Hotels are now coming to grips with the importance of big data and the several ways in which analytics can help them to generate more revenue and deliver a finer guest experience.
Digitization in Hotels: Still straddling the fence?
“Digital transformation” is just another voguish phrase that is used nowadays, much like “robots” and “artificial intelligence.” But only a few recognize how it is not just technology, but a transformation.
In the year where we all have been working from our home, ordering food and grocery online, and meeting our doctors on iPads, it is certain how well digital solutions have amplified in these industries. Similarly, the hospitality industry is also expected to return with revamped systems and services, ones that have embraced the digital world.
Big Data in Hospitality Industry
Ever been on a tour where every travel arrangement is exactly how you have preferred it to be? If yes, then you’ve experienced the sophistication of big data in the hospitality industry.
As per the recent Forbes study, more than 53% of the surveyed companies leveraged Big data to strategize their future. Likewise, even some technology-savvy hotels and resorts have been frequently using big data to predict future trends, optimize their operations and understand the competition. It gives them the power to act, based on live metrics and analyses.
Key benefits of big data analytics in the hospitality industry include improved revenue management, inventory management, enhanced guest experience, and streamlined processes.
Harnessing data for a smarter revenue management
Big data and analytics are helping the hospitality industry in revenue management. It assists the senior decision-makers by carrying out multiple analyses (let’s say predictive analysis), to understand the demand in the future, prognosticate which times will be the busiest, and hence prepare accordingly. Examples of the kind of data that may be useful here include past occupancy rates, current bookings on the system, as well as external data, such as information about when school holidays are, or when local events are happening.
Wouldn’t it be great to have the ability to understand exactly when to raise or lower the rates according to the analysis made for the future? Wouldn’t it be beneficial to know which part of the geography brings in more guests in a particular season, in a particular property and what kind of rooms do they prefer?
That is exactly where Saksoft can help. By harnessing the data collected from the guests and providing an unparalleled understanding of their behavior, Saksoft enables the decision-makers to strategize accordingly to maximize revenue and profit.
This is just one example where Saksoft can leverage its expertise in data and analytics for the dashboard, analysis, and reporting needs of the hospitality industry. Most hotels are still heavily dependent on MS Excel for various needs, eg: setting sales targets, update goal metrics, management reporting, etc. Saksoft offers the required technical expertise to design and deliver the necessary metrics as per the hotel’s needs for efficient management of the revenue department.
Enhancing guest experience using Data Analytics
As a guest, imagine being welcomed into your hotel room with your favourite bottle of Chardonnay resting in the ice bucket and the window opening to your preferred view – just as you fancied it the previous time you stayed with them. Data Analytics enables hotels to achieve this customized service. It identifies the hidden pattern in the collected data about the guest’s past preferences and helps the hotel to provide a personalized experience to its guest.
Additionally, analytics also enables a hotel to identify guests with higher customer lifetime value and offer service recommendations to them accordingly. For example, a family on a holiday, spending plenty of dollars on fine dining, casino, activities, spa treatments, etc. is unlikely to happen frequently. Whereas someone like a frugal businessman who checks in and checks out with minimum fuss, spends very little on extra services, and might potentially return frequently if all his needs are met, will have a higher lifetime value.
Saksoft’s proficiency in leveraging data and analytics not only streamlines the operations for the hospitality industry, but it also saves time and efforts, enables them to implement better hotel pricing strategies, offers smooth customer interaction which thereby increases guest loyalty and captures a sustained competitive edge.