Hotel data science for revenue management
The must-have skill for hoteliers in 2019
We have never had greater access to hotel data to make revenue management decisions. But it has also never been easier to cherry pick data to support whatever point we’re trying to make. Being data-driven in our decision making increasingly means being data-skeptical and comparing multiple sources to get closer to the truth.
Whether intentional or not, bias in how we work with data can skew results. There can be bias in the data we select and bias in how we interpret the data. And biased data can lead to poor decisions. This is particularly true when pitching an idea for your hotel, where you’re motivated to convince an audience.
The rise in data-driven revenue management is turning us all into DIY amateur data scientists. Many hoteliers weren’t trained in statistics and are trying to learn data science on the fly. The good news is that today’s platforms are being built with amazing capabilities that have democratized data science, making it much easier for revenue management leaders to synthesize and interpret data with visuals, dashboards and other graphics.
Why leveraging data science can deliver better results for hotels in 2019
- It takes the emotion out of our revenue management decisions
- It helps us drive better ROI and ROAS
- It allows us to better communicate our results to our team and financially oriented stakeholders (i.e. owners)
- It allows us to better understand our guests and deliver more personalized, relevant experiences and service, which drive better results, both on and offline
Hotel data science involves leveraging multiple data sources, industry expertise & communication. It helps us understand unseen underlying data patterns that bring out important insights and relationships. So, where do you start? The first two steps are identifying what data needs to be collected to ensure your revenue management analytics process is optimized and getting very clear on the questions you want to ask from your data.
Interested in learning more? Attend our upcoming Data Science Boot Camp Breakout Sessions at HSMAI ROC Minneapolis. You’ve got two options on Wednesday, June 18th – 10:30 – 11:15 a.m. AND 2:45 p.m. – 3:30 p.m. in the Minneapolis Convention Center (301 2nd Ave. S).
Our session will be led by Michael J. Bennett, SVP of Global Marketing at Cendyn. Michael is a hotel executive with decades of experience, having served as Director of Digital Marketing & Strategy at KSL Resorts Corporation and Vice President of eCommerce & Communications at White Lodging Services Corporation before joining Cendyn.