Efficiency is a universal concern for businesses, although the opportunities to streamline operations and make processes more effective vary greatly from industry to industry. For the hospitality sector, there are plenty of areas where predictive analytics and business intelligence software are driving new workflows and developing actionable intelligence and insight. With solutions like IBM Cognos in place, organizations in the hospitality industry are positioned to draw on many streams of data and craft improvements to internal and guest-facing concerns.
Making the most of guest experiences
Beyond fulfilling the basic needs and meeting the universal requirements of guests – like clean rooms and a staff ready to respond to potential issues – there are many different areas the hospitality industry can develop to fulfill customer expectations. Better identification and understanding of guests is one such avenue, and it ultimately benefits both businesses and customers. Forbes pointed out how effective targeting of guests, like differentiating between low- and high-value ones and developing an understanding of individual preferences, makes resource allocation more efficient and creates stronger, more positive relationships.
"One way to view the power of predictive analytics in the hospitality industry is the concept of crossroads."
One way to view the power of predictive analytics in the hospitality industry is the concept of crossroads. Intersections create options and allow for the development of different paths based on convenience, preference and many other factors. Businesses in the hospitality industry can use predictive analytics to increase the number of metaphorical intersections included in their operations, creating different paths that are optimal for the many types of visitors they encounter. A straight line from check in to check out may be more efficient for a low-value guest who has little inclination to spend outside of the essentials. On the other hand, a longer, more complicated path is necessary for a high-value customer who is shown by analysis to be more apt to visit spas, restaurants and other amenities that add value to a visit.
Aviana's continuing work in the hospitality industry means we're up to date on industry trends. We understand how new strategies and approaches can be supported and enhanced through predictive analytics. We can point to other, more traditional functions that can be improved through increased data collection and analysis as well. To learn more about what we do and review case studies of our work with hospitality leaders like MGM Resorts International, visit our dedicated industry landing page.