5 Advantages of Business Intelligence in Revenue
We live in an era in which information is synonymous with power and control over daily management and the correlation between hotels and market.
Anticipation allows hoteliers to evaluate existing risks and make decisions adjusted to change. Business intelligence helps unify knowledge, analyze it and take advantage of a wide variety of data in order to gain a competitive advantage.
Implementing knowledge in decision making can help hotels increase their profitability, optimize booking performance and at the same time, improve customer loyalty by means of customized distribution. Moreover, data collection can help improve online marketing strategies and develop comprehensive strategies between departments. Data collection is based on customer responses or on the market framework. This data can be used to generate business intelligence that will help to understand predictability in terms of online results, developing personalized solutions for customers.
Revenue management can benefit from the many possibilities offered by business intelligence, particularly with strategic planning. This is possible thanks to the following advantages:
Updated and daily information for decision making. With business intelligence you will have the tools to cross check data and generate valuable information. It’s about generating an evolution of Big Data towards a more operational concept such as Smart Data. Its objective is to differentiate data and provide hotel with the essentials for their integration in the decision-making processes they face on a day-to-day basis.
Accessibility to information using interpretation systems. Information must be easily digestible to be useful and valid for when there are inquiries. When information is easily accessible it’s a huge relief for software users. The outcome is the one that can be reflected both in an Excel table and in a dashboard with dynamic and interactive elements. Although both have the same information, graphics are more easily understood.
Analysis of information in real time for decision making in the future. The saying “time is money” in revenue management is completely accurate. Having the right information, at the right time, can either help youearn money or lose it. As a significant example, we have Continental Airlines, to which a business intelligence software helped to increase its income in more than $ 500 million dollars. The minute-by-minute data tracking used by Continental Airlines has helped them be more strategic during decision making, and helped them know when and how to change rates.
Versatility on cloud systems. According to data from Forbes, 78% of organizationsplan to increase their use of cloud systems related to business intelligence and data management during the forethcoming twelve months. Cloud systems offer numerous benefits such as security, lower costs and access from anywhere there’s Internet connection.
Work between departments to provide information and decision making. Integrating departments with business intelligence tools facilitates certain tasks when implementing information and working as a team. Promoting an integrated data and collaborative systems approach leads to the implementation of more informative concepts and to more global business perspective.
Business intelligence systems allow hoteliers to look beyond estimated market demand and offer more accurate market analysis. Most hotels are realizing the importance of using business intelligence to increase efficiency, along with the benefits. The evolution of data in information, together with the use of BI, will be consolidated and enhanced, as an element of competitiveness and as an asset. This won’t only be done at the macro level, which has been done for years, but also at the micro level.