The hospitality industry is rich with guest data but translating that data to revenue-driving analytics is sometimes challenging. Considering the usefulness of data in terms of boosting service quality, business culture, and resource allocation, it’s no surprise there is a rising call for hospitality leadership to take charge of the data it already owns.
In an industry that is as dynamic as each individual guest, being able to forecast demand often results in a competitive advantage. Operators benefit once they can capture, understand and predict market demand patterns. Using data to forecast the ups and downs with shifts in seasons helps resorts formulate action plans that optimize their service offerings according to anticipated guest demand.
This demand-specific predictability is achieved through data analytics that can be based on seasonal and current trends, guest histories, local events and other attributes. Using a reliable forecast system, resorts can schedule maintenance or remodeling work without disturbing the guest experience or profitability. Beyond predicting future trends, resorts can use the business data in their PMS and POS solutions to view guests’ habits. And they want to use that information to offer personalized services. Data helps staff design the best incentive based on the individual’s preferences or loyalty status.
Restaurant margins tend to be small, making POS analytics an important part of monitoring and managing profitability. POS analytics help retail and restaurant outlets identify opportunities for staff training by assessing tip percentages, table turn times, average sales per cover and how many specials were sold which often generate higher revenue. These are real service performance indicators that reveal insights resorts may not otherwise be accessible.
Unlike anything else in gaming and hospitality, data analytics provides access to business trends on demand. Not only can the technology be used to identify future guest demand, but it’s also used to identify top-performing employees – tasks that can be performed in just a few seconds. As gaming and hospitality leaders find new ways to leverage their existing business data, the possibilities to elevate the guest experience are exciting!