There is a very popular phrase: “As you sow, so shall you reap”. This phrase is very relevant to the data analytics and visualisation process in the hotel industry. The accuracy of the data quality used in the analytics process will impact the output and reports generated, which in turn will affect the decisions taken by the senior management. Therefore it is vital that hotels follow all possible measures to maintain the integrity and accuracy of the data collected.
Some of the most common errors that reservations and front of house personnel make in terms of feeding and collecting data are:
Failing to address the above mentioned errors result in inaccurate data being utilised for analysis that will ultimately result in flawed decision making.
The benefits of having clean and accurate data are manifold:
Reduced Operational costs: Hotels will be able to plan their resources as per the demand forecast and occupancy levels predicted by data analytics. This will allow them to plan better and reduce operational costs in terms of human resources as well as utilities, food and beverage, housekeeping, etc.
Demand Forecasts and Occupancy: Combining real time and historical data, revenue managers can predict demand for the rooms throughout the year and work on pricing decisions accordingly.
Business Intelligence: Revenue managers can access historical pricing patterns, competitor occupancy and pricing patterns, market intelligence and demand forecasts which in turn will ensure accurate rate optimisation and pricing strategies.
Personalised Services: Accurately storing guest preferences and feedback will allow hotels to offer personalised services which will result in a more positive guest experience.
Marketing strategies: The marketing team can study market segments, seasonality, guest preferences, etc to design customised marketing campaigns that will result in higher sales and room occupancy.
Identifying Patterns: Breaking down data collection to the lowest level granularity will allow decision makers to identify purchase and reservation patterns that they were previously unaware of and design strategies to benefit from the aforementioned patterns.
To summarise, data quality is vital to the overall growth and success of a hotel. At Revnomix Solutions, we have devised data cleansing processes to ensure that our clients can make the most of the data collected by them on a daily basis.