate systems to accelerate revenue growth . This means the hours that would have been spent aggregating data in Excel or searching through different systems can be given back to the revenue manager , allowing them to spend their time finding the pulse of the property or researching what matters the most to their guests . When a property lacks a business intelligence tool like revintel , they lack the streamlined view of relevant information to help their property better perform .
Once they have a tool that provides that intelligence cont . page 10
12 Better Revenue I Better Industry I APAC I www . revenuemanagement . com . au