The Death of Business Intelligence

Big data ‘to transform hospitality’

Posted in Uncategorized by TheLondonEconomic on July 17, 2013

A new study has found that big data is set to transform the hospitality industry.

A major global study has underlined the role big data has to play in improving the customer experience in the hospitality world, finding new analytical systems have the power to transform the industry.

Hotels, travel agencies and other industry players are increasingly looking to unlock the power of big data in order to create a more seamless customer journey that is tailored to the individual needs of modern web users. With more information than ever readily available, the Amadeus research shows that companies can enhance their competitive position by utilising data.

The study, entitled ‘At the Big Data Crossroads: turning towards a smarter travel experience’, revealed that hotels could be pioneers in providing operational and technical insights about big data adoption. With many already embracing big data to enhance their financial performance, a more distinctive experience for hotel guests could be on the horizon. Overall, the study pointed to three areas in which big data could help streamline operations.

Revenue

Analytics can be used to establish the optimal price for rooms based on basic supply and demand principles, ensuring that fewer rooms are left empty at night and the optimum daily revenue is being sought for busy periods. The same logic can be used for price optimisation in restaurants, catering, and meeting spaces too.

Investment

Big data can lead to better informed investment decisions, employing the ‘test and learn’ approach to determine what kinds of capital investments are worthwhile. This can save capital being wasted on unworthy projects and ensure that the right investments are being made.

Relationships

Finally, and arguably most crucially, is building better relations with clients.  With more information than ever at their fingertips, managers and sales-driven personnel can ensure they provide the best customer service possible by tracking trends and adopting service approaches and marketing campaigns appropriately.

DS Panel

DS Panel’s Performance Canvas can create deployment scenarios that allow managers to keep track of everything from top F&B sales, room occupancy and much more for one property or 1,000 properties, right in their web browsers or mobile devices. Revenue managers and financial professionals can create and track multiple budgets, scenarios, and forecasts right in Excel without having to keep track of multiple spreadsheets. Board members can create top down or managers can create bottom up plans and scenarios that can be deployed as and when changes occur.

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