Many hotels lack insight and data transparency.
This data transparency is important for making the right decisions and emerging strongly from the crisis.
Investors also prefer hotels that have reliable data.
The forecasts are optimistic. Despite high losses during the coronavirus pandemic, the hotel industry is now more hopeful about the future. But the crisis has also made challenges more apparent: for example, there is a starker lack of data transparency than in many other sectors. Both large chains and smaller hotels sometimes work with figures and information that come from different systems and that are often compiled manually, prone to error and lacking standardised interfaces. There are no business intelligence and data analytics solutions in place to quickly process information and analyse it using a linked approach.
And yet transparent insights are essential right now to take advantage of the expected upswing. Only those who quickly recognise facts, dependencies and developments can keep an eye on performance and liquidity, make the right decisions, overcome economic bottlenecks and identify new risks at an early stage.
Increase attractiveness for investors
Hotel operators who have a good data overview from an early stage will come out of the crisis better - not least because such hotels are also much more attractive for stakeholders, such as investors. These are now ready, want to invest and are looking for investment opportunities - including in the hotel industry. And they prefer companies that know their economic situation exactly, because this considerably reduces their risk. In addition, hotels with transparent data can better present themselves as reliable partners on equal footing.
Reporting tools easily docked onto existing systems
With suitable business intelligence and data analytics solutions, data from different hotels can be efficiently combined and smartly presented as analyses and standard reports on dashboards. Large hotel chains in particular can benefit from comparing and contrasting figures from all hotels - quickly and conveniently. But smaller hotels can also profitably use such solutions. Some fear high costs and complex installation. However, many analysis and reporting tools can simply be docked onto existing systems. With appropriate solutions, your own data management can even be streamlined and simplified.