In this modern century, hotels that remain unsuccessful to install new technological rising are most likely to fail in their course of development. Business across the world has realized that for constant growth and revenue, modern technologies are required. This is no get away fact that technology is not self-sustaining and needs continuous application and development to come into service. Similarly, in the current era, the businesses need to implement new technologies and strategies in order to sustain. Particularly in case of hotel businesses, data processing plays a similar role.
Data processing in hotels
Many hotels lag behind when it comes to data processing. The hotel industry in recent years has seen its profits lessening as the result of higher operating costs. Simultaneously, the development and manufacture of more efficient data processing equipment had been observed. Most hotels process their data on how each room attracts their price. In fact, many hotels are providing information’s like weather forecast, recent local events etc. to attract the guests checking in.
The major data processing is focused on marketing by the means of social media advertising, E-mails and to prepare an actionable reporting and analytical insight that can provide a competition between other Hotels. Hotel industry is yet another Industry which requires effective decision making with the help of data analytics. Huge volumes of data is captured in the hotel industry, which can be put to better use if they are comprehended and used for the purpose of making decisions.
Carrying out operations in data and executing in a short period of time is quiet easy now. The overall goal of data analysis is to track the patterns and to make the accurate predictions for you. With proper infrastructure to attain the data, the benefits of data analytics are endless. In turn, you can plan and strategize towards your ultimate goal. With the right application, hotels can use your data in many ways to make bright plans and make the most of it.
Hotel information that needs to be harvested
1. Customer data
All guests are not equal. Some spend more, some stay longer, many have higher expectations etc. Blanket campaigns that don’t delve deep enough into data won’t get the good response hotel wants and could even turn guests off to visit them again, if they feel like the hotel has not put any effort into getting to know them. There are many ways to collect data and make the good of it.
2. Market research data
The hotel could examine its current business customer data’s and once again could establish new and unique group of business customers. Data doesn’t have to be used for tracking the number of guests or how to treat them it can also be used in many ways. Energy Consumption is the most common issue in management. They can track energy consumption and reduce the consumption costs more significantly by using it more efficiently, without sacrificing the comfort of guests.
3. Demand and Supply data
In today’s marketing, many are implementing these processing and applying for their own good. There’s no shortage of data, the only limit is in the unique thinking behind marketing and price strategies. Predicting the demand can help the hotels make informed changes in prices , this could increase their profit. Many hotels still change the prices manually and act a little based on the data and undergo losses.
4. Industry data
With data, hotels can forecast various seasonal events that affect occupancy, understand when to decrease rates just enough so they can fill their rooms at the highest possible price, and even understand to predict cancellation rates when needed. Ultimately, the accurate data can be turned to big profits allowing hotels widen their margins across the globe.
5. Consumer behavior data
Information is out there on the internet and many customers are making a decision based on it. Customers analyze the reviews, price and other relevant parameters to select a hotel. Hotels that are constantly looking for data and working on them to prepare better marketing mix and other branding activities will have higher sales.
Making decisions based on the data
Data gives the hoteliers the opportunity to anticipate guest’s needs and requirements. Now with all the information available, hotels need to identify how that information can be used for improving sales.
The information stored offers the hoteliers the possibility to anticipate visitor’s needs and requirements. With the help of DA, processing each visitor’s statistics in facts analytics will allow an in-depth view of the guests. Therefore DA as permitted the hotels to customize various deals and provide them with better stay options.
Hotels can improve on few important aspects with the help of DA, they are
1. Customer relationship program
An effective Customer Relationship Program can be coordinated with the advanced data mining programs. The program understands customer preferences and devises many deals and retention programs for such customers. Having a Signature item for example, will lead a driver of improved relations while providing a product that customers do not perceive as having an equivalent elsewhere.
2. Yield Management
Yield management is not new to this hotel industry and has been followed for many years. Providing distinctive quotes to unique visitors was a practice in the hotel industry, due to cost management. Hotels can customize visitor experience even before arriving and make the customer feel special to arrive at their hotel. If a hotel has understood the customer data successfully and effectively, a clever note would be to send a custom designed pre-arrival e-mail with available deals. In the long run, DA helps them to perceive visitors in a different way.
Ultimately, data helps hotels to identify patterns in guest activity, provide them to understand their guests a little more which will lead them into a more profitable business. Lastly, this fused with efficiency in the human resource segment and management can do wonders, for which a number of tangible instances are already present. Business is growing and it is essential for the owners/operators to grow with the trend as well. Data isn’t something that can produce the results instantly, but when they are properly managed and analyzed the results can be magical.