Excerpt from HEDNA

Between data infrastructure, visualization tools, reporting cadence, and more, reporting and analytics is an expansive subject with a wide range of variables to consider. For hotel companies looking to explore analytics, it can be tough to know where to start. We call the work required to find the best solution to meet a data request ”designing the need.”

Connie Marianacci and Gideon Dean of The HEDNA Hotel Analytics Working Group sat down for a virtual interview with Michael Brizendine and Raju Pillai from Onyx. Through the conversation, we identified the following steps as the most effective method to find solutions to data needs:

  • Make data a core part of your business strategy. Start with a strong analytics foundation, complete with best practices for the company.
  • Develop a comprehensive understanding of the question we want to answer.
  • Collaborate with key stakeholders when building your design plan.
  • Prioritize requests with cross-functional use cases whenever possible.

In this blog, we break down the value of working each step based on the experiences of our experts. Data teams who work toward defining the need in this way are sure to see success, and we want to help get you there.

Reporting vs. Analytics

Before we dive in, let’s explore the difference between hotel reports and hotel analytics. While the two may not seem vastly different, consider the amount of auto-generated PMS and CRS reports available at the hotel level. These reports provide the facts on what’s been recorded within the hotel system. Examples include rooms sold, rooms available, generated revenue, loyalty bookings, and guest information. This level of data is typically used by the operational staff and management companies to monitor day-to-day business along with hotel financials.

Our experts believe the shift to hotel analytics occurs when we start blending internal data with external data. This is often achieved by using pattern-based algorithms, adding the context of the world around us to our own hotels’ business trends. Merging internal and external data also allows us to benchmark performance against our competitors. This level of data is most often sought out by revenue management and corporate level teams. Hospitality professionals are accustomed to accessing hotel analytics through third-party data aggregators. A downside of these tools is the minimal ability to drill further into the data and learn more details.

As business evolves and we look to data to drive business decisions, in-depth and flexible analytics are essential. Companies that invest in building their own analytics are at a great advantage. These tools allow us to look beyond operational data and tailor analytics to specific business needs.

Click here to read complete article at HEDNA.