Analytics tools in Hotel industry
In today’s world, data is used in an immense way within several organisations whether it is medical, information technology or any corporation.
The hotel's analytics tool is making the future of the hotel industry and can serve to seriously enhance the day-to-day running of hotel progress across the world. Before data was a thing, people used to take business decisions based on the news and a general consensus of the managers.
Now, everything is different. Even for taking a small decision, such as find a suitable hotel to book a room, people refer to data and analytics before making a decision.
Data, being the highest commodity in today’s world, businesses don’t want to risk anything especially when you have the ability to both anticipate and reciprocate over things.
All this data is an incredibly valuable resource just waiting for us to make better use of it. Let’s look at hotel management for example. Worldwide, the most common tool for hotel analytics in Excel, meaning General Managers or Revenue Managers can sometimes spend hours manually managing data and analytics within Excel.
We have the list of rooms booked on each day of the year, a number of visitors on each day, peak hours of the hotels, ( say you split the day into the early morning, morning, noon, early evening, evening, night and late night) and a bunch of other information. Now based on all this we can figure out which rooms and which category of rooms book at what time of the day and so on. Say we also split it into seasons, we can also figure out what type of rooms book during which seasons. Alternatively, we can also find out which rooms booked more/ or very less.
Data Analytics has a key role in improving your business. Hoteliers must also be able to react to market changes quickly and efficiently. Sounds difficult? Here are 4 main factors which signify the need for Data Analytics:
Gather Hidden Insights — Hidden insights from data are gathered and then analyzed with respect to business requirements.
Generate Reports — Reports are generated from the data and are passed on to the respective teams and individuals to deal with further actions for a high rise in business.
Perform Market Analysis — Market Analysis can be performed to understand the strengths and weaknesses of competitors.
Improve Business Requirement — Analysis of Data allows improving Business to customer requirements and experience.
What is the purpose of Analytic Tools?
The purpose of data analytics in simple word is Identify revenue or cost-saving opportunities. Analytics are only able to establish what an eCommerce company should do to lead the trend; making decisions is up to the operational board.
It provides an overview and summary of the existing state of the world. For example: what is the average age of our customers? How much do they spend, on average, each time they buy? What is the distribution of amounts spent? & many more data. It refers to fitting a given model to the data, so that future predictions about the data can be made using the model used, or more specific questions can be answered about the data using the model. These predictions and questions allow the company to make future policies to increase their customer base and sales. You need extensive knowledge of Statistics, Machine Languages and Business Management to deal with and know more about Data Analytics. It’s still in a nascent stage in our country but it’s rapidly becoming popular.
What are the benefits of data analytics?
To put it simply — it makes you see things that give you a tactical/strategic advantage over the competition.
In this above picture, it clearly mentions why analytics used for and how we can use in our business. Why did it happen?” it takes a deeper look at data attempt to understand the causes and you will also have an opportunity to go one step further in creating unique and personalized experiences for every single customer based on user historical data and behaviour.
Not only hotel insight, but data analytics can also help any organization to find their KPI. Talk to us for better strategies for analytic implementation Advance full-stack Analytical service Which has :
- In-built Data Hub & Enterprise Data Warehouse (EDW/LDW)
- Accelerators to ERP Systems (SAP, Oracle, Infor, JD Edwards etc.)
- Advanced Analytics: AI/ML models, Event-driven & IoT Streaming connectors.
- Managed Services — End to End implementation of BI, from ETL to building data models to dashboards.
