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Posted on May 29, 2024 | All

Hospitality Analytics: Going beyond the reports provided by PMS in hotels

Did you know that 62% of property managers have saved up to 30%
on repair costs through predictive maintenance?

In today’s fiercely competitive hotel industry, survival and success hinge on a combination of factors. Two critical elements stand out: establishing a strong online presence for seamless reservation processes and delivering exceptional customer service to ensure repeat business. However, achieving and sustaining these standards requires more than just manual efforts; it demands a strategic approach supported by real time data-driven decision-making.

Real-time data is the lifeblood of modern hospitality, offering invaluable insights into guest preferences, operational efficiencies, and revenue optimization. While Property Management Systems analytics provide foundational reports, relying solely on them limits a hotel’s potential. To truly thrive, hotels must embrace advanced reports that go beyond standard PMS analytics.

This blog explores the pivotal role of data-driven decision-making in the hotel industry. Read about the limitations of relying solely on Property Management System reports and the transformative benefits of harnessing hospitality analytics. By automating daily operations and administrative tasks, hotels can not only enhance customer satisfaction but also establish a reputation for reliable and high-quality service.

Discover how leveraging business intelligence in hospitality goes beyond PMS reports to unlock hotel performance.

Limitations of Standard PMS Reports

Standard Property Management System (PMS) reports provide valuable information about hotel operations, including occupancy rates, revenue, and guest demographics. However, relying solely on these reports has several limitations:

  1. Limited Insights: Standard PMS reports often offer basic, high-level insights. They may not provide detailed analysis or actionable insights that can drive strategic decision-making.
  2. Lack of Context: PMS reports may lack context, making it challenging to understand the underlying reasons behind certain trends or patterns. Without context, hoteliers may struggle to make informed decisions.
  3. Inability to Predict: Standard reports typically focus on past data, providing a snapshot of what has already happened. They may not offer predictive analytics that can anticipate future trends or demand patterns.
  4. Inefficient Resource Allocation: Without deeper insights, hoteliers may struggle to allocate resources effectively. For example, they may overstaff during low-demand periods or understock certain amenities.
  5. Competitive Disadvantage: In a competitive market, hotels that rely solely on standard PMS reports may miss out on opportunities to differentiate themselves. They may struggle to meet evolving guest expectations or respond to changing market dynamics.

Incorporating hospitality data analytics beyond traditional PMS reports is essential for gaining deeper insights and maintaining competitiveness in the hotel industry.

Automated Hospitality Analytics

Automated hospitality analytics offer a range of benefits that can significantly impact a hotel’s success. Here are some key advantages:

Improved Guest Satisfaction:

By leveraging automated analytics, hotels can personalize guest experiences based on data-driven insights. This could include personalized recommendations, tailored promotions, and customized services, all of which can enhance guest satisfaction and loyalty.

Enhanced Operational Efficiency:

Automation streamlines daily operations and administrative tasks, reducing manual errors and improving overall efficiency. This can lead to cost savings and allow staff to focus on delivering exceptional service rather than routine tasks.

Cost Savings:

Automated analytics can identify opportunities for cost savings, such as optimizing staffing levels based on demand patterns, reducing energy consumption, and minimizing wastage. These savings contribute to improved profitability.

Better Revenue Management:

By analyzing historical data and current market trends, automated analytics can help hotels optimize pricing strategies. This ensures that room rates are competitive yet profitable, maximizing revenue potential.

Effective Marketing and Loyalty Programs:

Automated analytics enable hotels to segment their customer base effectively and target specific groups with personalized marketing campaigns. This can lead to higher conversion rates and increased loyalty among guests.

Types of Data Analysis Report your Hotel Needs

1. Guest Satisfaction Reports: Analyze feedback from guests through surveys or reviews to identify areas for improvement.

  • Benefit: Helps improve guest experiences and loyalty by addressing issues promptly.

2. Revenue Management Reports: Decipher pricing, demand, and booking patterns to optimize room rates and maximize revenue.

  • Benefit: Maximizes profitability by ensuring optimal pricing strategies.

3. Operational Efficiency Reports: Analyze operational processes to identify inefficiencies and areas for improvement.

  • Benefit: Improves overall efficiency, reduces costs, and enhances guest satisfaction.

4. Market Intelligence Reports: Understand market trends, competitor performance, and consumer behavior to inform strategic decision-making.

  • Benefit: Helps stay competitive by identifying market opportunities and threats.

5. Forecasting Reports: Use historical data and trends to predict future demand, allowing for better resource planning.

  • Benefit: Improves resource allocation, reduces waste, and enhances revenue management.

CIG: Empowering Hotels with Transformative Data Analytics Solutions

CIG offers a comprehensive suite of Data Analytics Services designed to transform the way hotels leverage data. Our approach focuses on simplifying data complexity, translating raw data into powerful insights, and optimizing processes for improved efficiency and competitiveness.

  • Descriptive Analytics: Allows hotels to understand past trends and patterns, providing valuable insights into guest behavior and operational performance.
  • Diagnostic Analytics: Goes a step further, identifying the reasons behind past outcomes and events, helping hotels understand the root causes of their performance.
  • Predictive Analytics: Helps forecast future trends and outcomes, enabling proactive decision-making and strategic planning.
  • Prescriptive Analytics: Recommends specific actions based on data analysis, helping hotels achieve their desired outcomes more effectively.
  • Outlier Detection: Identifies anomalies or outliers in data that deviate from normal patterns, providing early warnings for potential issues.

We also offer expertise in Data Warehouse Creation, enabling hotels to build a centralized repository for storing and managing data from various sources, ensuring data integrity and accessibility for informed decision-making. Create an absolute comparison, where two variables are fairly stacked against each other.

Driving Success Across Multiple Hotel Locations: Unified Data Analytics for Group Management

For hotel management overseeing multiple franchises and branches, gaining a comprehensive understanding of operational performance and guest preferences across all locations is paramount. However, this can be challenging when data is scattered across disparate sheets and repositories.

Our Data Analytics Services offer a solution by providing a single dashboard that consolidates analytics from all locations. This single view allows management to easily compare performance metrics, identify trends, and make informed decisions that benefit the entire group of hotels. Without this consolidated view, crucial insights might be missed, leading to suboptimal decision-making and missed opportunities for improvement and growth.

By offering a unified view of data analytics, our services enable hotel management to streamline operations, improve guest experiences, and drive profitability across their entire portfolio of hotels.

You need a single source of truth: a singular system, available for everyone to see.

Read our case study to know more.