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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 electronically record and analyze incident data is risky business at best. Here are five reasons why.

Anticipate customer needs 

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. Guests share their data and expect hotels to pick up trends and preferences for a personalized and seamless experience.

Deliver relevant services

Analytics helps you anticipate market demand and release products beforehand to stay on top of your game. With electronic data, you bring together reviews, impressions, and opinions of your target audience and 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 hotel at risk of damaging the customer experience. Data analytics is the primary tool for optimizing services that cater to customer demands.

Mitigate risk and fraud

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

Highlights

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

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 data provided by Presynct.  He brought this to the attention of the General Manager, and 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.

Come back next week 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/