Problem Statement Research Proposal Example
BUSINESS INTELLIGENCE IN HOSPITALITY INDUSTRY
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Today any industry in general and hospitality industry, specifically has a myriad mix of software that churns out volumes of data – right from the reservation system, property management system, billing system, sales and catering system et al have a variety of data that is generated, despite this there is enormous amount of time and effort spent on creating interim reports manually keying in numbers into spreadsheets and analyzing them – essentially there is a lack of timely information about the operations of the organization as well as the competitors for an organization to respond quickly.
The challenge in the industry is to maximize revenue and have it constantly at a high level. The trend in the industry is to change constantly the room rates that keep varying and competition takes advantage of the changing market scenario – two variables are critical in the industry – either the occupancy rates must be high or the per room night revenue must be high and ideally there must be a balance of the boat – which would be the most ideal situation for property owners.
Regency Hotels, Miami is a boutique hotel that is situated in close proximity to many major attractions in Miami including the beach. Hotels can differentiate themselves on many possible service factors like the décor, ambience, service quality, taste food, attractions within the hotel etc. However Regency Hotels’ differentiating factor is the quality of service which is extremely personalized with great attention to the needs of the business as well as a casual vacation traveler.
The need is to have an excellent business intelligence software that will maximize the revenue generated for the hotel fully aligned with its image and brand promise while maintaining and trying to improve its market share.
The solutions must be easy to use and must enable the managers to look at the hotel in exactly the same way that a prospective guest would. A prospective guest will either browse through a number of hotel websites or refer to a travel guide or look up online on a number of hotel reservation websites. The key thing would be the reviews that the hotel has received in the past and the best part is that the hotel has very few negative reviews as the service is of very high quality and in cases of occasional slips that do happen, service recovery measures are extremely strong.
There are a number of tools that are available that can fit into the gamut of business intelligence software, however the best solution that is being contemplated is TravelCLICK. The revenue manager will be able to look at the property exactly the way a prospective guest would and is compared with other similar properties in Miami. The reviews about the hotels, its position on various travel sites, rates from competition, branding information etc. is fully available on the site at the click of a button.
A good revenue manager would depend intensely on reports, drawn from the financial management system, as the hotel is already running an ERP solution as its IT backbone. However, this system is constrained by lack of information from the competition and this is exactly the gap that TravelCLICK aims to fill.
The intended audience for the report is the Board of Directors and the CEO. CEO is seized of the problem that ready and validated competitive information is not available in a timely manner to enable right executive decisions. TravelCLICK intends to come in as a solution to that issue. Other than the Board and the CEO, the obvious user is the Revenue Manager. It is estimated that implementing this solution, there will be an approximate 18 – 20% increase in annual revenues.
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