Top 10 Benefits of a Business Intelligence Software Solution
By Tina Stehle Senior Vice President & General Manager, Agilysys Hospitality Solutions Group | January 27, 2012
As the old saying goes, 'You don't know what you don't know.' Yet, hotel managers around the world make critical business decisions every day based on limited information. Some rely on reports produced by their IT departments; others on assumptions or 'gut' feeling.
The problem with IT reports is that the picture they portray is sometimes misleading. As a result, decisions based solely on spreadsheets aren't always right. On the other hand, decisions based on hunches aren't driven by data at all. Instead, they are grounded in intuition, which may or may not be correct. Over time, this kind of decision-making can lead to frustration, decreased productivity and, worse, revenue losses.
Hoteliers that want to prosper in today's economic environment are increasingly turning to business intelligence applications that enable them to assess risks and make more informed decisions. Business intelligence solutions help you to gather, analyze and leverage a wide variety of data in order to gain a competitive edge and increase your visibility in a crowded market. Fortunately, business intelligence technology is not only more affordable today than it was in the past but also easier to implement.
There are dozens of benefits to incorporating a business intelligence solution into your daily business operations - from helping reduce costs to improving guest satisfaction. While many of these benefits are clearly measurable, some of the more intangible ones, such as improved decision making, can give your hotel a big advantage over its competitors. Following are the top 10 benefits of incorporating a business intelligence solution into your everyday operations.
1. Easy access to the data
For years, hotels have gathered transactional data from numerous software systems and compiled it in an effort to improve their business processes. However, as these rich data resources have grown, the task of managing, evaluating and processing the data has become more burdensome. A business intelligence solution can collect information from multiple and often disparate systems as well as from various geographic locations within an organization and consolidate it into a single and integrated portal, making it easy for managers to access all the data for comprehensive reporting, auditing and predictive analysis.