Tips on Leveraging Hotel Data to Reach Your Profit Goals
By Paul van Meerendonk Director of Advisory Services, IDeaS Revenue Solutions | January 21, 2018
Data is heralded as the core of intelligent and gainful decision-making. It's been reported that companies at the top of their industry for data-driven decision-making are 5% more productive and 6% more profitable than their competitors
It's safe to say "data" is not on the list of topics nobody is talking about. Data -- what data to use, where to use it, how to use it and when to use it – has been strategically dissected at the corners of nearly every industry discussion to date. Over the years, the pool of data sources hotels utilize within their business strategies has grown exponentially larger. The propagation of its importance within the development of short- and long-term vision and strategic planning has also become more commonplace than in years past.
Innovative breakthroughs in technology and analytics mean organizations continue to see more opportunities to leverage data in meaningful ways. However, the alternative side is the steep volumes of data can be dauntingly large and intricately complex.
Some organizations liken this complex data environment to needing a bigger boat for a sea of data. But when it comes to capitalizing on industry data, size isn't what matters. Organizations that focus on using the right types of data -- with an infrastructure that can effectively leverage it -- can confidently reach ambitious profit goals.
An era of big data requires that critical business information is not just easily accessible, but easily digested and understood. In many organizations, data related to operational forecasting, revenue forecasting and annual budgets are housed in different systems and accessed by different departments. This disconnect between both systems and departments can inevitably lead to inefficiencies and manual errors.
Establishing the Ideal Mix of Data