How Does ‘Big Data’ help the Hospitality Industry?

4 Minutes

Ciboni Vaz

How Does ‘Big Data’ help the Hospitality Industry?

Ciboni Vaz
Published on

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Big Data is the term used to describe the extremely large amounts of data flowing into a business on a daily basis. Data can be very different and come from a wide variety of sources. Within hotel management, these data sets are important and are commonly associated with customer behavior and interactions.

For data to be classified as “big data”, it must be too large to be processed using traditional data processing methods. Behavioral analytics can help companies identify important trends or patterns that can then influence their business practices.

Hotels and other companies involved in the hospitality industry are becoming more familiar with the concept of big data and the many ways it can help them generate more revenue and provide a better customer experience. Let’s discuss more about Big Data and why it’s become so important, and the many ways it can be used to the advantage of hotels, resorts, and other hospitality businesses.

1. Revenue Management

Through a combination of data and information available online, hotels can leverage big data to help them with a revenue management strategy. It allows them to perform predictive analytics that allows hotel owners to more accurately predict demand for hotel rooms.

The type of data that can be useful here includes historical occupancy rates, current reservations in the system, and various key performance indicators, as well as external data such as information about when holidays are or when local events are taking place. Once big data has been successfully used to predict demand, hospitality professionals can take action to optimize room rates to maximize sales and profits.

2. Target Marketing

Hotel guests are very diverse, from business travelers to families and from budget travelers to those looking for something special for their honeymoon. Not only does big data help with a hotel’s financial management, but it can also help the hospitality industry target its marketing content more effectively.

in fact, Big Data gives marketers the ability to identify the best opportunities for their particular business and target key demographics in a much more specific way, especially through online advertising. This can also include both location and location. time-specific marketing, which can enable hotels to reach customers at a time when advertising is most relevant to them or where they are most likely to want to see it.

3. Guest Experience

Another way Big Data can be of great use in the hospitality industry is in relation to the customer experience that hotel companies provide. Big data can help hotel owners and customer service teams identify significant trends in customer sentiment and learn their strengths. and weaknesses in the process.

This may require the collection of service usage data, customer feedback on social media, reviews published on websites and other related information. Luckily, the hospitality industry is an area where customers love to leave their opinions. heard, although collecting data from different sources and analyzing it can be challenging. However, once this is done, hotels can understand what customers like and where improvements are needed.

4. Additional Services

Hotels have a multitude of interactions with current and potential customers, which presents the opportunity to collect vast amounts of data. When carefully collected and analyzed, data can be extremely insightful, providing information not only about the services customers use but also about the Services they request or inquire about.

This can help hotel owners make decisions about new services to introduce as well as services that are no longer needed. For example, a hotel may decide to renovate its gym if guests regularly ask for the equipment they don’t have. Additionally, Big Data can be used to make decisions related to partnerships with other companies, with possible examples such as OTAs, local taxi companies, and nearby bars or restaurants.

Well, that’s about it! The idea of Big Data and its benefits can be absolutely essential for the growth and survival in the hospitality industry.

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