The Ultimate Tool For Hospitality Data Integration
Data, data everywhere, nor any insight to drink. Where is the bar? In a world where data is considered more valuable than oil, businesses must know how to best utilise it. Data is one of the world’s most valuable commodities – but it’s not just Facebook and Google who hold all the power. When it comes to data, most businesses can capture it at an alarming rate, but hospitality data integration isn’t quite there yet. It really isn’t rocket science to realise that the data you hold as a business has immense value.
“The world’s most valuable resource is no longer oil, but data” – The Economist
So, if data has more value than anything else, what steps are you taking to actualise its potential?
If you’re anything like me, it’s likely you’ve been frustrated by the complexity of accessing and consolidating data. In the past, I have been unable to quickly compare data for operational efficiency against client effective rates. This type of information needs to be easy to identify and consolidate as it drives my business decisions. But in reality, the data I need has been spread across multiple systems and platforms – none of which were integrated. Therefore, producing reports about efficiency was time consuming and didn’t always contain the most accurate data. This in itself was an inefficient use of my time!
Support Tree has served the hospitality industry for over 10 years. In that time, we have grown to understand the major pain points. It seems one of the most common challenges for hospitality is leveraging the ever-growing data-set. As an industry, hospitality is highly dependent on technology – even if they don’t realise it. Leveraging data captured on various platforms will become increasingly valuable for informing business decisions.
Even smaller businesses have multiple sources of data, with each piece being siloed into its own system. Examples of this include financial data, HR records, CRM data and data from Wi-Fi systems. The operations department within a restaurant may well utilise more than one system which records data. Similarly, marketing may use one system for email marketing, and another for social media. The question is – how can we map and consolidate all the data which is being captured across multiple platforms?
As a provider to the industry, we have seen the number of data sources extend beyond 25. Although data captured from these sources are highly valuable, the number of sources makes it difficult to consolidate and analyse. This is therefore a massive frustration for hospitality, impacting on the competitive capabilities and forecasting. The industry recognises that data is valuable. However, with such vast amounts of it, getting to the heart of data and business intelligence still seems a challenge.
There Is Hope for Data Integration
Fear not – there is a solution. With a little effort and a business analyst, all data sources can be combined into a central platform. This solution is Power BI. Power BI is built to help businesses connect all their data sources and use integrated tools to produce business insights.
Typically, the board of a company may only review and analyse data from multiple departments on a monthly basis. This means key trends and the window of opportunity to make relevant changes and decisions is missed. However, with Power BI, decisions makers are empowered to pull information from multiple sources (HR, finance, marketing, sales… you name it) whenever and wherever they want. It is no longer a chore to view all the data you want in one place. And, you can forget about spending hours poring over stale Excel spreadsheets.
With Power BI, you can connect almost any tool, from Excel to your business-critical Oracle database. Data sets are presented online in the cloud. For example, staff schedulers can measure and compare staff scheduling with customer interaction and productivity in a live environment.
You can now make decisions based on hard data pulled from multiple sources, to ensure your business makes the best decisions. Gone are the days of investing in million-pound SAP systems – now we can consolidate data into one business intelligence hub.
Power BI has been built to let businesses of all sizes connect all their data sources and view them in a user-friendly way. You can slice and dice different sources to gain insight in a visually-pleasing, easy to understand way. A welcome change from the usual numbers and graphs we’ve all become accustomed to.
For those willing to invest and make a change, I honestly think the future looks bright. Isn’t it worth investing a little time and resources into a tool which can completely transform your business? Power BI helps your business run more effectively. And today, it’s easier than ever to do this.
Want to know more?
Get in touch with me today for a Power BI tour and make the first step towards an integrated system.