Data is a critical tool to a hotel’s operations and is broken down into big data, small data, structured data, and unstructured data. Since hotels use various systems, including PMS, POS systems, guest reputation platforms, OTAs, forecast and budgeting tools, and so on, there is an enormous amount of data being produced and received daily. Add to that, hotel groups and chains who have similar data per property and sometimes use the same or different systems based on location or because they were historically set up that way. With massive amounts of data now available to hotels, and different data usage phases, it’s safe to say that all future technologies will rely on data and integrations.
The importance of data is evident, but it’s essentially worthless unless it is properly stored, intelligently connected, and made accessible. To illustrate the path to reveal the full potential of your data we have defined the 4 main stages of data usage and how the data becomes the asset of the company with more technology taken place.
Data Usage Phase Zero – Basic Data Usage
Hotels generate data from tens of thousands of data points daily. Whether the hotel is aware or not, by simply operating the hotel, it is producing and dealing with enormous amounts of data from different internal and external sources, including:
- Operations (PMS, POS, etc.)
- Social Media
Without integrations between the various systems that are generating data, hotels only have access to the most basic form of data usage. The hotels in this phase of zero data are reading occupancy reports on paper or Excel, seeing the number of covers in a restaurant in daily reports, and understanding data as single data points. There is no data aggregation occurring in these data reports and no connectivity between any softwares.
Hotels in this phase are mostly using data to understand general statements of the business, without any insights or explanation as to why they are witnessing certain KPIs numbers and performance trends. By simply seeing that occupancy is lower than expected, a hotel cannot respond to this information as no additional insight is given from this raw observation. In order to understand the dependency of data sets better, some basic integration at a minimum is required before reaching the next phase.
Data Usage Phase One – Individual Connections
In the industry today, many PMS providers offer rich functionalities to its users for more advanced opportunities of further analysis. Additionally, trying to solve the issue of data silos in the industry has created discrete data sets and low integration levels. Companies need to enhance their systems with additional modules and tools like the ones provided on the SnapShot Marketplace.
Hotels in this phase are usually conducting basic reporting through using their PMS system with other tools. For example, by combining data from PMS systems with connections from financial systems, hotels could add their budgets to overall performance KPIs, as well as pull the detailed cash flow statements. In order to take it one step further, these hotels should begin integrating PMS data with distribution solutions to avoid overbooking and keep updated inventory and rates in real time. While these hotels are saving time in maintaining operations, they still aren’t capable of producing instant report aggregation across multiple data sources in this phase.
Sign-up for the weekly newsletter.
Sign-up for the weekly newsletter.