APAC CIO Outlook
  • Home
  • CXO Insights
  • CIO Views
  • News
  • Conferences
  • Newsletter
  • Whitepapers
  • About us
Apac
  • Admired Tech

    Agile

    AI Healthcare

    Artificial Intelligence

    Augmented Reality

    Aviation

    Big Data

    Blockchain

    Cloud

    Cryptocurrency

    Cyber Security

    Digital Transformation

    Drone

    HPC

    Infrared

    Internet of Things

    Networking

    PropTech

    Remote Work

    Scheduling Software

    Simulation

    Startup

    Storage

    Wireless

  • Banking

    E-Commerce

    Education

    FinTech

    Food and Beverages

    Healthcare

    Insurance

    Legal

    Manufacturing

    Pharma and Life Science

    Retail

    Travel and Hospitality

  • Atlassian

    CISCO

    Microsoft

    Oracle

    Salesforce

    SAP

    ServiceNow

  • Business Intelligence

    CEM

    Cloud-based Planning

    Cognitive

    Compliance

    Contact Center

    Contact Tracing

    Contactless Payments

    Content Management System

    Corporate Finance

    CRM

    Custom Software Development

    Data Center

    Enterprise Architecture

    Enterprise Communications

    Enterprise Contract Management

    ERP

    Field Service

    HR Technology

    IT Service Management

    Managed Services

    Procurement

    Product Management

    RegTech

    Revenue Management

    Sales Tech

Menu
    • Travel and Hospitality
    • Augmented Reality
    • Agile
    • Cognitive
    • Cyber Security
    • Digital Transformation
    • Atlassian
    • E-Commerce
    • Managed Services
    • RegTech
    • CISCO
    • Blockchain
    • IoT
    • MORE
    #

    Apac CIO Outlook Weekly Brief

    ×

    Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Apac CIO Outlook

    Subscribe

    loading

    THANK YOU FOR SUBSCRIBING

    • Home
    • Travel and Hospitality
    Editor's Pick (1 - 4 of 8)
    left
    How Cloud Systems are Impacting Business Environments

    Martin Stegner, CIO, NOVUM Hospitality

    The Impact Of Technology On Travel And Hospitality

    Steve Traplin, CEO, Groupon APAC

    Infinite Retailing, And Beyond

    Frank Trampert, Managing Director & Chief Commercial Officer, Sabre Hospitality Solutions, APAC

    Which Technology Best Suits the Hospitality Sector?

    Jessie Burgess, Executive Vice President, CIO, G6 Hospitality LLC

    Enter into the World of the Internet-of-Things or IOT

    Alfonso Venturi, CIO, Lease Plan Australia

    UX-The Broad Picture from 'What was' to 'What it's going to be'

    Kamal Sharma, CIO, Tally Solutions Pvt. Ltd.

    Wearables to Play an Integral Role in Guest Service

    Monika Nerger,

    How to Systemize Business Travel and Take Out Every Pain Point

    Ross Fastuca, CIO & Co-founder, Locomote

    right

    Leveraging Big Data to Increase Guests' Experiences & Hotel Revenue

    By RJ Friedlander, CEO, Review Pro

    Tweet
    content-image

    RJ Friedlander, CEO, Review Pro

    Over the past several years, there has been extensive coverage of Big Data and the promise of how such analytics will eventually help businesses offer more targeted marketing and better tailored experiences to customers.

    For the hotel industry in particular, Big Data offers the promise of significant opportunities for improving services and revenue; however, most hoteliers do not value the poten­tial impact of Big Data or know how to implement such analyt­ics within their property or brand. One very clear application of Big Data analytics for hoteliers is the mining of guest feed­back data, both from the social web and from direct survey re­sponses. Savvy hoteliers are accessing meaningful insight into traveler behavior and likes/dislikes to make decisions that im­prove operational and ser­vice excellence and to create personal­ized experienc­es for guests. When prop­erly managed, hotel brands both small and large, are significantly increasing guest satisfac­tion and revenue. Instead of mak­ing decisions based simply on experience, one person or an internal teams’ opinion(s), more and more hoteliers are leveraging detailed Guest Intelligence information to take action that will benefit future guests and the property/brand.

    We live in a world where user-generated content–and as a result, a property’s online reputation– have an enormous influence on both consumer and business travelers when booking a hotel room. As such, a comprehensive Big Data strategy is a vital consideration for hotels worldwide in 2015 and beyond.

    So what are the key components of Big Data for the hotel industry?

    Ultimately, Big Data analytics in the hotel industry will include data sets from many areas of the enterprise (PMS, CRM, Channel Manager, Booking Engine, Financial, etc.) Today, however, the “low-hanging fruit” is related to combining online review, guest satisfaction survey and historical pricing data.

    Online Review Data

    The first component is the aggregation and analysis of online reviews, from more than 140 online review sites and online travel agencies (OTAs, such as Expedia, Booking.com and Hotels.com) in all languages worldwide.

    Online review analytics can identify detailed areas for improvement, as well as strengths and weaknesses in a hotel’s operations. Using semantic analysis (which analyzes the language used by guests to find specific keywords); hoteliers can identify, almost on an atomic level, how guests feel about their stay at the hotel. This insight can be used as the basis for changes in sales messaging, operational processes and even distribution strategy. Even within the individual departments, it is possible to determine what types of changes will best address guests’ concerns and preferences.

    Like a real-time focus group, online review analytics can help hoteliers to make wise investment decisions related to capital expenditures, internal training and process improvements to ensure the highest ROI on such actions. When the right guest analytics are combined with successful execution, hoteliers exceed guests’ expectations, which will yield higher ratings on online review sites and increased revenue.

    In order to effectively aggregate and analyze review data, hotels should use an online reputation management solution that analyzes reviews from all sources, that is easy-to-use (to ensure that staff follows through on using the tool) and that offers an open platform (API access that can connect to a property’s current internal technological systems) to ensure that all data is available via one integrated platform.

    Guest Satisfaction Survey Data

    Guest surveys are another valuable input source for Big Data analytics for hoteliers. When properly designed, during-stay and post-stay surveys provide guests with an opportunity to provide very detailed feedback related to their concerns (in a non-public venue). Also, these surveys provide management with an opportunity to respond directly to the guest to address concerns before they are posted on review sites, such as TripAdvisor or OTAs, such as Booking.com.

    Profit from Guest Intelligence

    Not only can the use of Big Data analytics yield a significant improvement in guest satisfaction, it can also increase a property’s revenue drastically: according to a landmark Cornell University study (using ReviewPro’s data), a one-point increase in a property’s online reputation can lead to a possible 0.89 percent increase in price (Average Daily Rate– ADR), 0.54 percent increase in occupancy and a 1.42 percent increase in RevPAR (revenue per available room).

    Big Data also enables hoteliers to optimize their internal revenue strategy, by providing the information necessary to identify specific, actionable insights and to turn them into opportunities to improve a property’s financial performance. By combining guest feedback and historical pricing data (STR or equivalent), hoteliers can measure the extent to which ADR and RevPAR have been optimized, both by looking at the hotel’s reputation/revenue performance individually and comparing it to that of its competitors.

    One very clear application of Big Data analytics for hoteliers is the mining of guest feedback data, both from the social web and from direct survey responses

    Over the coming years, it will be commonplace for hoteliers to leverage business intelligence tools to manage massive data sets from a wide variety of inputs, including ORM and GSS. In the meantime, forward-thinking hoteliers will see that it is relatively simple to generate a significant improvement on guest experience and revenue using a combination of online review, guest satisfaction survey and historical pricing data.

    tag

    Big Data

    Financial

    Guest Experience

    ROI

    Weekly Brief

    loading
    Top 10 Travel and Hospitality Consulting/Services Companies - 2020
    Top 10 Travel and Hospitality Solution Companies - 2020

    Featured Vendors

    techhighway systems

    Dipali Bendre & Fabian Fernandes, CEO & CIO

    pt realtachakradarma

    G. Hidayat Tjokrodjojo, Chairman

    ON THE DECK

    Travel and Hospitality 2020

    Top Vendors

    Travel and Hospitality 2019

    Top Vendors

    Previous Next

    I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

    Read Also

    Blockchain: The answer to solve the perennial issues in the Telecom Industry

    Blockchain: The answer to solve the perennial issues in the Telecom Industry

    Neeti Virmani, Venture Partner, Loyal VC
    Self Service: An important slice of the digital transformation pie

    Self Service: An important slice of the digital transformation pie

    Christopher Douglas, Director Member Services Pacific, Accor Plus
    Leveraging POS Systems to Enhance Customer Experiences in Retail

    Leveraging POS Systems to Enhance Customer Experiences in Retail

    Bernie Winter, Director of Point-of-Sale Systems, and Mike Metz, Vice President of Information Technology, Tops Friendly Markets
    How can HR technology help us in our new environments?

    How can HR technology help us in our new environments?

    Claire Tobijanski, Group HR Director, Survitec
    Relevance of Generalists vs Specialists in Enterprise Security Management

    Relevance of Generalists vs Specialists in Enterprise Security Management

    Vishwanath Nair, Head of Information Security and Risk, Western Sydney Local Health District
    Cyber Risk Strategy and the Evolving Role of the CISO

    Cyber Risk Strategy and the Evolving Role of the CISO

    Richard Harrison, Chief Information Security Officer, healthAlliance
    Improve Service - Know your business to increase value

    Improve Service - Know your business to increase value

    Paul Norton, Group Chief Technology Officer, OneSavings Bank
    Using IT Budgets To Drive Strategic Outcomes

    Using IT Budgets To Drive Strategic Outcomes

    Eric Hanson, Vice President Information Technology, HUSCO
    Loading...

    Copyright © 2021 APAC CIOoutlook. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy and Anti Spam Policy 

    |  Sitemap |  Subscribe

    follow on linkedinfollow on twitter follow on rss
    This content is copyright protected

    However, if you would like to share the information in this article, you may use the link below:

    https://travel-and-hospitality.apacciooutlook.com/cxoinsights/leveraging-big-data-to-increase-guests-experiences-hotel-revenue-nwid-2226.html