How to Turn Data Analysis into Action
NEW YORK—Extraordinary amounts of data about customers and their behavior is out there; the question is figuring out how to use it to maximum benefit.
Analytics and revenue management experts at the Smart Travel Analytics North America 2014 conference hosted by EyeforTravel in New York varied in their opinions over big data but came to a consensus on the following suggestions:
● Don’t do anything about collecting or using data before you know what you want to achieve.
● Try to centralize data because duplication and “silo-ization” is prevalent and counterproductive.
● Using data appropriately can increase profitability and improve guest experiences.
Kurien Jacob, chief revenue officer for Highgate Hotels, which focuses on real estate assets in major markets, stressed the importance of looking at market-level data to forecast demand rather than looking internally only. Many hoteliers look at data internally, Jacob said, while Highgate aims to get data points about the market as a whole.
“We prefer to use the market data, which is much riskier but can also have a big payoff,” he said.