Challenges to Data Analysis in Hospitality Industry
Mike Kuzmar, Vice President Of Revenue Analytics, First Hospitality
Mike Kuzmar, Vice President Of Revenue Analytics, First Hospitality
As vice president of revenue analytics at First Hospitality, what do you think are some of the key challenges in maintaining the accuracy and reliability of revenue analytics data and what steps can be taken to address them? .
One significant challenge is dealing with incomplete or inaccurate data, which can lead to misleading insights. To tackle this issue, we have integrated validation checks. With each data refresh, we gain confidence in the completeness and accuracy of the data. Another challenge pertains to data consistency. For instance, shifts in competitive sets over time can impact measurements like market share. To ensure consistency, we consistently retrieve data spanning at least five years. This guarantees a consistent basis for comparison. .
What are some of the different ways you approach data analysis and interpretation through booking software? .
We adopt a continuous approach, analyzing performance based on factors such as channel, season, and booking window. At First Hospitality, we leverage our proprietary platform, First Analytics, to uncover trends and insights that optimize profitability..
What do you think are some of the promising booking software tech trends that will shape the revenue analytics landscape? .
Machine learning and artificial intelligence are poised to reshape revenue analytics. This impact will manifest in two ways: the buyer’s journey and analytics. Enhanced insights into guest preferences will streamline the purchasing process. From an analytics perspective, faster and more precise insights will illuminate effective strategies, eliminating extraneous options and enhancing conversion rates. .
Before your stint at First Hospitality, what were some of the experiences that empowered you to gain deep expertise in revenue analysis, yield management, data analysis expression, and revenue strategy? .
Before joining First Hospitality in 2018, I spent two decades at White Lodging, a significant portion of which focused on revenue management. During this tenure, I collaborated directly with business intelligence and data scientists to develop brand-agnostic tools and reports. This was a valuable opportunity to learn from brilliant individuals and apply my extensive hotel management experience. Each discipline played a role, contributing to the creation of outstanding tools that elevated insights and productivity. .
Embrace Data-Driven Decision-Making And Invest In Both Tools And Personnel
On an ending note, what is your advice for other senior leaders and CXOs working in the realm of revenue analytics and management and booking software? .
Embrace data-driven decision-making and invest in both tools and personnel. Given the dynamic nature of the landscape, strategies that were effective years ago may no longer hold. Cultivate continuous learning as a fundamental practice for you and your team. Furthermore, foster collaboration across departments – sales, marketing, revenue, finance, and operations. Each department offers a distinct analytical perspective that can contribute to collective learning.
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