How to Improve Profits with Hotel Data Management?

In the hotel business, there are few things more valuable than data and at the same time, most hoteliers are not able to use the data to improve the profits at their property. Every day, every moment, a hotel business produces data. From the activities of the guests, to staff movements in cleaning the rooms, and addition of new inventory to the kitchens, every activity is data. This data can be further used by a professional management team to improve the performance of various facets of the hotel’s operations.

Without a hotel management system, there is a chance that this information will be lost and not generate any profits for the hotel. But with a reliable hotel software in place, this data can be utilized to maximize profitability and improve guest experience through the property. The data can be used to predict customer behavior, identify profit and loss making channels, add to profits and much more. With the right analytical framework and the ideal tools, hotels can derive actionable business intelligence from the data points.

Let’s dive in a little deeper to understand the kinds of data that can be utilized and how hotels can make the best use of this data.

What Are the Different Types of Data that Can Be Collected?

Booking Data

This data can include basic information about distribution channels, duration of stay, room history, abandonment rate, and more. Once you analyze the data, you will get a better understanding of how your hotel property is performing and which areas need improvement. You can find out which rooms are doing well in a particular season and price them accordingly while highlighting those rooms in your marketing efforts.

Guest Data

Important data about the guests can range from demographics, guest’s preferences about food and beverage, booking history, payment preferences, and contact information. This data can help you to personalize services for the guests to enhance their experience at the hotel. You can also use the data to offer rewards and incentives to guests so that they are more inclined to choose your property for stay during their next vacation.

Housekeeping Data

In the current time and age, hotels need to put more emphasis on ensuring that their rooms are clean and sanitized at regular intervals. This data can include the number of housekeeping staff, number of rooms cleaned, speed of cleaning, supplies used, laundry expenses and more. By using an advanced hotel software, managers can zero in on the gaps in the housekeeping schedule and adjust the team’s workflow accordingly.

Social Media Data

In the age of social media, hotels need to keep an eye on their reputation across various social media channels. Social media heatmap can help you to figure out where your guests are coming from, you can also collaborate the ratings from different OTAs on a single dashboard to find out the areas that need improvement.

How Does a Hotel Software Allow Better Data Management?

A hotel property generates data 24/7 and it is critical to collect and analyze this data for better decision making. Whether it is the front desk, guest activities, PoS software, channel manager or housekeeping staff, all activities in the hotel offer information that can be used. Luckily, hotel management software can help to bring together this data in a comprehensive manner so that managers can base their decision making on the available data. Here are some ways to manage data in a structured and balanced manner.

Data Collection from Multiple Sources - A PMS can have modules added into it so that you can gather data from various points of interest. Whether it is your OTA, booking agency, or social network, you can get data that refer to your property on a combined dashboard. You can also configure the hotel software to send emails and texts to guests once they have checked out. Guests can then fill a short survey with their feedback about their experience at the property.

Integration with Present Systems - When you are using a state-of-the-art PMS, you can get integration options for various third party tools to exchange data. The data sharing can happen when you add modules such as PoS (point of sale), RMS (Revenue Management System), CRM (Customer Relationship Management system) and more with the hotel software. What’s more, as the software operates in the cloud, you can also get modern APIs for new modules and add them to your dashboard.

Data Filtration - When data is collected from multiple sources, there are bound to be instances of data duplication or incomplete data. A quality software will be able to classify data that is useful and complete. You can further use filters and segregate the data according to the reports you need.

Data Analysis - Once the data is filtered, it needs to be analyzed. Modern hotel management software comes with business intelligence tools that offer in-depth analytics for all kinds of data. You can further customize the software to suit the needs of your business. With analysis, you can generate reports through the hotel management software and visualize the data as needed.

Conclusion

If you are not leveraging the data that is gathered in your hotel, you are simply leaving money on the table. Every hotel property can be further optimized to reduce costs and increase profits, so how are you going to do it? You can do it by using the hotel software offered by mycloud Hospitality.

With more than a decade and a half’s experience in providing IT solutions to businesses around the world, the team at mycloud Hospitality offers solutions that are tailor made to the needs of their hospitality clients. Interested in learning more? Check out https://www.mycloudhospitality.com/

Mycloud offers a comprehensive hotel software for any size of property. The advanced features allow clients to manage their hotel operations efficiently and increases revenue.