Big Data and Hospitality
Hotels are at the forefront of utilizing big data to enhance their financial performance and to know their clients better. Having worked for Marriott and currently working for Hilton, I found an article describing big data and its’ impact on the hotel industry rather interesting. The article is ‘Major global study reveals how big data will transform the hospitality industry’ from Amadeus, a technology partner for the global travel industry. The article cites a major independent global study –At the Big Data Crossroads: turning towards a smarter travel experience.
Some of the key findings about big data for hotels were: enhanced revenue management, well-informed investment decisions, and better relationships with hotel guests. Hotels use big data to establish optimal pricing for rooms as well as limiting empty rooms where possible. They also apply big data to decide on worthwhile investments such as building new conference facilities. I believe big data’s greatest impact on the hotel industry to be an improved relationship between the guest and the hotel. By compiling guest’s preferences and information related to their interests, hotels can better serve their clients as well as increase the likelihood they continue to choose them as their preferred brand. In a billion dollar industry such as the hotel business, big data’s impact is monumental indeed.