Data Analytics for the Hospitality Industry
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Data analytics is one of the most critical aspects of any organization that wants to compete and lead its marketplace. In our technology-driven world, data is readily available, but only select individuals understand how to harness its power to create insights from the information. Ironically, although hospitality is an industry built by and for people, it is also one of the most data-intensive business verticals, and the ability for an organization to fail or thrive often lies in how well it capitalizes on leveraging the data available at its fingertips. Some organizations are unable to recognize opportunities to leverage a data-driven approach to solve problems, other organizations fail to use data effectively due to a lack of practical skills and expertise within their workforce, and still others face a culture shift - moving away from intuition-based decision making and learning to trust decisions that can be verified with numeric analysis.
The question is, where do you - and your organization - stand on your journey toward leveraging data? Consider your company’s approach to social media reviews. Do you respond to all posted reviews? None of the reviews? What does intuitive thinking tell you to do? Many hoteliers choose to respond to all reviews or no reviews, focusing on the extremes. However, significant research and analysis has been done on social media reviews to determine that the most valuable way to handle reviews is to pick and choose, ultimately responding to about 40% of all reviews, and in particular responding to negative reviews. In fact, hotels that responded to positive reviews saw a negative impact on guests’ likelihood to book!
Professor Chris Anderson will guide you through the thought processes, technical analytical applications, and practical ways to drive data-driven decision making and challenge conventional intuition-based decision making in a way that supports and positively impacts all departments within your organization.
This course is designed to overcome some of today’s data analytics barriers by providing functional literacy in business analytics. It is accessible to those with limited or no statistical background, yet also structured to provide benefit to analysts who interface directly with raw data.
The hands-on spreadsheet (Microsoft Excel®) based course covers all aspects of data analytics including:
- Understanding and Visualizing Data
- Implementing Scientific Decision Making
- Using Predictive Data Analysis
- Modeling Uncertainty and Risk
- Optimization and Modeling Simultaneous Decisions
In addition, the course provides a brief overview of newer data analytics approaches like machine learning and clustering and the potential opportunity (and pitfalls) of such tools for hospitality decision making. The course will focus solely on hospitality related settings, using data typically available to hotels and restaurants.
- Predictive analytics to forecast hotel occupancy
- Data analysis and visualization of Smith Travel Research (STR) data to evaluate hotel performance
- Using predictive analytics and experimental design to better understand consumer price sensitivity
- Modeling restaurant party size and demand to determine optimal table mix and reservation policies
- Using optimization to manage hotel rates and availability
- How to use predictive analytics to best set prices across room types (i.e. determine price premiums for room categories)