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HOSP1080 Technology in the Tourism and Hospitality Industry (Russell): Business Intelligence Tools

Business Intelligence

BI can help hotel owners understand guest-related trends, such as how they make their reservations and what room types they tend to book, as well as how and where they're spending money.

Customer data can be organized by market segments, and broken out by geography, demographics, lead time, and more.

You can also better manage distribution channels, using analytics to determine whether, for instance, the return on value from a specific OTA channel is worth the investment.

Speed and accuracy are critical factors for profit optimization. Accelerate revenue growth by understanding who your most valuable guests are, then integrating customer lifetime value data into inventory-related pricing decisions.

Identify market segments that are underperforming - all the way down to the rate code level. And spot upcoming issues that may affect the pace, allowing you to take corrective action before they occur.

 

Cloud-based systems provide mobile access, anywhere in the world, at any time. Managers can view key performance metrics such as P&L, budget variances, demand forecasts, revenue, occupancy, and pace reports in real time, as well as more advanced metrics, such as revenue per guest, and revenue per source market. 

Operations & Staffing

 

Today's travelers expect highly personalized experiences, leading to greater loyalty and increased revenue - with 40 percent of U.S. consumers saying they purchased something more expensive than they planned to because of personalized service. This information can then be utilized for upselling and customizing a guest's stay. 

Sales 

Group business is pacing up this year, and it's an important niche for many hotels and resorts. However, group sales must coincide with marketing for transient business. When used in conjunction with a group revenue management tool, BI can provide real-time revenue breakdowns and cost analysis of past and on the books room nights and revenue, helping you optimize group pricing for each piece of business and streamline the complex process of group business management.

Marketing

BI will also allow you to create more intelligent marketing campaigns. You can perform in-depth analysis of guest spend patterns, booking patterns, production by selling channel and room type - valuable information that helps your marketing team design campaigns that will achieve the highest conversions.

You can use booking pace to determine need periods. And by analyzing geographic source markets in combination with lead times you can more effectively time your seasonal promotions.

In addition, loyalty programs can be very effective, but they can be extremely expensive due to the rewards being offered. BI allows hotels to evaluate the cost of rewards in conjunction with loyalty member purchase history, allowing decision-makers to select rewards with the greatest ROI.

Source: hospitalitynet.org

Business Intelligence Tools

  • HotelIQ

  • M3 Operations Management

  • OTA Insight

  • Scoreboard by Duetto

  • Juyo Analytics

  • Pegasus Distribution Analytics

  • Broadvine

Source: hoteltechreport.com