Strathmore University
How can we make “big data” in the hotel industry not just a buzzword, but a concept that will bring real benefit to hotel enterprises? Data analytics can be used in numerous different ways in order to improve business operations, marketing strategies, staffing needs, occupancy rates, and yield. Hospitality firms generate enormous amounts of data and should not only leverage it to understand their current performance (i.e. business intelligence) but also – and most importantly – to generate prescriptive analytics to orientate their strategy.
In this age, having the whole hotel ecosystem MUST have a proper understanding of data, and connect all data sources effectively. This is paramount in generating competitive advantage, providing superior customer value and being on top of the curve. The modern hotelier must learn how to use Data (internal and external) to base their decisions on real insights rather than on rumors and feelings.
In the next couple of years, hospitality businesses will use artificial intelligence (AI) and data science to evaluate their performance and provide an innovative guest experience.
So, you the modern hotelier, do not be afraid of data. Data is everywhere and can make your hospitality firm more competitive. |