Until recently, the hospitality industry wasn’t considered to be a front runner in technological advancements. But the emergence of big data, cloud-based systems, and business intelligence have propelled hospitality into a new reality. Processes that used to require hours of manual work are now done with the push of a button, and hotel staff is more connected than ever before, even across properties. But how does business intelligence specifically improve your software and drive profits? There are three crucial features that are needed in your BI tool to maximize your success.
Faster, Accurate Reporting
Every revenue manager knows the struggles of working against the clock. There’s simply not enough time in the day to collect the reports you need from disparate systems, compile them into one cohesive set of data, and then analyze the patterns to formulate conclusions. Worse still, manually prepared reports have the greatest potential for human error. An improperly formatted cell, an incorrect or missing formula, or the inadvertent subtraction of spreadsheet rows and columns are honest mistakes with huge implications. Even if you have exceptional reporting, it’s not helpful if you can’t apply it to make actionable decisions. You need a tool with the ability to pull all the data you need from across departments and even properties into cohesive and easy to interpret reports.
Imagine having the ability to focus on rate decisions instead of spending your time building PACE reports every morning. Kristi White, Rainmaker’s Vice President of Deployment, says that “You could build a report from your RMS if you have a spare twelve hours, and another two or three hours a day to run the macros. Now, with a BI tool I can get actionable data instantly.” Having all of your reporting available in seconds, not hours, helps you tackle the important decisions that drive profits. Plus, since room revenue is constantly in flux, BI-enabled tools give you the power to deliver quantifiable results as changes occur.
Faster, Targeted Access
Before business intelligence, hotel management and staff were dependent upon their revenue managers to assemble and provide access to the reports that they needed. If you’re managing the revenue for a multi-property organization, it becomes even more crucial for all decision makers to have access to the reports they need on any device at any time. Finding a software with BI capabilities that allow you to save all the reports that each department needs in the cloud, where it’s easily accessible on a mobile or tablet device is key.
With BI, one person isn’t the owner of all your property’s data so the revenue management process can be opened up for more collaboration across teams. With boots on the ground insight from across departments, you’ll have more information into what works and what needs improving. For example, salespeople can have insights that go beyond what their accounts spend overall by looking at their guests’ total performance patterns. By knowing when, where, and why your guests are contributing to profitability, hotel management and salespeople can work together to adjust promotions and rates, generating more profits.
BI can improve your metrics by revealing what you should actually be measuring. Hotels can build PACE reports relatively easily, but they might be only at the surface level. A BI tool will help you make better decisions by showing you details on channel mix and historical rate data, helping you price for more profit. With BI, you can sort your channel mixes geographically, by segment, by time period, by rate code, across properties, or in any conceivable combination.
What if there were a way to drive profitability by looking at your metrics from a different perspective? Kristi White, Rainmaker's Vice President of Deployment, says that “Hoteliers have measured themselves based on three metrics: occupancy, ADR, and more recently, RevPar. With BI, I can look at all of these statistics, plus more advanced metrics. For example, it will help you to see whether a certain percentage of occupancy was the best your property could have done given the demand in the marketplace at that time. You’ll also be able to determine whether the balance of guests was from the right mix.” By tracking your channel distributions effectively, you’ll know whether your property generated the most revenue possible given the market conditions.
There’s more information available to hoteliers today than ever before. Only software that’s highly sophisticated and enabled with the most advanced technology will allow you to keep pace. Rainmaker's revintel, is just that. It is the #1 hotel BI tool on the market, contact Rainmaker today to see how revintel uses business intelligence to maximize profits.