Unlocking the Power of Big Data in the Hospitality Industry

As a hotelier, maximizing revenue is always top of mind. Did you know that big data can play a key role in driving business growth and success?

What is meant by big data? This expression refers to the large sets of structured and unstructured collected data, which, in the hospitality management, are often past occupancy rates, current bookings on the system and other key performance metrics.

Hoteliers and property managers are often stuck comparing their current and past performance, not focusing enough on other important information, such as competition, levels of demand and customers' behaviours.

These are 3 tips to increase your hotel revenue by deep-diving into big data analysis:

• Guest data: which means knowing your guests’ expectations like choice of room or most-preferred upselling activities and taking actions to pitch your guests with promotions and personalized packages.
• Occupancy forecast: having a clear occupancy forecast from the reservations on OTAs, search engine queries, bookings and your hotel’s website traffic will make you able to predict highly demanded room type, possible no-show and cancellations and positively impact on RevPar.
• Expense data: being conscious of your operating costs to avoid unnecessary expenses can help you to reach your revenue goals. For example, knowing the percentage of energy consumption when guests are not in their room and the devices are still on. If there is a significant amount of energy waste, take the right steps to save useless operating costs.

Once big data is taken into account, those in the hospitality industry can take measures to use them to optimize room rates and see revenue and profits grow.

With Octorate Revenue Management Software you will have revenue management solutions to suggest a winning pricing strategy based on occupancy levels, seasonality, historical data, forecasts and more.