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WHAT'S THE BUZZ IN HOSPITALITY?

The Expanding Scope of Big Data

Dec 03, 2018

The hospitality sector caters to millions of people on a daily basis. That means more organizations are storing, processing, and extracting value from data of all forms and sizes. Resort operators need platforms that support large volumes of both structured and unstructured data to effectively administer and secure big data while empowering the appropriate staff to analyze that data.

With guest data gathered in a single location it’s much easier to make informed decisions related to marketing and providing exceptional guest service. Accessible, consumable data means hotel staff can target their frequent guests with extra incentives and offer separate deals to guests who are less frequent with the goal of bringing them back on property.

Big data is not new, yet it continues to bring cumulative value to the hospitality sector by helping operators understand, for example, the contributing factors of room pricing. This knowledge helps them set the best prices for prospective guests, keeping room prices profitable while still being competitive. This analytical approach extends well beyond hotel rooms though. Additional amenities, such as dining, conferences, catering, spa or other activities benefit. The information gleaned from understanding local market trends, events, guest traffic and patterns, as well as the average spend for any of these amenities helps operators recognize precisely when, where and how to position these services and amenities to drive revenue.

Big data enables hospitality operators to take control of their business. Insights garnered become knowledge that allows them to lower operating costs more quickly than without the data. In doing so, it’s much easier and quicker to drive profits. In the months and years ahead, these IT and analytical systems will continue to mature to become an essential part of the hospitality IT system.

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