3 Ways BI Can Impact Revenue
Tourism and hospitality is one of the industries that is driven by customer loyalty and brand trust. A number of customers make their hotel choices based on experiences, service, feelings, and the price.
FREMONT, CA: In competitive environments, like hospitality, the ability to influence the choice of hotel is becoming more and more critical, with many international chains struggling with each other with the increase of loyalty programs. The guest rewards are made with the help of the point given to the hotel by its previous guests, credit cards, and through partnerships with airlines for wider coverage. By leveraging the data provided by the guests, the hotel industry has been actively exploring the implementation of BI programs. Here are some of the benefits of using BI programs.
BI systems provide an edge for hotel and travel agencies
Hotels and travel agencies can utilize BI methodically to gain a sustained competitive advantage over the competitors in the industry. This system can bestow the companies that feel high competitive pressure with a competitive edge, for example, common in urban centers. These systems can be simpler or more complex, depending on the type of business, but they always generate useful information about the guests.
With the help of statistical data and intensive processing of data, the BI system enables the hotel units to have a systematic analysis, to get real advantage among the competitors. Through OLAP and DataMining systems, this data can help in understanding patterns of behavior and assist in targeting the audience. This tool is essential as it allows administrators and financial management to make decisions based on qualified scientific data.
BI systems impact on revenue
In the last five years, in-house revenue management and digital marketing have changed drastically. Currently, it is all about an effective digital channel distribution strategy. This can only be possible by implementing an organizational strategy and a revenue optimization culture. The marketing, sales, finance, and revenue management department has to be perfectly tuned to generate a greater return on investment than the competitors. However, the lack of knowledge about consumer behavior in the digital ecosystem in hotel units is remarkable, and many professionals still do not understand its real significance.
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