In this modern age, we have data all around us. I must say we are living in an era of information pollution. It has become very important for our business to segregate useful data. And use this data for the benefit if our business to the full extent.
From 5 billion gigabytes data from the beginning of time to 2003 to the same amount of data in every two years in 2011, we came along a long way.
Today we create 2.5 quintillion bytes of data per day. We have created 90% of the total data we have today in just past two years.
Ergo, every organization has started to feel the importance of Business Intelligence.
BI is the set of strategies that are used to turn collected data into insights which helps in taking business decisions. I would like to quote Wikipedia here
Business intelligence (BI) comprises the strategies and technologies used by enterprises for the data analysis of business information. BI technologies provide historical, current and predictive views of business operations.
Why Hotels need Business Intelligence
Hotel Industry is one of the maximum data-gathering industry. And, its clients are willing to give their data to get more personalized experience.
So there are many ways in which BI can serve the Hotel Industry.
Distribution of hotel inventories is one of the major challenges to the hoteliers. A misfire in the distribution strategy directly hurts the revenue.
Hotel inventories are distributed through many channels like hotel native website, different OTAs, and direct walk-ins.
If hotels allot maximum inventories to OTAs then they can end up in giving a lot of commission and if they keep maximum for direct booking then they can face underbooking.
Furthermore, when assigning inventories to OTAs then how much should be assigned to each of the OTA is also a question.
BI can easily answer these questions.
How do you know the rate you are offering to your guests is the best possible rate?
It can be possible that you have overvalued your services and because of that, your occupancy is suffering. And it can also be possible that you have under-valued your services and ultimately hurting your revenue.
Also, in different seasons you need to alter your rates according to the demand in that particular season.
Again, BI can help you here.
Gather historical data, analyze it with BI tools and get insight into how you should manage your pricing.
Analyzing which of your services your guests like is also an important aspect of your Hotel Business. There can be a service on which you are investing a handsome amount and the guests are not liking it as much as you thought. And there can be a service which the guests like and you need to invest more in it.
Also, the choices of the guests vary with season. Hence, there is a clear need for understanding and predicting the guest’s behavior where BI can help you.
Furthermore, as a hotelier, you also need to run loyalty programmes as loyal customers the fuel of your business. For this again you need to again understand the behavior of your guests.
As it is evident that there is an obvious need for Business Intelligence in the hospitality industry.
The hotels have always coped up with the changing scenarios of the technological trends.
Whether we talk about small screen revolution or AI and IoT, every time hoteliers have welcomed the technology.
And that is the reason why this industry is one of the fastest growing industry in the world.
We aspire to serve the hotel industry with our product QloApps and that process we have taken a step forward by launching the QloApps Forum. So please raise any of your issue on our Forum.
For any kind of technical assistance, just raise a ticket.