First, let’s clarify what predictive analytics is. When people think of predictive analytics they often think of historical forecasting – ERP systems. Demand forecasting has been around for many years and is based on historical data.
However, predictive analytics is a very different philosophy that takes many forms of data, both internal and external, to provide a real-time, dynamic version of what demand can look like.
The idea of ‘Big Data’ scares many; they see it as technical consolidation, but a technical consolidation that is far too big to grasp and that probably won’t make a difference to their business.
However, predictive analytics is about consolidating data from all realms of your business to provide relevant information. At the end of the day, it is not about data, it is about information. More importantly, it’s about having information upon which you can act.
At Duetto, we deliver information that is relevant and that revenue managers can use. At the end of the day, hotels are looking at driving profitability and ADR; we present a firmer connection between the two.
Duetto is a very practical use case of predictive analytics in action to deliver real-time benefits in terms of impact to profitability and ADR to hoteliers.
Providing Dynamic Information to Hotels
I’ve realised quickly that Duetto’s unique selling proposition is about providing relevant, dynamic information to help hotels forecast demand. The important part here is that our information is dynamic.
This is not about looking back in order to predict the future; it’s about analysing information from lost-business data like denials and regrets, air traffic data, competitive set, and more to build up a more accurate picture of the market in a shorter time frame.