As our industry and technology become more complex, reliable data is essential.
Managing a pricing strategy to drive REVPAR is just one layer of the equation. When implementing a new system, the best outcome is an integration that allows for a holistic view of the new data available.
Even with access to data, we must be careful with accuracy to avoid a “garbage in, garbage out” scenario when making decisions.
The HSMAI USA Revenue Optimization Leaders Council discussed this topic and shared their top secrets for achieving clean data:
- Clean data = clear decisions
Having reliable data doesn't just mean having organized spreadsheets. It's the foundation for making decisions that drive results. - Centralize systems
The more we integrate, the more fragmented our data can become. A single source of truth in a centralized system can ensure everything is aligned and lead to better decisions. - Sharing data
Sharing data across Sales, Marketing, Distribution, Operations, and RM teams can help create strategies that align with guest preferences and behaviors. - 'Don't miss the forest for the trees'
Instead of getting bogged down in the details, take a step back and look at the bigger picture of the data. - Be adaptable
If the current system or approach continues to try to fit a square into a round hole, it may be time to look for alternatives. - AI can help
Let machines do the heavy lifting of data analysis and automated processes. This allows us to focus on what humans do best: creating, innovating, and building genuine relationships.