Thinking! How can you take your hotel business to the next level?
Let’s check out the top 10 hotel business intelligence tools out there.
These tools are designed to take the heavy data lifting off your shoulders by providing important data you need to make informed decisions for your business.
So, let’s explore what is hotel business intelligence, discover the top 10 tools, and assess their pros, cons, and benefits.
What is Business Intelligence in The Hotel Industry?
Business Intelligence in the Hospitality Industry is a system that extracts data from various sources, transforms it, arranges it in a centralized repository, and finally presents it into a meaningful format to further utilize them in various business functions.
They provide you with fast and widespread access to accurate information and insights.
By providing unique features and reports, they keep track of both historical and future activity and also help in understanding where opportunities exist within their business to increase profits.
10 Best Business Intelligence Tools for Hotel Industry
Major Hotel Brands today are using Hotel Business Intelligence Tools to attain a competitive edge in the market.
They provide business owners with accurate hotel performance data in order to grow their businesses while attaining high profits.
Modern Business Intelligence platforms allow you to leverage your business operations by making effective decisions based on the important data insights gained through the application.
Thus, we have listed the Top 10 hotel business intelligence tools that provide the hotel business solution to improve & streamline your business processes.
Makcorps Hotel API helps hotel business owners instantly get real-time information on the current price trends in the market and nearby areas as per the search query.
This API crawls through over 200+ OTA platforms to help you conduct an effective competitive price analysis and an advantage to leverage your hotel price positioning strategy.
- Easy access to price updates of the industry for tracking hotel prices effectively.
- Secure competitive advantage and sharp pricing by analyzing competitors’ strategies.
- Provides Historical Hotel Pricing Data.
Doesn’t allow other facilities such as booking the hotels on site.
2. OTA Insight
OTA Insight is a user-friendly hotel business intelligence software that offers easy-to-understand and actionable data through its wide range of features.
One of the most essential USPs of this tool is that it exports all the data from a PMS (property management system) automatically with all the figures and KPIs displayed in a user-friendly way.
It helps its customers to easily visualize and leverage the data directly.
- Has an automated approach to data collection and integration.
- It offers both multi-property management and multiuser optimizations.
- Provides the tiniest details of the market data insights.
- Doesn’t allow its user to choose the data to display for the segmentation filter.
- Has rigid report customization.
3. Scoreboard by Duetto
Scoreboard by Duetto stands out from other business intelligence tools for hotels in providing its customer with cutting-edge analytics and AI.
It offers customized reports based on precise day-level conjectures on an intuitive and user-friendly dashboard.
It is a practical and advanced hotel software that is time-tested and makes a real difference in hotel performance data reports.
- It offers automated data collection integration.
- Provides multi-property management.
It is limited to group segment reporting.
4. Hotel IQ
For the revenue managers that daily deal with the hassle of manually taking care of tedious spreadsheets, it’s time to switch to intelligent, visual reports and dashboards.
Hotel IQ is an effective hotel business intelligence for hotel analytics and data management which can save you efficient time in physically creating reports.
It utilizes information from the PMS, your property, and other interior and external sources to provide reliable data and predictive forecasts.
- It helps you pace up your revenue.
- Offers corporate and travel agency account tracking.
- Has limited report customization and lacks some KPIs.
Hotellistat is an all-in-one hospitality business analytics tool that is highly effective for digital marketing positioning, marketing, and competitor analysis for your hotel.
It offers an innovative revenue market and business intelligence strategy that saves you time and money.
- It is a cost-effective rate-shopping tool.
- Has built-in social media management.
- Do not automatically update rates.
- Focuses more on marketing rather than overall business intelligence.
D-Edge is useful business intelligence in the hospitality industry that does more than collect and analyze data.
It provides a deeper understanding of the distribution channels, their performance, and their behaviors to make decisions effectively.
Strategically planning can effectively increase your revenue generation.
- It is a user-friendly application and offers automated data gathering.
- Its reporting is limited to distribution.
7. IdeaS RevPlan))
IdeaS RevPlan is an impressive business intelligence tool that focuses on total revenue forecasting and budgeting.
By offering the most accurate room and FNB ( Food & Beverage ) forecasting, it drives greater profitability.
- It helps you analyze both market and internal data.
- Has automated decision-making with AI and machine learning.
- It offers limited historical data lookback.
- Has a lack of analytics dashboard.
M3 offers a simple-to-use administrative center, accounting innovation, and dashboards that display various KPIs across all your hotel locations.
Offers forecasting and budgeting, food and beverage reporting, analysis, and forecasting.
It has limited pre-made reports. Also, it lacks corporate and travel agency account tracking.
9. ProfitSage by ProfitSword
ProfitSword is an effective price intelligence for hotels that have created deep connections with more than 100+ hotel owners.
It is a reliable data collection and analysis tool with curated features for the hospitality industry.
Its unique intelligence is perfect for budgeting and forecasting which helps hotel managers to generate high profits.
- Provides business and marketing plans, accurate data analysis, and forecasting.
- Limited reporting tools, and slower loading time.
10. InTouch BI
In touch hotel business intelligence solution is a fully compliant, secure, and cost-effective platform that provides you with accurate hotel performance data reports.
It eases the process of reporting, analyzing, and collaborating data.
With its forward-looking approach, revenue managers can effectively form a strategic pricing strategy that helps them attain higher revenue generation. To help revenue managers like you, we have listed down, the 10 most effective hotel revenue management tools in this blog.
- Offers customized reports and dashboards, it is optimized for multiple property management. Also, it offers automated data extraction and mapping.
- Not an ideal solution for individual hotels.
So, now you have checked out the 10 best business intelligence tools for the hotel industry. Let’s dive into understanding the benefits of it.
Benefits of Using Business Intelligence Software for Your Hotel
Most hotel owners keep on wondering how business intelligence can be helpful in the hospitality industry and to be more specific, how it will be beneficial for their individual businesses.
Thus, we have listed all the benefits of using business intelligence software for your hotel that will help you shape your mind.
- It helps hoteliers in developing a forward-looking, data-driven revenue strategy so that they can anticipate upcoming market demand effectively and accordingly boost profits.
- Another key benefit of using business intelligence software is it helps you design profitable pricing strategies by conducting a competitive analysis through rate purchase software.
- By providing current market demands and trends in detail, you can know your market in detail by viewing multiple competitive sets. A constant detail of the market and your competitors in the neighborhood area allows you to stay up to date with any current demand or situation. While staying quick and first to take action on a recent opportunity, you can eventually gain a competitive advantage.
- Also, by using a suitable business intelligence tool you can compare forward-looking pricing against competitive sets. This will not only benefit you in today’s time but also it will help you to prepare for a better future strategy.
- Some other benefits of using business intelligence software include monitoring rates, demand, and penetration of your competition.
Uses Of Business Intelligence Solution For Your Hotel
Apart from the multiple benefits that you get while using business intelligence tools for hotels, they also possess numerous uses which can make your business operations much easier and more efficient.
Here are different uses of business intelligence software in the hotel industry.
1. Customer Segmentation
You can use business intelligence solutions for your hotel to segment your customers on the basis of demography, geography, behavior, income, and much more.
Through the automated approach of these smart solutions, you can directly use the data two effectively segment and target your preferred customer base.
There are many tools that already provide you with the option of segregating the data that comes from booking made.
Also, through effective customer segmentation, you can personalize your approach to enhance the overall customer experience.
2. Occupancy Analysis
Intelligence software for hotels effectively keeps track of both historical and current data and can provide you with deep insights into your occupancy rate which could help you conduct an effective reservation analysis.
You can compare your annual data to analyze what impacts your occupancy rate and accordingly optimize your hotel’s occupancy rate and other business functions to enhance profits.
By comparing and considering multiple factors such as seasonal changes, competitors’ markets, your own pricing strategy, and many others, these tools can help you determine actual factors.
3. Revenue Management And Advanced Pricing Strategies
Intelligence tools for the hotel industry provide multiple hotel revenue management reports after analyzing the data accumulated over time and help you create optimum hotel revenue management pricing strategies.
After considering hundreds of factors and targeted revenue, it helps you in demand forecasting based on which you can come up with a suitable pricing strategy to maximize revenue generation.
4. Distribution Channel Analysis
Data Analytics in the hospitality industry is an important task that requires high accuracy and must consider multiple distribution channels.
A single hotel may have hundreds of partner distributors that sell the hotel’s inventory indirectly.
It is important to take into account the distribution cost of each channel so that they can be managed accordingly.
Business tools in the hospitality industry can provide insights into the revenue generated by each channel while conducting a comparative analysis between them.
It makes the process much easier for hoteliers to understand which partnered distributors bring value to your business.
5. Competitor Overview
Another effective use of business intelligence tools in the hotel industry is that they provide business owners with relative market data to keep an eye on the competitors.
They present a competitive advantage for your business by providing you with a comparative competitor overview using which you can optimize your marketing and pricing strategies.
What Are the Most Important Features You Should Look for In Hotel Business Intelligence Solutions?
While choosing a suitable hotel business intelligence solution for your business, you must keep a note of a few features that can prove to be game changers in the industry.
Some of the most important features you should look for are –
1) User-friendly – The application you are choosing must have ease of access without any lengthy complications to keep them user-friendly.
2) Data insights – some business intelligence tools offer a deep insight into the data to help you understand what’s impacting your business the most. This type of feature is truly the one that can flip the table.
3) Data management – One of the most important features you should look for in a hotel business intelligence solution is its ability to manage and clean data to maintain the report quality and accuracy.
4) Effective forecasting and budgeting support – Tools that can help you forecast and budget your business operations at the base level are quite important. They allow you to measure your performance on an ongoing basis while focusing on achieving your goals.
What Is the Typical Pricing of Hotel Business Intelligence Tools?
The pricing of any hotel business intelligence tool mainly depends upon the type and depth of data that your business requires.
Usually, it includes an initial setup fee along with a monthly subscription cost. Again, your monthly subscription rate depends on your hotel size and the different features provided by the software.
Hospitality software companies offer trial-based free plans through which you can understand how the tool works and whether it would align with your overall business strategy.
Hotels that are taking their first step into the business intelligence world can benefit through such trial plans in selecting suitable software for themselves.
There are most basic BI solutions and reporting that work without productive or self-service features.
Usually, they cost much less and can start as low as $2 per month.
For people operating a multi-property chain and requiring a highly intensive program that could offer a full range of productive and self-service features along with additional integrations; you must choose a solution that can offer wide features.
Their cost could vary as per the features provided by different software owners.
How Long Does It Usually Take To Integrate Hotel Business Tools?
Hotel business tools are smart and don’t take more than one to two weeks for a single property.
Once you complete your simple and quick setup process, you can move ahead with live and on-demand user training.
It will help you to understand how the software works and what different features you can utilize.
After completing the training, you are ready to use your software and take your business to new heights.
Challenges of Integration of Business Intelligence in the Hotel Industry
Keeping the benefits aside that business intelligence brings to the hotel industry, they also face multiple challenges that one must address before using them.
Different challenges of integration of business intelligence in the hotel industry are –
Intelligence offers are technical components that bring in multiple software tools which need to be integrated into your internal infrastructure.
This integration exposes your Internal data to the software keeping it at risk.
The connection between systems will allow the BI to automatically extract required data from its source so as to create reports.
At times this integration process is not as smooth as it should be because of several difficulties in terms of accessibility and maintenance.
This is a major challenge among hotel industry leaders that requires an immediate solution in order to use the tool effectively.
Selecting Suitable Data
Another major challenge lies with the selection of suitable data.
Data analytics in the hospitality industry is something that is very much crucial in the hotel industry.
As a majority of business operations work on the basis of a detailed analysis of multiple data accumulated through different sources.
To integrate your business intelligence solution, you need to determine which data will be taken for analysis along with its purpose.
For business owners operating with multiple properties, a difference in infrastructure and type of data could create severe problems.
The choice of data for such businesses will depend on the analytical purposes. Such complex tasks are often handled rather than data science to avoid any blunder.
if you’ve made it this far, you’ve learned almost everything you need to know about hotel business intelligence software. However, you might still have a few lingering questions about it. Don’t worry though, we’ve anticipated what those questions might be and we’ve got the answers waiting for you just below.
Frequently Asked Questions:
The process of integrating and using a hotel business intelligence provider can differ depending on the software you choose.
But fret not, most software providers are happy to lend a hand in integrating and implementing their software.
Our suggestion? Pick the BI software that fits perfectly to your hotel’s Business Intelligence Data needs, and reach out to the provider directly to understand their implementation process.
They’ll share the instructions and assist you to integrate their software with your hotel’s systems and processes and will make sure everything goes off efficiently.
By using business intelligence tools, you can save time, money, and effort while gaining valuable insights into your customers’ preferences, the best pricing strategies, and the most effective marketing campaigns.
This way, these powerful tools can help your hotel boost revenue.
The usage of such smart technology has reduced a lot of manual labor in terms of collecting information.
In a highly competitive world, such Business intelligence Tools for hotels play an important role and aid hotel owners in optimizing their performance.
More and more businesses are shifting their business performances to a data-driven technology to achieve competitive advantage.
So, what are you waiting for?
Start your data enhancement journey today.