30May

4 Tips to Get Most Out of Your New BI Tool

Author: Rainmaker

 

A next-generation BI solution can force everyone, from the general manager to the sales, marketing, and guest services teams, to think more strategically than ever before. It can spur them to drive the business further and faster. It can enable them to respond more quickly to business change and empower them to drive integrated decision-making and ownership.

The desire to enhance a hotel’s analytic capabilities is driven by the recognition of the existing gaps in the organization’s current BI capabilities. The following are four recommendations for hotel operators to keep in mind as they embark on the journey to improve their BI capabilities. 

1. Focus on improving data quality.

Data quality will never be perfect, but there is always room for improvement. Errors invariably creep in through manual data entry as well as from glitches in automated data merge processes. Look for ways to identify and eliminate errors, by improving validation at the entry stage, cross-checking reference data against other databases, and employing data cleansing solutions that use algorithms to flag anomalies and contradictions.

rainmaker-visibility2. Track and measure results.

Can an increase in RevPAR be attributed to a new BI solution and the actionable insights it produced? It can be difficult to determine the financial impact of faster and better decisions. It’s easier to pay attention to employee usage and satisfaction metrics. Ultimately, hotel operators should select metrics that really matter for the performance of the business as well as ones that are specific to the users’ individual areas of accountability.

3. Annotate and collaborate.

Most BI dashboards allow users to add comments and tags to data that is presented to multiple people. This commentary enables a conversation about data and can add greatly to the value of BI. Hotel executives can ask questions and knowledgeable users can answer; people can point out important discrepancies; and everyone can see which data points gather comments and which collect dust.

4. Do more with your time

A new BI tool can save your Revenue Management team a considerable amount of time.  By having the right data easily at your fingertips instead of spending hours searching through excel spreadsheets, your teams have more time to focus on strategy and revenue generating opportunities. Once your teams get used to using the new tool, they can easily share this data with Sales, Marketing and Operation teams,  giving further insights to increase profit throughout. 

 

This is an exerpt was taken from our eBook with StarFleet Research- How to Leverage Business Intelligence to Improve Hotel Performance - click below to download the full eBook!

Download the eBook

The 2018 Smart Decision Guide to Hospitality Revenue Management

Everything you need to know about Hospitality Revenue Management to select the right solution for your organization

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