October 4, 2023
The importance of comprehensive business intelligence cannot be overstated.
In the hospitality industry, every piece of data can help you thrive, but you must have the right tools to garner that data in the first place.
With Solonis, you’ll have all the business intelligence tools to gather important data, improve your operations, and exceed marketing objectives through comprehensive reports.
Here are the four best business intelligence reports you can create in Solonis for visibility into information you need to generate more occupancy, operational efficiency, and revenue.
4 Business Intelligence Reports Available with Solonis
1. Occupancy Report
Understanding your exact occupancy rate and the income generated per reservation is crucial to developing a pricing strategy that will generate revenue.
The Occupancy Report is an interactive report offering a statistical analysis of operational revenue and occupancy for any chosen period.
The following details are tracked and detailed in this business intelligence report:
- Gross Revenue
- Total current occupancy
- The average length of stay (LOS)
- The value of taxes on reservations that go toward calculating the occupancy percentage
2. Forecasting Report
In this industry, foresight of trends, guest behavior, and industry shifts are vital to sustaining a successful business. With advanced forecasting reports, you can leverage historical data and trends to better predict demand and make business decisions.
The Solonis Forecast Report estimates future operational revenue and occupancy statistics to help you make data-driven decisions for budgeting, pricing, and improvements to the guest experience. With this information, you can better predict what you’ll need to meet guest expectations and position your business to maximize staff efficiency, service offerings, and industry trends.
Our Forecast Reports will give you business intelligence insight into:
- Average room rate
- Occupied nights
- Occupancy percentage
- Revenue from accommodation
With insights like this, you’ll have a deeper understanding of booking behavior and what rates guests are willing to pay to help you refine your pricing strategy. With readily available access to the information you need, you can evaluate if your business is on the right track or if it needs to make changes to improve your bottom line.
3. Marketing Report
Understanding marketing strategy performance in greater detail can help you make precise, data-driven decisions to maximize your return on investment (ROI). Having this information in the form of routine reports can help you monitor important KPIs, the growth of your business, channel performances, and more. This will empower you with the data you need to improve your bottom line, such as establishing competitive pricing on specific channels.
With the Solonis Marketing Report, you can view average rates and efficacy of those rates for online travel agencies and other booking channels.
This top business intelligence report includes insight into:
- Total nights reserved for the chosen timeframe
- All reservations made for that period
- Budget cost and expenditures used
With this information in the form of a report, you can improve your overall marketing efforts and decisions in an easily shareable format.
4. Night Audit
Financial management can be complicated and overwhelming for property managers. With robust accounting reports, Solonis takes the complexity out of managing income, cash flow, expenses, revenue, yield, accounting, and transactions.
The Night Audit Report is an interactive report that provides insight into transactions and accounting movements made on a specified date range. This includes daily, monthly, and yearly summaries of ledgers for accounting and guests, giving you a simplified overview of your financial statistics and expenditures.
5. Reservation Lists and Made/Modified Reports
Keeping tabs on your reservations in every stage of the guest’s journey gives you the insight necessary to accurately report on and improve your occupancy rates. Two interactive reports that enable you to monitor the status of your reservations include:
Reservation Lists. These interactive reports show all reservations with arrival, stay, and departure dates within the chosen date range.
Made/Modified Reports. These reports summarize all reservations made, changed, or canceled during a set period with various filtering options.
With these reports in Solonis, you’ll receive comprehensive reports about every made or canceled reservation. This deep insight will help you understand the health of your business so you can make the right adjustments toward driving more completed reservations and minimizing canceled ones — ultimately boosting your bottom line.
Transform Every Area of Your Business with Solonis
You deserve a property management system (PMS) that improves every area of your business and gives you a competitive edge. With Solonis, you’ll receive cutting-edge business intelligence solutions to give your property the upper hand against competitors.
Discover how Solonis can establish your property as a premier location and lead your business to success with our free guide Operational Excellence in Hospitality: Using PMS to Work Smarter.