What is Hotel Business Intelligence (BI)?
Business Intelligence refers to relevant data – past, present and future, from different sources or hotel systems, that helps hotels to analyze and take meaningful business decision.
In todays’ world, business intelligence plays an important role for hoteliers to improve their revenue in a smart way. It helps hoteliers to draw insights and make better decisions. In-depth BI requires proper tools and investment to help drive a hotel’s revenue. BI plays an even bigger role for hotel chains and groups – where the headquarter is managing multiple properties and need to understand occupancy trends, rates and predictions to be able to define forecasts and budgets accordingly. The different system that a hotel uses to draw upon its BI data include –
- Sales and Distribution
- Market Intelligence
- Accounting, Budget and Forecasting
- Market Reports
- Competitor rate reports
- Occupancy trends
The main benefits from leveraging business intelligence are:
- Effective data management and analysis for clarity in decision making
- Clear directions on daily targets for occupancy and revenue
- Clarity on guest profile, booking journey, preferences and customer loyalty thereby giving scope to hotels for enhancing guest experience
- Plan campaigns and promotions for marketing based on guest data
- BI also helps identify cases of fraud, poor performance in a timely manner
- Multiple Reports available at the click of a button as required
Advanced BI tools are platform-based giving hotels a consolidated view of their business. It allows for multiple systems to be integrated so that they talk to each other to provide relevant data in various formats for easier consumption.
Invest in a smart BI solution to take your hotel business to the next level. To know more about which solutions to opt for, contact us today on firstname.lastname@example.org