Industry Update
Opinion Article24 January 2018

Data, Data Everywhere

But Which Data Matters?

By Glenn Wirick, Executive Vice President of Sales and Marketing at Pegasus Solutions

share this article
1 minComments
Wirick

Albert Einstein once said, "If you can't explain it simply, you don't understand it well enough." While that revelation may not be new, it applies to hospitality's data landscape now more than ever before.

Why? Because we are drowning in data. And with powerful, complex data sitting within reach, it's hard to know what to identify, what to simplify, and what to apply. With modern day business intelligence (BI) software, every guest or traveler behavior is constantly recorded. How can hotels analyze, act, and add value to their service offering by understanding it well enough?

The question is, which data really matters – and how do we act upon it?

First, we want to be able to review data and make decisions as quickly and as simply as we can. In fact, companies using data analytics are considered 5 times more likely to make fast decisions. Long gone are the days of spreadsheets. Now we have dashboards, specific visualizations, and responsive design; multi-faceted tools which allow us to make decisions regarding the data we collect—from anywhere, anytime.

Second, we want to drill down further on data that is relevant. This is where a data exploration platform allows you to see what matters, and reveals hidden trends that otherwise could have been missed. You want to uncover specific patterns of facts that assist in the decision-making process. For example, when it comes to hotel room distribution, the relevant fact patterns may include the channels that yield the most revenue, the channels that yield the most profit, and the periods of time associated with each.

Red Roof Inn is an outstanding example of taking action with data-based decisions. During 2013 and 2014, the company realized that flight cancellation rates were hovering at about 3%, creating an opportunity for hotels adjacent to major airports. At least 90,000 passengers were being left stranded every day. Red Roof Inn worked to gather public data on weather conditions and flight cancellations. Predicting that stranded passengers would likely search for nearby hotels via their mobile device, the hotel chain launched a targeted marketing campaign aimed at mobile device users in the areas most affected by cancellations. This action based on data led to a 10% increase in business in the affected areas.

We caution hotels not to fall victim to ignoring data. We suggest they assess their current operation, and future objectives, to drill down and understand which data points need focus and are actionable. A plan to identify the right data, and create actions in response to it –together with a strong technology partner—enable hotels to increase sales and ultimately know more about their guests.

After all, the more hoteliers know about their guests, the better they can enhance their service and understand the revenue opportunities. There's no denying it — there is indeed data everywhere, and the hotel industry needs it to drive revenues, and guest engagement.

Source

View source

Glenn Wirick

Glenn Wirick has a passion for solving customers’ biggest challenges with next-generation technology and services. Wirick joined Pegasus Solutions after more than 20 years working in software product management and business development, during which time he sold and delivered software solutions into small, medium and large organizations throughout the world.

    More from Glenn Wirick

    About Pegasus

    Pegasus is a leading global technology provider empowering independent hotels, hotel groups and large chains to grow their reservations businesses in a digital world. The company provides a comprehensive offering of cloud-based Software-as-a-Service (SaaS) solutions and services designed to help hoteliers connect with their guests, increase profitability and maximize productivity. Pegasus combines its highly scalable and reliable reservations platform with representation and demand services, uniquely enabling hoteliers to sell to guests worldwide across all touch points. To learn more, visit www.pegasus.io.

    Contact
    Megan Munson
    Marketing
    Phone: 1-480-624-6672
    Send email
      Advertisements