January 17, 2023
Successful hotel business strategies are created, tracked, and adjusted based on accurate data analysis. However, manually gathering data or using several different data management tools across multiple channels can be time-consuming and inaccurate. The right business intelligence (BI) framework can help streamline the process so you can make data-driven decisions. Here, we’ll discuss business intelligence solutions to drive your hotel to success in 2023.
What Is Business Intelligence?
TechTarget defines BI as “a technology-driven process for analyzing data and delivering actionable information that helps executives, managers, and workers make informed business decisions.” Although the tools and platforms used during the BI process may vary, the goal is the same: to use technology to gather and organize the data you need.
What are the Advantages of Business Intelligence Solutions?
An all-in-one BI solution can be used to:
- Reduce costs by enabling data-backed budget decisions
- Accelerate the decision process through integrated data collection
- Improve customer and employee experiences
- Gain an advantage over competitors in the industry
While there are many hotel business intelligence tools available, having an integrated solution on a single platform gives you the benefit of several tools working together in one place for maximum efficiency.
Hotel Business Intelligence Solutions to Utilize
Enterprise Level Reporting
Hotel management software with an innovative reporting feature can allow you to pull pertinent information and consolidate your data into a comprehensive report that can be shared with key stakeholders. Your customized report can be used to justify budget changes, adopt new strategies, and more.
Some BI solutions allow you to automate reports using artificial intelligence (AI), choose who can see what data, and give you the option to pull data from all of your hotels at once for an eagle-eye view of business performance that stakeholders will appreciate.
BI tools that live on your hotel’s internal system restrict your access to the data you need for informed decision-making. Cloud-based property management systems allow you to access your data and information across devices. Additionally, data on the cloud is collected in real-time. Cloud computing provides the most accurate numbers available so you’ll know what is happening at all times. Examples of data that can be instantly accessed in a cloud infrastructure include:
- Add-on costs per room
- Occupancy rates
- Average stay length
- And much more
Determine what data is necessary and keep it easily organized and accessible so you can monitor trends and analytics at your own pace. A key component of configurable business intelligence solutions is the ability to customize your operational reports so you can quickly view the data you need for making smart business decisions.
Business intelligence is only intelligent if it can free up the time of your staff. Process automation combines multiple steps into an automated solution that allows you to pull and view selected data from multiple sources in a centralized location. With fully integrated reporting, you can skip the process of logging in to multiple applications and tools to access the data you needed yesterday. Scheduled reports can be automatically emailed so you and your stakeholders can stay in sync. With this streamlined approach, you and your staff can focus on establishing your data-backed business strategy and improving the guest experience.
Elevate Operations With Smart Hotel Business Intelligence Solutions
By implementing hotel business intelligence tools, you’ll be able to make data-driven decisions to help your property plan for the future and improve the guest experience. When accurate data can be accessed in the cloud, you can streamline operations, monitor revenue goal progression, and adjust processes confidently — all from one integrated PMS.
To learn more ways to improve your system processes for the new year and beyond, download your complimentary Operational Excellence ebook.