Information for better service. Business intelligence or BI can be defined as all those techniques that seek to increase the hotel company or business competitiveness performance through intelligent historical data organization ( transactions or daily operations).
In any industry, but especially the hotel industry there are several reasons for using BI, according to IT Business School it offers:
1) Visibility of what goes on in the business
2) Centralize reporting
3) Analysis of future trends and “predictions”
4) Take the right decisions about products that work and don’t
5) Centralize scattered data
6) “Verify” transactional systems
Hotels News Now printed an article about the advantages establishments can have integrating this kind of technology, as it converts simple statistic data into juicy dividends, providing market needs are properly focused.
The article gives three key points explaining how business intelligence can be productive for the industry:
1) Includes your hotel promotion. Going further than asking, how did the hotel promotion go last summer? Valuable information can be learnt from an in-depth analysis of a campaign production apart from simply counting overnight stays and revenues and this way guide the planning of the next, or even help change a placed offer to make it more effective.
In addition, business intelligence permits a comprehensive guest review and their reservations. Room type, length of stay, which channel the reservation entered on and how far in advance, from which geographical area and whether it is a conventional customer or Premium etc.
2) Sets accurate deadlines and acts accordingly so as to ensure maximum return on investment (ROI). The seasonal campaigns ( promoting a particular period or season) should be set so that the promotion reaches every market source at the peak moment.
All sales channels both on and offline can achieve this distinction. Business intelligence carefully examines each booking, as long as the hotel has a logbook so as to compare data from these systems.
3) Reservation speed controlled (monitoring) preventing periods of greater or lesser activity, in relation to point two, as it can show the optimal time to raise or lower room rates. At the same time, it analises the figures and impacts so as to see which campaigns or offers recorded higher results. Ultimately, its effectiveness.
Business intelligence is present in hotels day to day business even though it is still a reality that needs exploring. According to the article, BI integration will increase in the near future so it should be taken into account, as hoteliers and guests take advantage of its benefits. Definitely a win-win model in the making.