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FIVE REASONS TO USE DATA ANALYTICS IN HOTEL RISK MANAGEMENT

According to Gartner[1], “analytics” has emerged as a catch-all term but is increasingly used to describe using data analysis to predict what scenarios are most likely to happen. Hotel risk management tracks tons of incident data that can involve insurance claims, police activity, worker safety, and more.

The failure to digitally record and analyze incident data is risky business at best. Here's why.

Optimize the Customer Experience

Analytics helps you optimize the customer experience and ensure the development of a long-term relationship. Nowadays, acquiring customers is not enough. Guests want highly customized services that meet their personal needs. Guests share their preferences and expect hotels to pick up trends and deliver a personalized and seamless experience.

Anticipate Market Demand

Analytics helps you anticipate market demand and deliver relevant products beforehand to stay on top of your game. With electronic data, you bring together reviews, impressions, and opinions of your target audience. You get a composite of what the guest really wants. This, in turn, means your property will deliver relevant services and real-time experiences.

Nurture Brand Loyalty

Brand loyalty (aka revenue) comes from delivering on customer preferences. Poor management, inaccurate costs, and hidden issues lead to customer dissatisfaction. These are problems that put your property at risk of damaging the customer relationship. Data analytics is the primary tool for optimizing services, nurturing brand loyalty, and catering to customer demands.

Protect Against Threats

Security and fraud analytics help protect against threats to your physical, intellectual and financial assets. Predictive models based on real data means you identify suspected fraud in the early stages. You are able to anticipate threats and identify vulnerabilities in the assets of your business.

Improve Productivity

Advanced analytical techniques achieve operational excellence and improved productivity in the field.  Data analytics ensures periodic review and assessment of operational metrics to maintain safety and meet key performance indicators.

Presynct Success Story

Presynct_OnDemand caters to security, incident investigation and risk management. Here’s one Presynct success story: The LP director of the hotel noticed a spike in kitchen incidents based on analysis of data provided by Presynct software.  He brought this to the attention of the General Manager. They put together a safety training class for the kitchen staff.  After retraining the staff, safety improved and there was a significant drop in kitchen incidents.

All in all, analyzing data to predict what scenarios are most likely to happen is a critical part of managing your hotel. But you must first electronically record the data, and that's where Presynct_OnDemand comes into play.

You're invited to come back again when we highlight single-vendor systems versus best-of-breed applications.  In the meantime, we're here to help you improve your hotel data collection and analysis.  Just call or email us 866-773.7962 | support@presynct.com

[1] http://www.gartner.com/it-glossary/analytics/