How Big Data Analytics Power Profits for the Hospitality Industry


Blog#3 : How Big Data Analytics Power Profits for the Hospitality Industry
Name : Kathleen 蔣慧敏
Student ID : D0726920
Source : https://www.dexlabanalytics.com/blog/how-big-data-analytics-power-profits-for-the-hospitality-industry
Customer satisfaction is a key in the hospitality industry. Using the help of big data analytics, it is possible to predict customer behavior and understand their needs and expectations. This enables restaurants and hotel to provide personalized customer service and keep loyal customers.
Here are some ways how big data enables the hospitality industry to drive profits:
1.      Take better control of business:
There are massive volumes of web, audio and video content in the hotel industry. However, many hotels aren’t using it effectively. Hoteliers can use this information to help them in making decisions. Through analyzing the data, hoteliers can understand customer behavior, needs and expectations. Once they understand their customers, they can develop a better loyalty programs.
2.      Customer segmentation and Targeting:
Hotels must use their customer’s data and analyze them to segment customers based on booking and travel trends, preferences, chance of responding to promotions, etc. This allows them to target customers with the right offers and increase their business growth.
3.      Set best prices for rooms:
Big data analytics plays an important role in setting competitive hotel prices to attract more guests. Using this technology, hotels can optimize the budget for utilities through analysis of the weather and energy rates.
4.      On-time delivery:
Big data tools can provide data from traffic, temperature, weather, route and other sources. This information can help restaurant to improve their food delivery service by providing better estimation of the delivery time and the quality of the food. It also helps to plan the transportation and optimize the utilization of resources.
5.      Menu enhancement:
Using customer data on food preferences that can be obtained from feedback forms and online surveys, restaurants owners can identify the most popular items in their menu and determine which menu needs to be improvised or removed.

In conclusion, the use of big data technology allows the hospitality industry to understand recent trends in the market. Companies who are using big data to help them in their industry understand their customer preferences better than those who are not using big data. Therefore, big data also boost profits in the company.


Comments

  1. TedJune 21, 2020 at 2:58 AM

    It is well-acknowledged that the hospitality industry is the most important industry in the history of human development. As a result, I decide to choose my Indonesian classmate, Kathleen, her article, “How Big Data Analytics Power Profits for the Hospitality Industry”, as my target the learn more about how big data analysis influence the hospitality industry. I select three points I prefer to share how good the big data technology is.

    The first benefit is that we take better control of business.
    In the hotel industry, there is a huge amount of personal information, the data in the management system, and the CCTV video. However, many hotels aren’t using it effectively. Hoteliers can use this information to associate the manager with making a more reasonable decision. By analyzing the data, hoteliers can understand customer behavior, needs and expectations. Once they understand their customers, they can develop a better loyalty programs.

    Secondly, last semester, we have learned about marketing management. As a result, I realize that how important customer segmentation and targeting are.
    To provide more attractive policy, the holder of hotel must apply their customer’s database and analyze them to aim at those customers based on booking and travel trends, preferences, chance of responding to promotions, etc.
    This practice makes allow holder to target customers with the appropriate offers and enhance their revenue growth.

    For the last benefit is about on-time delivery. In delivery industries, being punctual is the most critical issue.
    Fortunately, big data tools can offer analysis model based on traffic, temperature, weather, route and other sources. This information model can help restaurant to make their food delivery service more efficient by providing better estimation of the delivery time and the quality of the food.

    ReplyDelete

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