The hospitality industry is renowned as one of the most segmented industries and is often held up as a great example of monopolistic competition. As a result, it is important that hotel owners and operators are able to take full advantage of their resources, obtaining every possible competitive advantage to improve the profitability of their businesses.
It is unsurprising that many are leveraging Business Intelligence technologies (BI) to this end. BI tools gather and process operational data and assess this information against industry benchmarks to deliver keen analysis and insights. BI tools provide decision-makers with clear and concise data that helps them operate their properties to their maximum potential.
Nowadays, hotels have multiple systems integrated in their operations: property management systems (PMS), point-of-sale systems, sales and catering systems, revenue management systems… and while all are very efficient at their primary functions, none of them can analyse overall operational performance. The biggest challenge for hotels, management companies, corporates offices and ownership groups is the access to timely and critical operational data.
The amount of time wasted having to manually extract this data would be better spent assessing operational shortcomings. By having a BI tool in place, hoteliers can easily obtain the data they need and have it presented in a way that is easily understood so that they can focus on identifying the performance gaps in their businesses.
At TFG Asset Management we utilise BI tools on a daily basis and in the preparation of our management reports to ensure we generate maximum operational efficiencies across all our properties.
BI tools provide us with the key information that allows us to understand specific aspects of a property’s operations to improve overall performance. Without a BI tool we are unable to understand the performance of every department and we would have to carry out time-consuming exercises to gather the necessary KPIs to make the necessary adjustments and decisions.
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