“Business intelligence analytics is like a compass for navigating the complex landscape of data, guiding us towards the insights that drive strategic decisions and fuel business growth.”
– Shree Shambav
Our BI and Analytics engine solution – will greatly assist the hospitality industry. To the targeted campaign, having the right blend of promotions, deriving a personalised product to customers’ needs, overcoming the difficulty in sales forecasting, optimising the pricing strategy for the right product mix, and finding out the missing target on the number of inventory that should have been pre-bought.
Because 20-30% of hotel inquiries come from mobile devices, upgrading to the next generation of mobile-friendly systems will be more difficult. Customers are increasingly engaged in social media, making it more difficult for hoteliers to manage their brand reputation, customer sentiment, and resolve issues proactively.
Customers’ expectations of a personalized experience, environment-friendly stay and need for actionable insights are becoming more important than ever.
Does Business intelligence and analytics play a key role in addressing many issues in Hospitality Industry?
It’s time for hoteliers to rely on actionable analytics, rich dynamic content, robust backend operational systems, and social media engagements with the help of the right kind of KPIs like REVPAR, TREVPEC, GOPPAR, REVPAM, REVPASH, ADR, and others to create disproportionate business values, expand geographically, and deliver a memorable experience to the end customer by relying on actionable analytics, rich dynamic content, robust backend operational systems, and social media engagements.
Industry can be sliced and diced into Café, Clubs, Hotels, Restaurant, so on. KPI’s – can be further classified into Occupancy, Performance, Financial Stability, Operational Measures, Staff effectiveness, Kitchen Management, Restaurant Management, Bar & Cellar Management, Sales Effectiveness, Market penetration and product penetration.
Hospitality Flow Chart:
Few scenarios that the business intelligence and analytics can solve:
- Business elements that will increase the customer lifetime value
- 360-degree view of the customer to offer them targeted products/campaign promotions/discount offers
- Identify parameters that will contribute to increasing conversion on all distribution channels (Web, Mobile, Social Media, Agency, Call centre)
- Real-time dashboard – Products viewed/sold, payment failures, agency performance
- Composite – Based on market/competitors pricing trend
- Ability to derive product pricing depending on historical data
- Spending Pattern – to acquire a new customer by demography
- Forecast Customer – to take actionable decisions in terms of resource planning, yield management.
- Marketing strategy – by understanding the campaign responsiveness among customers.
- Identify customers who are more prone to cancel their bookings.
- Identify reasons why customers are cancelling their bookings.
- Customers’ buying patterns to offer them more personalized products.
- Offer differentiated customer experience by providing them targeted loyalty program.
High Level Architecture:
- Current Challenges – Hospitality Industries:
2.Proposed Architecture to govern the existing challenges:
To summarise, with the right set of reports and analytics, the ability to generate an ad-hoc report with/without technical knowledge. With a single source of truth and high data quality, business industries can create a differentiated customer experience, optimised cost, right pricing strategy, optimised product mix, and thus increase revenue.
“All human beings have eternal life. No matter how strongly intellectuals may reject the idea, our souls are eternal; we are beings living in an eternal chain that consists of past, present and future.”
Follow My Blog
Get new content delivered directly to your inbox.