There are exciting developments taking place in hospitality revenue management because of artificial intelligence, business intelligence, and machine learning. Business intelligence in particular has been a trending topic among hoteliers, but there’s still a lack of adoption of the systems that leverage BI. What specific ways will business intelligence improve your hotel’s existing systems? Many RMS providers fail to answer that question. As a property owner or manager, it’s important to know what benefits you’ll receive before investing time and money into a new system.
Hospitality revenue management software with business intelligence capabilities help hoteliers determine performance trends and relevant data points. Tammy Farley, President of The Rainmaker Group, recently spoke about the opportunities for insight that business intelligence creates:
“There is an abundance of data that must be collected consistently, accurately, and analyzed intelligently to make a positive impact. Fortunately, BI tools can simplify the process so that more time can be spent dissecting the output in order to make strategic decisions.” -Gaming & Leisure Magazine
#1: Automation
The first way that business intelligence improves hotel systems is by eliminating manual processes. Without business intelligence, it used to take revenue managers considerable amounts of time to collate data from multiple sources that didn’t interface with each other into reports. In addition to being wildly inefficient, manual processes would create opportunities for human error. BI leverages predictive analytics, rapidly helping revenue managers complete their pricing optimization and forecasting reports with a level of speed and accuracy that was previously functionally impossible. A BI-enabled RMS can sift through massive amounts of raw data, collecting and analyzing complex information. It’s then able to sort the data into manageable reports and other analytical tools in an instant. You can also use BI-enabled software to create dashboards so your most important metrics are always readily available.
