Business Intelligence (BI) - first of all it is a huge buzzword used for a huge amount of things which are not BI at all. For our understanding it is a dynamic tool that lets you extract data, convert it into information which will give you the understanding you need to make intelligent business decisions.
With a BI tool you have to be able to drill down, rearrange, and change the model to answer these questions:
- What happens if?
- How come that?
BI will help you to answer these questions!
- Why did sales increase rapidly in July but did not in June?
- Why are the numbers of returning guests diminishing?
- Why are guests from Europe booking one month in advance instead of two?
- Why did guest satisfaction decrease lately for guests staying just one night?
What´s in for you?
The main benefit is - it will provide your hotel with Speed to Act! You will be able to identify and respond to the market, economic, competitive, and financial environment. It gives you an agility that can become a unique competitive advantage as hotels and hotel chains often struggle to compete in a constantly changing market.
Reduce your commissions
- Convert individual guests
- Approach company accounts
- Optimize across all properties
Increase your RevPAR
- Price your rooms based on real pick-up
- Optimize your revenue management
Create better marketing campaigns
- Increase marketing campaign success
- Make relevant targets visible
Control your business
- Measure against your budget
- Run improvement projects
- Benchmark multiple properties
Lots of PMS, CRS or other hotel management products include a set of hard-coded reports. But some, such as hetras include a business intelligence tool that lets hoteliers create, modify, manipulate and compare data and statistics. Get our WHY questions answered!
Reporting can just provide a static information. This can be the kind of reports you might view daily, weekly or monthly in your hotel. Make sure that your Dashboard is suitable for your needs. Typical reports would be:
- Managers’ report
- Transaction journal
- Monthly accounting report
I am sure you know pretty much why you still need this kind of reports. We all do! But I would like to point out that it is vital also to use a BI tool on a regular base.
Business intelligence is a technology-driven process for analyzing data and presenting actionable information to help users make more informed business decisions on base of the analyzed data. The potential benefits of business intelligence tools include accelerating and improving decision making, optimizing internal business processes, increasing operational efficiency, driving new revenues, and gaining competitive advantages over the competitors.
BI tools will help you to identify the latest market trends and spot internal problems that need to be addressed
Read more about hetras´ BI Smart Analytics and how it will help your hotel!