How to make Data Analytics Efficient in Hospitality Industry?
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Collecting data at first glance might be hard, but simple tools can make your life easier; leaning on an expensive or hard approach is not effective. But gives you so many headaches that you may not want to deal with. Doing some data analytics for small hospitality businesses has never been easier.
But wait a minute, how are you going to use those tools if you’re still confused about which data you’ll collect? But you don’t need to figure it out all by yourself. For the sake of simplicity, today I will help you release that tension and only think about what matters most.
Key Takeaways
- Collecting data is valuable.
- Simple steps to achieve what matters.
- Use simple tools and don’t overwhelm yourself.
With Collecting Data Comes Value
While data is so valuable, not all data needs to be collected. Ensure not distract yourself and choose only to focus on data and metrics that matter to improve the business.
You need to choose valuable and yet cheap tools to help, that offers free experience that can help you much. Helping you save money and do much And by the way, your guest feedback matters most, and you can use it as a reference to know what you need to improve.
Setting Up Your System
To start you need to do those things:
- Define your objectives: know what specifically you want to achieve and when? Starting with two or even one goal, directs your efforts towards achieving them.
- Identify the data sources: data can come from many sources, and in your case it’s financial records, maintinenace logs, your guest feedback on what’s happening, and occupancy rates. And We’ll go into each of them.
- Choose the right tools: choosing some simple tools like spreadsheets or Google Analytics can be easy and straightforward. Spreadsheets can help you at a small to medium scale, organize everything in one place, so you’d be able to navigate everything easily.
- Also, Google Analytics can help you monitor specific metrics. Also for online surveying tools or in-place ways can help navigate specific issues that your customers have, so that you can plan on how to fix it.
Simple Analysis Techniques
Treat the trends that happening around you as a friend that can help you navigate what’s happening. Set a specific limit you want to track like monthly or yearly. And improve on what you already have. So enough talking about tools. Let’s look at what you’re going to track.
When it comes to rooms, you should look at whether there are specific rooms that have high rates, and when in a specific year? Is there any entertainment they like more than others? Is there some type of food they like more? Do they have all things they need? How much is the labor costs and occupancy rates?
And when it comes to cost look for rent cost, or services costs if you already had maintained. Also, by monitoring your inventory in specific times of high traffic you can know exactly in which times per year you need to increase your inventory to manage the high volume.
But this all doesn’t really matter if you don’t know where you guests come from. You need a property management system to organize everything together, and invest in the most popular booking channels they use and like. For that you can use something like NoBeds for this; it can help you manage everything together in one place.
Turning Small Data Into Big Decisions
Imagine you checked for the four pillars we discussed before, and you got everything set. Now you can:
- Identify your goal.
- Analyze patterns.
- Act on the insights.
- Monitor and define what went well and improve what went badly.
This is a simple framework you can start with, and it’s worth trying because it lets you focus on real issues and improve them.
Wrapping up
When you start it might be hard at first, but with a way to manage everything together it will be easier for you. It will save you some time while maintaining effeciency and making you customers happy.
Start with small steps to implement right now for a better outcome in the future. Start small right now if you don’t know what you want to achieve exactly. And for you to start, look at this guide I guess it will help you a lot, when starting with small data specifically.
Wish you the best on this journey, and for the better is coming, we’ll go deeply through the metrics you should track in this journey so stay tuned.
Frequently Asked Questions (FAQ)
I’m a Data Enthusiast and Content Writer with a passion for helping people improve their lives through data analysis. I’m a self taught programmer and has a strong interest in artificial intelligence and natural language processing. I’m always learning and looking for new ways to use data to solve problems and improve businesses.
