Read time 2 minThe hotel industry has always mined data in some form or the other. However, data management has undergone a paradigm shift with the hospitality industry continually looking for ways to realize the potential of big data to their competitive advantage. There is a flux of data that hotels produce across every business operation. Right from booking accommodation online, guest check-ins to housekeeping activities to guests using the other facilities within the hotel – there is a plethora of new data being generated at every touchpoint.
But taking advantage of this constant deluge can be quite challenging. And if not done properly, you stand to lose key information that can otherwise be used to improve the guest experience and drive more profit.
Efficient data management is critical for the hotel industry
The ability to capture, process, analyze, and gain insights from data can make a significant impact on a hotel’s operations, brand image, and ultimately bottom line. But data management still remains a challenge due to its sheer volume, fragmentation, and complexity, making it difficult to gain actionable insights. Given the rapidly evolving data-driven economy the hospitality industry needs to shift into high gear when it comes to using data to offer personalized and distinct services, streamline business operations and marketing efforts. Late movers stand to lose not just market share, but they can also impact revenue and ongoing business.
Improved guest/customer experience
With better data management and visualization, identifying guests’ preferences, trends, feedback, and behavior would become simpler. Such visibility would allow hoteliers to offer new, improved, targeted, and better services as per customers’ expectations, resulting in greater brand loyalty and positive word-of-mouth – both of which are invaluable in today’s aggressively competitive landscape.
Competitive intelligence
Data management also provides a clearer view of the competition, with a greater focus on pricing strategies, offers, and deals. Gaining competitive pricing insight allows you to better respond to market trends and devise competitive pricing strategies to ensure you do not lose market share to your competition due to misaligned pricing and offerings. Competitive pricing is one of the key factors that can help outperform your competition and gain and retain market share.
Outsourcing data management services
Data management demands systematic implementation of the right technology tools and skilled resources trained in data management processes. Doing this in-house would not only add to the cost burden but also take up additional resource time and effort. By outsourcing data, management industry players can economize the entire effort. They can get complete access to data management capabilities, industry best practices, and talented resources at a fraction of cost while ensuring excellent service delivery. Plus, a high degree of data privacy, integrity, and precision is guaranteed when you partner with a professional service provider.
