How various kinds of analytics are revamping the hotel industry?

Hoteliers are making so many changes for revamping the hotel industry after the sudden halt they face in the pandemic.

Many advanced technologies also surface in the market to tackle the challenges of Covid-19.

Nowadays, everything is going digital so neglecting technology will harm them if they are not keeping up with them.

Hence, they have to keep up with the advanced technologies and the way they are impacting revenue inflow.

By using analytics, better forecasting is possible as hoteliers can efficiently use data.

Because, by using it hoteliers can easily analyze and predict revenue and understand guests requirements.

Moreover, they will know the reason behind the outcomes ( i.e., rise and fall of revenues) so they can make better decisions.

For instance, which technology to install in the hotel.

Let’s have a look into the three types of analytics which will benefit the hotel industry.

Predictive analysis

Predictive analysis uses customer data to deliver personalized experiences. Giving personalized experiences to guests makes them feel special.

For operating a hotel, guests happiness is the most important aspect and considering it we can say leveraging on predictive analysis is mandatory.

Predictive analytics gathers information from a variety of sources.

Including conventional statistics as well as newer ones such as social media and online reviews.

Reasons to combine this data with big data for revamping the hotel industry:

Pricing on basis of Real-time demand

We cannot charge the same old price, it has to be adapted according to the shifts in demand.

Shifts in demand cause due to pandemic, whether, expenses, peak and off-peak seasons.

Hence, utilizing open pricing is essential.

Room prices are determined individually depending on different customer segments and for each booking date with open pricing.

Cost-saving

When the occupancy of the hotel is low so it is not feasible to call staffs and ask them to work from the hotel.

You can also give a few days leave to some employees and assign tasks to the remaining ones to save cost.

Especially, when the funds and cash flows are not sufficient for the majority of hotels in this time of the pandemic.

Here comes predictive analysis for your rescue.

It can tell you how many housekeeping, service, and front desk personnel you’ll require daily.

Personalized messages or services to guests

As I have already mentioned above, with predictive analysis solutions it is possible.

It can combine its booking channel with learning models to deliver a degree of precision that can pinpoint the sort of service that each customer desires.

Big data Analytics

Big data comprises a huge volume of data that helps in strategic decision making.

After going through these data you can explore various opportunities for expansion and growth, cut-cost and be more productive in less time.

Hoteliers may utilize Big Data technologies to gain access to critical datasets.

To better their operations, target more efficiently, enhancing the customer experience.

When the guests feel special and welcome in your hotel they will become your long term customers.

Ultimately, it will improve the brand value and increase revenue.

Here are a few ways in which big data analytics are revamping the hotel industry

Management of profit

In your hotel, you can deliver customer-specific room rates to your customers by using Big Data.

Hotels may utilize big data to help them with revenue management strategies.

By combining data they collect from customers with information available online.

This way, hotels better predict levels of demand for hotel rooms and gives them a good understanding of the best price-value combination for their guests.

After big data has been effectively used to forecast demand, hoteliers can adjust room prices to maximize revenue and profit.

Easily target market

Big data enables hospitality marketers to micro-target customers based on a thorough understanding of their preferences.

This enables marketers to build more focused segments for whom special offers and promotions can be offered.

In short, this is a fantastic opportunity for hospitality marketers to target the right customers with the right advertising in the places they want to see it.

Social media sharing

Social media is accessible across the globe making it the most powerful digital media tools for engaging and connecting with audiences.

Hence, hoteliers can use it to provide information about their services and products.

This way they can showcase their hotel, its amenities and other facilities.

There is a high probability of customers raising their doubts, complaints and issues there, which needs to be handle with care.

Inventory management

Hotels may use data analytics to keep a close eye on supplies and detect current consumption trends over time.

This, in turn, aids in inventory balancing, ensuring that hotels do not run out of goods or have an excess of them at any one moment.

In addition, effective inventory management aids in the implementation of hotel pricing plans.

Human Resource Analytics

HR analytics is paving the way for hotels to make better personnel, management, and recruiting decisions.

It is the process of applying analytics in the human resource department to improve employee performance and get a high return on investments.

It is important because the quality of customer service and employee responsiveness has a direct impact on the image and reputation of hotels.

Reasons for using data analytics in human resource department for revamping the hotel industry:

• It making the hiring process simpler
• Improve employee experience
• Retain them in your hotel.
• Helps in gaining the trust of employees which motivates them to conduct their best.

Hence, taking care of it is crucial to remain ahead in the competition.

This information is gathered from a variety of sources within the company.

It includes employee surveys, databases, attendance records, promotion histories, personality data and more.

Conclusion

From the above we can find out the three types of analytics operating in hotel industry, what they mean.

And how they are revamping the hotel with their numerous benefits.

Thus, every hotelier must be aware of the importance of analytics if they don’t want to loose any opportunity to better their performance.

Consequently, it leads to better return on investments.

Please share views in the comment box.

If you want to learn about the functionality of QloApps then you can visit this link: QLO Reservation System – Free Open-Source Hotel Booking & Reservation System

In case of any query, issue or requirement please feel free to raise it on QloApps Forum