In this section, we evaluate how adopting advanced analytics in hospitality industry helps drive greater customer and market understanding, leading to innovative brands, better customer targeting, improved pricing, and higher growth in both revenue and profits. Now is the time to develop an enterprise analytics capability that matures over time to become part of the business operations.
Over the past few years, hoteliers have been investing in reporting and business intelligence technology solutions to improve decision making. More recently, a number of lodging companies have taken strategic initiatives for a more integrated use of data across the enterprise. However, few companies have developed the analytical capability to manage the huge amount of information available.
An enterprise analytics capability—where analytics is a consistent part of doing business—provides the companies with the right hospitality industry statistics to gain greater understanding of customers and markets.