Lack of data is definitely not the problem in the hotel industry. Making sense (and use) of all the data is the challenge.
Hotels oversee everything from guest metrics and social mentions, to front-of-house data, operations information, scheduling and staffing. Due to the lack of time, hotels are trying too quickly to analyze their data and act on it in real-time. When utilized correctly, this data can provide hoteliers with superior guest service, and a multitude of other operational efficiency insights.
No matter how good hotel chains become at collecting these large swaths of information, consistently and efficiently leveraging that huge amount of data is no simple feat.
Dashboard technology expresses a promising solution.
Dashboards consolidate massive amounts of data from multiple sources into amazingly detailed interactive graphs and charts.
A well-built dashboard can deliver a comprehensive, detailed and real-time portrait of operations. The translucence and immediacy of dashboards are alluring, but their true power comes from their ability to deliver stunning visuals in an easy-to-use format. This allows hoteliers to convert raw data into beneficial intelligence in order to improve strategic decision-making overall.
The benefits of this are extraordinary. Dashboards can be used to monitor standard metrics like RevPAR, and also feedback based on online activity or surveys, among other things. In such a competitive hospitality industry, immediate judgments are very important due to the multitude of factors that impact the business.
In places like Las Vegas, casinos and the like alter the value equation in fundamental ways, and hotel operators are more likely to accept smaller margins – or even a loss – as long as guests are utilizing other on-site luxury options.
In those cases, dashboards make it possible to gauge total value, which empowers the exchange of short-term loss for long-term gain. With dashboards, hoteliers no longer need to wait until the report at the end of the year to assess efficiency.
All in all, the objective is to make as much money from guests without affecting brand loyalty. Previously unseen patterns and trends become more obvious, which in turn produces a healthier bottom line.
Be it big or small, every hotel can benefit from a dashboard that provides clearer and more consolidated reporting.