Capitalizing on Data and Analytics to Maximize Your Booking Revenues

By Gino Engels Co-Founder, OTA Insight | May 27, 2018

With more diverse players joining the hospitality industry and making the market increasingly competitive, it's as important as ever to effectively use the tools available today and embrace new technological developments to stay ahead of the competition.

A by-product of the recent technology boom is the change in the way data can be collected, analyzed and used for decision-making. While this was very expensive and time-consuming in the past, today many solutions make it cheaper and increasingly efficient, even for smaller companies with limited resources.

This is why - in today's fast-growing and ever-changing distribution landscape, paying attention to data has become one of the best ways hoteliers can leverage technology, gain a competitive edge in their market and increase revenues.

Data and Analytics Reshape the Online Booking Landscape

The author of Sherlock Holmes is quoted as saying that "it is a capital mistake to theorize before one has data." While this is true in all areas of life, hotels in particular should heed the famous writer's advice.

In the spirit of Sir Conan Doyle's words, every successful business learns from past campaigns and applies this knowledge to upcoming initiatives. By using historical data to predict the future, companies strive to anticipate trends and better serve their target audience with the ultimate goal of boosting their bottom line.

Choose a Social Network!

The social network you are looking for is not available.

Close

Hotel Newswire Headlines Feed  

Coming up in May 2019...

Eco-Friendly Practices: Corporate Social Responsibility

The hotel industry has undertaken a long-term effort to build more responsible and socially conscious businesses. What began with small efforts to reduce waste - such as paperless checkouts and refillable soap dispensers - has evolved into an international movement toward implementing sustainable development practices. In addition to establishing themselves as good corporate citizens, adopting eco-friendly practices is sound business for hotels. According to a recent report from Deloitte, 95% of business travelers believe the hotel industry should be undertaking “green” initiatives, and Millennials are twice as likely to support brands with strong management of environmental and social issues. Given these conclusions, hotels are continuing to innovate in the areas of environmental sustainability. For example, one leading hotel chain has designed special elevators that collect kinetic energy from the moving lift and in the process, they have reduced their energy consumption by 50%  over conventional elevators. Also, they installed an advanced air conditioning system which employs a magnetic mechanical system that makes them more energy efficient. Other hotels are installing Intelligent Building Systems which monitor and control temperatures in rooms, common areas and swimming pools, as well as ventilation and cold water systems. Some hotels are installing Electric Vehicle charging stations, planting rooftop gardens, implementing stringent recycling programs, and insisting on the use of biodegradable materials. Another trend is the creation of Green Teams within a hotel's operation that are tasked to implement earth-friendly practices and manage budgets for green projects. Some hotels have even gone so far as to curtail or eliminate room service, believing that keeping the kitchen open 24/7 isn't terribly sustainable. The May issue of the Hotel Business Review will document what some hotels are doing to integrate sustainable practices into their operations and how they are benefiting from them.