Harnessing Data Lakes to Transform Guest Experiences and Drive Business Growth
Joe Vargas of INFOR discusses the transformative potential of data lakes in the hospitality industry, emphasizing that effective data utilization is crucial for enhancing guest experiences and driving business growth. He notes that while guests expect personalized and convenient experiences, many hotels struggle with data silos and inadequate technology integration.
Data – in many ways – rules the world that we live in today. With countless digital touchpoints woven into our daily existence, data has become its own language and currency, flowing from person to person and platform to platform. Of course, consumers are intimately aware that it's their data that informs the more personalized and convenient experience they crave, but they do not hand that information over without expectation. As the saying goes – with great power comes great responsibility. Data may be a primary currency in today’s market, but it must be spent in a manner that protects its value.
The hospitality industry is no stranger to this conversation; hotels are a people-first business and, therefore, a data-centric business. The most successful hospitality brands are those that curate meaningful connections with guests and go the extra mile to offer a comfortable bed and a clean room – but a multi-faceted experience that can’t easily be replicated. So, it should come as no surprise that the most successful hospitality brands are those that effectively capture and leverage guest data to curate more meaningful connections and experiences for their guests. In fact, a HotelTechReport survey revealed that 81% of hoteliers believe it’s very likely that technology will be critical for the success of a hotel business in the next five years.
The Hotel Yearbook Technology 2024
The HOTEL Yearbook Technology 2024 delves into the transformative power of data in the hospitality industry, exploring how the "everything-data decade" is reshaping the landscape. This year's edition emphasizes the surge of data-focused innovations and products with open architectures for seamless data exchange and micro-applications embedded in diverse tech stacks. As data, often dubbed "the new oil", becomes pivotal for hotels to refine brand identities and the struggle to offer hyper-personalized services, it also plays a critical role in managing labor and energy resources efficiently. The publication provides essential insights and recommendations into harnessing data for superior service delivery, agile resource optimization, robust data security, and crafting extraordinary guest experiences.