Hotel industry is another industry where effective use of big data analytics can change dramatically the way a business is running. It can prove as another data rich industry where huge volumes of data can act as a business source.
However, what is disappointing is the fact that most hotel data remains an underused and under-appreciated asset. For example, hotels capture loyalty info about customers to attain some business value. But they lack proper knowledge and tools to consistently view and take action.
Thus, to achieve a winning edge, hotels have to learn the way of exploring analytics field by deepening their knowledge on guests in order to develop a more granular understanding of segment behavior, needs and expectations to identify new opportunities to attract new guests.
In recent times, Mobile apps have turned as convenient resources for customers who are booking hotels, as they offer the privilege of compare prices and incentives. For this reason, hotels are citing mobile apps as mediums offering strong business opportunities. However, they offer best business opportunities when they are developed on a correct note.
Hotels can use analytics on data gained from booking trends, behavior and other factors of customers in order to reveal their likelihood to respond to promotions and emerging travel trends. Here, understanding guest preferences is vital for hoteliers for increasing brand loyalty and wallet share for their most valuable guests
With the help of analytics, analysts can help hoteliers figure out why things are happening, show what will happen next or even lead you to the best alternative action considering all of your operating constraints. This gives a proactive decision making opportunity to hoteliers, rather than a reactive clause for forecasting and optimization. Thus, it helps gain advantage over the competition, increase value to shareholders, and continue to surprise and delight their guests.
For instance, you can take yield management which is nothing but providing different rates to different customers. Big data offers hotels the possibility to take revenue management a giant leap forward and start offering truly personalized prices and rooms to guests. Here, the massive growth in booking websites, hotel review websites such as Tripdvisor and Trivago and the ever growing list of social media networks offer a lot of potential for analytics driven business opportunities. Combined with hotel’s own CRM systems and/or loyalty programs there is a lot of data that can be used to optimize revenue management.
From hotel operations point of view, big data analytics can also offer many different solutions. It can be used to reduce energy bills- want to know how? By correlating data from 50 different sources, including electricity rates, weather data and a building energy consumption, two international hotels in San Francisco managed to reduce their energy costs by 10-15%. They created detailed energy profiles for their buildings and using a predictive algorithm they decided whether to use an on-site battery module or receive power from grid.
Also IT operations analytics can also prove useful in knowing whether booking engine server can go down or a booking engine that is inaccessible could result in lost bookings and therefore lost revenue.
Therefore, when big data analytics is offering you so much business opportunities to explore, why don’t you explore it?
DNF Corporation can help you in getting the best from big data analytics. Hoteliers can just call and start a conversation.