In a new column featured in Hotel Executive’s Hotel Business Review, PurpleCloud CEO Adria Levtchenko takes the guesswork out of controlling and managing the rapidly-growing amounts of hotel data being stored. Here is an excerpt from her exclusive column:
“One of the mantras of the modern business world is data-driven decision-making. Certainly, in hospitality, we have more access to greater amounts (data sets) of information than ever before in a wide range of operational, managerial, administrative, investment and strategic realms – and much more is on the way.
“We have become accustomed to, even reliant on, this principle. In particular, revenue managers and reservations experts are quite familiar with a wide range of data sets to which computer-driven analyses are applied. These include historical pricing and occupancy data, by day of the week and season; competitor room pricing and availability; local convention, tourist and construction information; employment forecasts; weather reports and flight information; and a wide range of industry-wide dynamic pricing information. And that’s just for starters!
“While much of the revenue management decision-making these days is automated and driven by pre-set parameters (i.e. algorithms), the seasoned revenue manager will know how and when to adjust each information tap to arrive at the best pricing and room allocations. Similar considerations apply to other familiar operations like plant management and security, payroll and numerous other human resources functions, or entity accounting and investment analysis.
“In recent years, one of the most important trends is how data is being brought out of the back rooms or “lock boxes,” as it were, and becoming part of everyday hotel operations for a wide variety of staff interacting directly with guests. These applications include the newer hotel task platforms for housekeeping, maintenance or front desk personnel, as well as the many ways in which guests are being assessed or solicited to interact with us. Data keeps moving closer to the action.
“Within this emerging context, this article will consider some common sense aspects of choosing, accessing and using this data in practical, useful ways. The goal is for all hotel staff, from housekeeper or concierge to the executive suite, to be more data savvy and feel more in control of these powerful new forces in the hospitality space.”
For full text of this article, please visit the Hotel Executive website.