How data can change the tourism industry’s operations
Back in 2017, The Economist had published a major article entitled: “The most valuable resource in the world is no longer oil, but data.” The article, in addition to going viral through social media accounts all over the world, also palpably set the tone for the importance of data science in today’s business reality.
Of course, the tourism industry could not be absent from this emerging trend and not turn to data, by leveraging the large volume of available data to continuously proceed with optimizations of both the services/products provided and the operating model of businesses (e.g. hotels, restaurants, etc.). All tourism players undoubtedly need access to tools that will enable them to draw actionable conclusions from the data. Many of these conclusions will benefit not only their visitors but also their own operations, as well.
In order to shine a light on the importance of data for the tourism sector -and more specifically, hotels- the CapsuleT team turned to two startups that have successfully completed our Acceleration Program and help hotels make the most of the data obtained from visitors throughout the customer journey. GuestFlip and Hotellisense shared with us quite a few details about their innovative services and the added value they give to tourism industry leaders.
⇒ What is the importance of data for tourism businesses and how can data optimize hotel operations?
GuestFlip: The large amount of data can help hoteliers better understand both the needs of their guests and the level of their services compared to their competitors. In this way, they know where to invest to make their services more competitive. Moreover, once we have access to such quantitative and qualitative data on a large scale, we are able to draw conclusions not only for separate units but also for entire destinations. Data of this type can help destinations recognize not only their competitive advantages (to promote them), but also their disadvantages (in order to correct them).
Hotellisense: One thing that can totally change the tourism industry is the proper use of the data and their conversion into useful insights. The data that a hotel accumulates throughout its operations is an invaluable ‘treasure’. However, the methods used by most hotels to generate reports and their overall practices are time consuming, unproductive, and anything but dynamic. Thus, tools like ours which are based on Business Intelligence techniques enable hotels of all types and sizes to obtain and process relevant data quickly and cost efficiently. This information will help them make important decisions to boost their competitive advantage and, ultimately, increase their turnover.
⇒ How did Covid-19 affect this turn of the tourism industry to data and how did you manage to adjust to the “new normal”?
GuestFlip: It is a fact that Covid-19 contributed to a changing ‘landscape’ when it comes to travel. Hotels are now forced to pay attention to the quality of their services and hygiene. From our perspective, it is now imperative that they are close to their guests and make sure that they feel safe throughout their stay.
Hotellisense: During the pandemic we mainly focused on the essential and urgent needs of hoteliers. We had quick ‘reflexes’ and created visualizations not only for cancellations but also for the pickup rate, in order to help hotels turn to new markets and answer key questions about the expected revenue. As a company we seized the opportunity to focus on the further development of our service, by choosing the gradual integration of costs and prices of competitors so that hoteliers can make decisions based on the analysis of their data. We believe that a lot of hotels will see this bad year as a chance to adopt such new tools, like ours.
A few words about the 2 startups
GuestFlip offers an intuitive Online Reputation Management (ORM) platform that helps hotels make effective data-driven decisions, monitor all user-generated content online and engage with their guests.
Hotellisense offers a cloud platform -with pre-built dashboards exclusively for hotels of any size- which helps hoteliers make the most of their data to reduce decision-making time and increase their turnover.