By Deb Kohls on May 13, 2014 at 1:17 AM
We technologists can really over use terms! Online reservation system, property management system, hospitality management system, campground software reservation system, cloud based system... and on and on it goes!
When all is said and done, think about what any software system does. It manages data so that we can report and make informed decisions about our businesses. By automating repetitive processes, we assure a more accurate collection of information about our business, finances, and customers and then are able to retrieve it at the right time and for the right purpose. And that is the BIG DATA affect. Consider this. . . all the data that is relative to your business is in effect, an intellectual property tool specific to your business!
So what’s in your data? (or what’s in your wallet!) And how are you using that information to better inform your decisions and forecast your business? And what might you consider collecting in the future?
Data on number of stays, what types of accommodations... RV site? Cabin? What type of bed? Queen or King? Type of RV? How long do they stay? How far in advance do they book? What times of years do they visit?
The intellectual property (or data) within your system will provide a roadmap to better forecast your business, optimize your rates, personnel scheduling, and analyze ROI on marketing expense to name a few. A few Key Performance Indicators (KPI) gathered from your ‘intellectual property’ system can go a long way in helping you manage the metrics.
As a hospitality provider, if you can not systematically extract information such as occupancy rates, ADR (average daily rates), RevPar (revenue per available site or room), LOS (length of stay), or source of business then you will not be able to set realistic goals for your business in the future.
But in the end, all roads lead to the guest. All the information in your ‘intellectual property’ system have one common factor: "The Guest". Where she came from, her preferences, and the dollars spent. Building a guest-centric organization around the information in your property management system will give you the ability to:
- Customize your services
- Deliver memorable experiences
- Reduce cost of collecting information.
- And most of all, it will give you peace of mind that you have the Big Data information needed to make the best decisions for your business!
Whether you are an independent hospitality business or a branded ‘flag’ property, managing your ‘intellectual property’ is key to business success!