Whether a small or large hotel or hotel chain, hotel business intelligence tools can help you understand your data and achieve the performance you want.
Hospitality is a complex, competitive and fast-paced environment where everything changes continuously.
Today travelers have many options and many channels to book their holiday from, there are many segments, many offerings, packages and services available to potential guests.
Hotels must continuously adapt to remain successful and competitive.
They have to constantly monitor and review performance to be able to adjust their strategy and react fast.
Up-to-date and fast knowledge from hotel data analysis is key to help them act proactively and achieve their targets.
But in many hotels this is not the case as they might be spending hours or even days manually collecting, combining and organizing data from reports of their key hotel systems and then use tools such as spreadsheets to analyze it.
This is a rather static, manual and repetitive process as it involves a lot of digging through hotel data, report by report and system by system, that not only limits the depth and speed of hotel data analysis but also the ability to plan ahead and act fast and proactively.
On top of that it harms productivity, efficiency and their competitive advantage.
Hotel business intelligence tools are the tools to go for analyzing large volumes of data fast. They can help hoteliers plan ahead, strategize, act proactively and take data-driven decisions to reach their targets.
So let’s see what hotel business intelligence tools are and how they can help you.
What are hotel business intelligence tools?
Business Intelligence tools are types of software that collect data from many data sources (internal and/or external) and bring them in a form (e.g. dashboards) that enables you to do fast and real-time data analysis.
In the case of hotels, these data sources are the key hotel systems (internal data sources) and, for example, the flight demand data (external data sources).
Hotellisense BI hotel analytics platform is an example of a hotel business intelligence tool. It is a business intelligence tool that integrates with key hotel systems and allows hoteliers to do fast and easy hotel data analytics.
Hotellisense integrates with various data sources (such as the hotel PMS, POS, ERP and Payroll systems) and visualizes data on dozens of prebuilt dashboards specially designed for hotels. Hoteliers can then drill down their analysis to great detail with a few clicks.
These user-friendly business intelligence dashboards allow you to analyze your data from different angles, discover trends and patterns at a glance, monitor your hotel KPIs instantly and decide on the corrective actions needed.
Analyzing your data in this way helps you discover not only what is happening (for example, your revenue performance this quarter is much lower than last year or vs your budget) but also why it is happening (is it because of a particular month’s performance? Is it because of the performance of a Travel Agent or a specific guest nationality or segment, a specific room type or a combination of all?). Having such insights fast you can easily take timely, data-driven decisions on where to focus and what to do to fix this.
Hotel business intelligence tools: What information can they give you?
As mentioned above, with hotel business intelligence tools you can perform in-depth analysis of hotel data in real-time and unlock valuable information.
Carrying on with the Hotellisense BI hotel analytics platform example, with Hotellisense you can analyze many KPIs such as ADR, RevPAR, RevPOR, occupancy rate, booking pace, room nights, room revenue, F&B revenue and many others.
You can analyze them in real-time per hotel (if hotel chain), segment, room type, nationality, booking channels and per many more dimensions or any combination of them for both historical, actual and On The Books numbers and compare them to previous years or your budget.
Having this amount of detail with a few clicks you can very quickly discover correlations, trends and patterns in your data, understand your hotel’s strengths and weaknesses, see where your hotel business performance is heading in the future. This will allow you to make targeted decisions to fix things and give you ideas for new things and different planning.
For example, Hotellisense BI hotel analytics platform can help you:
Monitor your hotel performance to always know where you’re heading
Increase your revenue, occupancy and profitability
Build more targeted marketing campaigns with better ROI
Understand your guests and increase F&B and Extras revenue
Control your hotel’s costs and increase your profitability
Of course these are just a few examples. What you can find is limited only by your imagination.
Monitor your hotel performance to always know where you’re heading
Monitor KPIs such as RevPAR, ADR, Room Nights, Revenue (Room, F&B, Extras etc) versus your budget and previous years’ performance on a Year To Date, monthly or on On the Books performance to instantly have an updated view of where you’re heading and drill down your analysis to find where you need to focus any corrective actions you might need to take.
Increase your revenue, occupancy and profitability
Find in seconds valuable information that goes beyond the scope of a key hotel system report.
See where your hotel’s performance is heading in the future, where it performs well and where it needs corrective actions. Analyze and explore your hotel data in real-time, easily and fast and unlock the information that will help you know your hotel and your guests better, your distribution channels, and how your reservations are picking up.
With Hotellisense BI hotel analytics platform you can analyze revenue and reservations (many kpis in many dimensions and/or a combination of dimensions), compare with historical years and your budget in seconds. With this information you can make fast decisions to shape the future performance of your hotel.
Build more targeted marketing campaigns with better ROI
Target specific segments with offers that are more relevant, can make your hotel marketing campaigns more effective, increase your campaigns’ ROI and attract more guests to your hotel.
Control your hotel’s costs and increase your profitability
Get an overview of your hotel expenses, drill down your analysis and get hotel profitability insights that will help you quickly set strategies to control costs.
Understand if you’re on the right track regarding your hotel’s profitability with a detailed analysis of your Gross Profit.
With Hotellisense BI hotel analytics platform you have an overview of revenue, reservations, expenses and profitability in one screen, you can drill down your analysis in many dimensions and compare with historical years and your budget. In this way you can have the big picture of your hotel’s or hotel chain’s performance at a glance and can set strategies fast to control your hotel’s costs.
Understand your guests and increase F&B and Extras revenue
Hotel POS data analytics in real-time gives you actionable insights on where you should focus to increase F&B and extras revenue.
Get a fast and in depth understanding of the spending habits of your guests at your outlets helping you to provide a holistic stay experience.
Hotellisense BI hotel analytics platform can also help you:
Stay up-to-date with reports delivered to your email
Build the report you need in seconds and save a lot of time
Get maximum value as your hotel data analysis needs grow
Stay up-to-date with reports delivered to your email
Even when you cannot access Hotellisense BI hotel analytics platform, you are always on top of things by having the updated reports you need delivered directly to your email daily, weekly or monthly.
Build the report you need in seconds and save a lot of time
With Hotellisense BI hotel analytics platform hotel reporting is fast and easy. You can dynamically build the report you need with a few clicks instead of wasting hours or even days combining data from key hotel systems’ reports.
Get maximum value as your hotel data analysis needs grow
Hotellisense constantly launches new features but as needs grow custom requirements such as custom-made dashboards, changes in the prebuilt dashboards or even integrations with new data sources can be implemented so you can maximize the value you get from the platform.
Conclusion
Hotel business intelligence tools such as Hotellisense BI hotel analytics platform can help you make smarter and more profitable decisions to bring the results that you want and at the same time be much more productive and efficient.
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