Business intelligence, in the hospitality businesses can translate data in to readable analytics and support the management team in the decision making processes that boost sales and increase revenue. In fact, many companies in this sector have been using BI to not only increase sales but also improve ADR’s and take use special offers to fill low periods and attract groups and mice business. But you have to wonder, how can you do that and take your business to the next level? Here are some tips to get you started.
With help from Business Intelligence you can understand your clients, travel agents and groups historic travel and spending trends. When you can clearly read and understand historic trends, future changes can be anticipated and tackled with changes to your marketing strategy that will target the right offer at the right time. This how many hotels are manage to keep high occupancy rates even in low booking periods, they offer great deals to deliver a stellar experience at the right moment.
Many Hotels and Resorts rely heavily on events and group visits, this is especially true during low season when their seasonal clientele has a dip in bookings. Hotels can use business intelligence in this situation because it gives them the ability to forecast allocations and bookings. This helps you plan properly, you can even have a cost analysis and a breakdown of the potential revenue. Knowing the potential return on investment based on what events you might have can really help your business a lot. Business Intelligence can of course help you analyse past MICE business or overcome stopping blocks of other software solutions and merge data from multiple systems such as PMS and POS to create better reporting and analytics.
If you use a business intelligence tool, you will find that it’s a lot easier to understand leisure and spa costs and utilization rates. As a result, you can study the most profitable hours. And once you know that information, you can optimize costs accordingly for the best results. BI will make it easy for you to find which are the least and also the most profitable treatments to ensure that your Spa menu is optimized at its fullest. So either way your hotel will win. And it all comes down to analyzing your currently available data.
How can business intelligence help you here? What you have to keep in mind here is that BI can be great especially for things like establishing a pricing strategy. With business intelligence you can easily access the data you need simply by checking the upcoming trends, viewing the historical data and then adding numerous other verticals and filters according to your needs. Thanks to that you can have a great insight into revenue management and how you can make the most out of your rooms to get the ultimate profit.
Trends change and hindsight is 20/20, this is why most trend changes are found after they happened and when it is too late to apply any remedies and adapt our strategy. This makes many Hoteliers and Hotel Industry managers reach to Hotel Business Intelligence, as it allows them to identify changes as they happen and adapt before it is too late. By comparing historic data on a daily basis, one can easily see changes and make adjustments to avoid loss of revenue due to unforeseen trends.
With help from business intelligence you can easily analyze and then optimize everything related to your hospitality business. A great BI tool can help you connect to all the data sources, it will also combine historical and new data in order to help you identify the right direction for your business. Use business intelligence right, and you can get an amazing return on investment.