The hospitality industry is evolving faster than your last guest’s Instagram story – and let’s be honest, that’s pretty fast.
NB: This is an article from Juyo Analytics, one of our Expert Partners
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With rising customer expectations, fierce competition, and shifting trends, hoteliers can’t afford to make gut-based decisions anymore – they need data to guide them. This is where hotel business intelligence (BI) comes in. BI turns mountains of raw data into actionable insights, helping hotel teams make smarter decisions that can drive revenue, improve guest experiences, and boost profitability. But what exactly is hotel business intelligence? Let’s take a closer look.
What Is Hotel Business Intelligence?
Hotel business intelligence refers to a set of tools designed to gather, analyze, and present data in a way that’s easy to understand and act on. It helps various hotel teams – most commonly in revenue management, sales, and distribution, but also in F&B, finance, and beyond – make sense of complex data and develop strategies based on data-driven insights.
Instead of drowning in spreadsheets, you get clear dashboards, reports, and visualizations that allow you to effortlessly spot trends, understand performance, and make data-driven decisions for a more profitable and efficient operation.
Hotel business intelligence tools integrate data from your hotel’s tech stack, including your property management system (PMS), revenue management system (RMS), rateshopping tools, accounting systems, F&B POS, sales and catering platforms, sustainability platforms and benchmarking tools. By centralizing all this information, BI creates a clear, actionable view of what’s happening at your property.
Property management systems (PMS), revenue management systems (RMS), accounting systems, F&B POS and sales and catering platforms are likely part of your daily toolkit.
Choosing the Right Hotel Business Intelligence Software
Now that we understand the power of hotel business intelligence, the next step is choosing the right solution.
With so many BI tools available, it can be challenging to determine which one is the right fit for your hotel. The key is understanding your hotel’s specific needs and identifying what will add the most value. Here are the key factors to consider:
- Data accuracy and integration
BI tools are only as good as the data they work with. If your data is incomplete or inaccurate, your insights won’t be reliable. The best hotel business intelligence software integrates seamlessly with your hotel’s existing systems, ensuring accurate data that’s ready when you need it.
The right BI platform serves as your single source of truth, consolidating all your data in one place. No more switching between different systems – just clear, reliable insights at the fingertips of your entire team.
Look for a system that:
- Syncs with your hotel’s systems, in particular the PMS.
- Rebuilds your data from the most granular level with high accuracy so that you are not limited in the analytics you can build.
- Cleans and validates data automatically, so you don’t waste time fixing errors.
