New approaches to Data Management in Hospitality
- Julia Krebs
- Nov 9, 2022
- 3 min read
Updated: Jan 17, 2023
What is Big Data?
The basics and why it matters
Big data "is so large, fast or complex that it's difficult or impossible to process using traditional methods." Application software is needed so we can drive business decisions and increase the potential to gain the competitive edge.
Big data means:
Access to the latest data – Established platforms like STR and HotStats rely on historical data. Latest software can generate and update market information every second.
Alternative data for revenue management – Supporting dynamic pricing strategies and increases of forecasts accuracy
Instant visualization - Generate the reports that are visual and therefore it’s easier to digest the information.
Potential Drawbacks of automated software? – Initial costs are higher compared to simply using Excel, etc. as an analytics tool.
Cybersecurity - Privacy and security of guest data are critical issues that will not be easily fixed in the near future.
Information is available instant but too much to analyze – Without some years of experience it is very challenging to not be mislead by such vast and rich amount of data.
To find out more on Big Data Management, visit SAS webpage:
Further insights and perspectives on Data Collection and Management below:
#1 - Website Cookies are being removed soon
With the announcement of Google in January 2020, that cookies within Chrome will be removed as users are asking for better protection when searching the web. Google Chrome presents 63% of search engine market, so it was not too long after that Safari, Firefox and Brave, also restricted the use of cookies. Users are demanding greater privacy and moreover transparency! They want to be given choice and control over how their data is captured and used.
What does this mean for the hospitality sector?
65% are willing to share their personal information in exchange for more personalized shopping experiences, coupons, or other benefits.
79% of consumers agree that the more personalization tactics a brand uses, the more loyal they are to that brand.
90% of all travelers expect a personalized experience when they book a hotel
As hotels strive to offer the uppermost personalized service experience, we need to re-think and adjust the way we can get data insights without taking the data collection for granted. High-touch and high-tech solutions needs to be developed so data protection regulations are followed and implemented.
What to read all the stats about website cookies? Go to: bitly.is/3TSq9jm
#2 - Hyatt is reforming their apporach to Data
During a recent interview with “Hotel News Now”, Hyatt Hotels Corporation's Vice President of Data and Analytics Raymond Boyle said that AI and Machine Learning will determine the future of guest experience.
It already is an essential to today’s guest journey and will define performance as of now. The focus is now on data security as gaining a large amount of data is an opportunity and a threat equally.
Complying with international data protection laws and regulations lead the way to secure, protect, manage and access business data.
Want to read the whole article? Go to: https://bit.ly/3ht0u3d
"Knowledge isn't power, applied knowledge is power"
#3 - New tool such as "Insights" by HotelRunner
Hotel sales management platform HotelRunner just introduced “Insights” - a cloud-native business intelligence (BI) platform. It is a ready-to-use fully customizable data warehouse that creates different models, dashboards and visualizations.
Business can make the most of their data through early warning indicators hospitality businesses are able to gain valuable insight while monitoring operations in real time. Enabling business decisions to be made quickly as the platform connects all tolls from channel manager to PMS, etc.
Find out more: bit.ly/3EIk1G9
#4 - Data never sleeps
Click on the infogrpahic below to see the real life graph and how it develops.
Final thoughts
You cannot evade nor escape it; digitalization and innovation push us to face challenges that are accelerated as part of our new phase and areas we are entering throughout our industry.
What are your thoughts? How will you manage and find new ways of ewuiping yourself with (enough) guest data.
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