There’s a growing consensus that Revenue management workflows need to be simplified in order to cut through this excess of data and find the insights that matter. Well, that’s what BI does, and then some!
NB: This is an article from Lighthouse (formerly OTA Insight)
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Hotel BI refers to the process of collecting, tracking, analyzing, and understanding internal and external data to make informed revenue, sales, and distribution decisions. A BI solution helps you:
- Easily understand commercial performance
- Drive the right strategy
- Capture missed revenue opportunities
This means you can immediately cut time on Revenue Management tasks, streamline your commercial analysis, gain a competitive advantage, and most importantly, increase your revenue.
But, not all BI solutions are created equal. So let’s take a look at what sets apart an industry leading BI solution from the rest of the pack.
1. Data integration
Effective data integration is a critical component of a hotel BI solution as it allows for the consolidation of data from various sources such as your Property Management System (PMS) and Revenue Management System (RMS) into a single, unified view. Providing you with a single source of truth.
The better that your BI solution synchronizes with the multiple systems and partner data sources you have running, the more holistic the picture of your business you will get.
From this position a BI solution can slice and dice your wide variety of data for actionable analysis and insights, for more informed decision making and strategic planning. In time Lighthouse BI will also be able to integrate further with other financial BI and digital marketing management tools to create further efficiencies.
2. System-agnostic approach
The hotel technology space is highly saturated with a multitude of brands and systems, and not all BI solutions may integrate seamlessly with the systems you already have in place.
An industry leading solution such as Lighthouse BI is truly brand neutral, in which all the data looks the same in the platform, regardless of origin. And most importantly, it integrates with over 70 PMS systems.
3. Predictive data analytics
BI software should have the ability to analyze your historical data and use statistical algorithms to forecast down to the individual market segment level, which can then lead users to make more informed strategic decisions when it comes to predicting demand, or creating a detailed yearly budget.
In turn, this can inform decision making across pricing strategies, promotions, and other revenue-generating activities – while enabling you to develop personalized marketing, improve operational efficiency, and provide a competitive advantage.
