In the past decade, the hospitality industry has experienced massive growth. With competition between properties reaching a fever pitch, hotel owners and revenue managers are looking for sophisticated and efficient ways to drive profits. Here, we’ll cover three competitive advantages of a top of the line business intelligence tool.
A BI tool helps combine critical data from your disparate systems and assembles them into a single interface, allowing users to no longer have to go through the tedious process of collecting and assimilating reports from all of their systems by hand, thereby saving time and ensuring accuracy. Rainmaker’s Vice President of Deployment Kristi White states that “Rainmaker's BI tool, revintel, takes all of the PMS reports that hotels can access and puts them into fixed reports that hotels use every day.” Without it, revenue managers can spend two to three hours a day building their reports. You’ll have more time in your day to analyze your property’s data instead of just collecting it. A BI tool like revintel, also gives revenue managers an unprecedented level of detail, capable of creating reports and metrics all the way down to the rate code level.
The Right Metrics
A key benefit of a business intelligence tool is that it gives you more insight into your property’s data, including a better understanding of what metrics are truly essential. Have you ever wondered why your property made more revenue than last year even though the number of rooms sold and the ADR was exactly the same? Business intelligence tools give you insight into how multiple factors like channel mix and operating costs drive your profits up or down even when performance stays consistent. After all, if you’re not looking at the right data, you can’t measure it -- and if you can’t measure it, you can’t manage it.
Better, Faster Decisions
Even with better access to high-quality data, it’s not useful if you don’t have the time to properly digest it. Revenue managers can instead spend their time making proactive instead of reactive decisions. Kristi White explains how “At traditional hotels, where occupancy fluctuates wildly from 90% one week to 60% the next, that’s where the true art and science of revenue management comes from, because that’s when you’ll have to start optimizing your mix. What’s the right rate for that moment? Do I want 20% to come from the OTAs and 5% to come from my booking engine? That mix can vary every single day.” It’s more important now than ever to be able to pull the right data instantly so that your property can maximize earnings every single day.
A true end-to-end business intelligence solution provides you with the robust, insightful data you need at a moment’s notice so you can make the best decisions for your property at lightning speed. If you’re curious about how Rainmaker's business intelligence tool, revintel, helps hotels reach their highest potential, contact Rainmaker today.