Close

Cart

Total $0.00

Checkout

By Jean Francois Mourier

Big Data seems to have been the buzzword in most industries for the last five years. But unlike many other industries that have integrated Big Data as a key component of their operations, the hotel industry is lagging very far behind. In my opinion, this is a big - and costly - mistake to make! You might be asking yourself: "How can my hotel leverage the power of Big Data?"  

But before I explain how your property can use Big Data to generate significant increases in occupancy, ADR and RevPAR, let's go back to the basics…

What is Big Data? Google defines Big Data as "extremely large data sets that may be analyzed computationally to reveal patterns, trends and associations, especially relating to human behavior and interactions". Wikipedia defines Big Data as: "a broad term for data sets so large or complex that they are difficult to process using traditional data processing applications. Challenges include [the] analysis, capture, curation, search, sharing, storage, transfer, visualization, and information privacy."[1]

What does all of that mean? Basically, Big Data is a large amount of data (it is not specific to a certain type of data) that is unable to be analyzed by traditional methods - either manual or technological. Because the data is so complex and has so many elements, it needs highly advanced technology to effectively capture and analyze the data, in order to provide a valid conclusion or usable information. 

The hotel industry is the perfect one for the implementation of Big Data analytics. Due to the huge number of competing hotels in most destinations, the never-ending list of online travel agencies (OTAs), historical rate data and the fact that most properties change rates at least once daily (in fact, rates should be updated in real-time, but unfortunately for most hoteliers, time constraints and limited access to advanced technology don't allow for it), there is a plethora of data available to hoteliers that can be leveraged to more effectively price their rooms. 

By taking all of those factors into consideration - as well as observing and analyzing regions and each hotel's patterns, a property's rates can change as the market conditions do, ensuring that the rate offered (via the online channels) is always the best rate, at the right time, to ensure the highest number of bookings and the highest revenue from each. Only a very, very complex technology can execute this type of analysis and continue to update the rates in real-time. By updating rates in real time, hotels will experience a significant increase in occupancy, ADR and RevPAR. 

At the end of the day, information is power… but only if you can access it or use it properly. Is your property leveraging Big Data to ensure that you are always offering the best rate, at the best time, updated in real time - and experiencing the huge financial benefits of doing so?

_________________

[1] http://en.wikipedia.org/wiki/Big_data

About Jean Francois Mourier

Jean Francois Mourier is CEO and Founder of REVPAR GURU, a company that provides hotels around the world with an alternative revenue management software system designed to deliver maximum bookings and profits. You can reach Jean Francois through www.revparguru.com or by calling 1.786.478.3500.

Contact: Jean Francois Mourier

1.786.478.3500

Related News

PMS Software Evaluation Scorecard Ensures Hotels Can Find Their Ideal Property Management System

Hospitality Financial Leadership - Global Hotel Revenue Management

Hotel Occupancy Continues to Reach New Heights but Rate Not Keeping Pace

Provenance Hotels Chooses IDeaS G3 RMS to Advance Revenue Strategy in 2017

RG Hotels Boosts Revenue at Magnuson Hotels' Memphis Property by 400% in 6 Months

the D Las Vegas Increases Profitability and Efficiency with Revenue and Profit Optimization Solutions from The Rainmaker Group

The Rainmaker Group to Showcase Hospitality Revenue and Profit Optimization Cloud at HITEC 2017

Hotelsoft Expands Its Development Center, Beefs Up Offerings

You're Invited to Rethink Your Hotel Technology with ALICE & Duetto

The Rainmaker Group Solves Revenue Management Challenges to Bolster Growth at Westgate Las Vegas

The Rainmaker Group Maintains Leadership Position in Hospitality Pricing Optimization and Intelligence Sector with Record Setting Growth in Q1 2017

The Rainmaker Group to Present Total Revenue Management Approach for Casino Hotels at INFORMS 2017

nSight for IDeaS™ Helps Hoteliers Drive More Profitable Bookings by Tapping Forward-Looking Travel Intent Data

Which Revenue Management Technology is Best for Your Property?

The Metric (That Most Hoteliers Ignore) That Can Significantly Impact Your Revenues

UpsellGuru to Further Maximize Upsell Opportunities for Partner Hotels in the U.K.

HSMAI Releases Report on Revenue Management Leadership

Technology Can Be the Problem, but It Is Also Your Solution

Revenue Management: Art or Science?

Upselling: Icing on the Revenue Management Cake

All News »

Please login or register to post a comment.