Better strategy. Better operations. Better customer experiences.
The proliferation of data and powerful computing technologies to crunch the data are propelling analytics to a prominent role in business. Data becomes valuable only after it’s shaped into insights, and when those insights help in the key decision processes and translate to better outcomes.
Using analytics in hospitality is more than a technology capability with a return on investment. It’s a transformational phenomenon that provides the right hotel market analysis and will fundamentally change how businesses are conducted and decisions are taken.
Analytics in hospitality: Driving actionable insights
Data Analytics capabilities provide a framework to collect and optimize large datasets, baseline and improve performance, understand how and why unique events occur, and simulate the impact of changes. Potential benefits and applications in the travel and hospitality industry include:
- Design and deployment of optimal promotional campaigns
- Development of customer-level understanding and “predictive personalization”
- Identification of key drivers for revenue management and oversell opportunities
- Understanding your visitors and guests so to optimise your offerings, maximise revenue and drive greater loyalty
Analytics in hospitality industry helps hoteliers use the captured data to go beyond traditional loyalty programs and deepen their knowledge of guests. It developed a granular understanding of segment behavior, needs and expectations; identify profitable customer segments and buying preferences; and recognize opportunities to attract new guests.
Kudwi recommends hoteliers to simplify their approach by focusing on the use of analytics in three key areas:
- Examine decision factors that attract a specific customer type to a hotel—enabling hoteliers to better develop targeted offers.
- Leverage past purchase behavior and preferences to present appealing on-property offers.
- Capture and evaluate property data to identify areas of operational improvement.