Data: The true disrupter in hospitality. Learn how it can work for you

Hospitality is no longer a real estate and reputation play. To ensure your business is successful you need to get a handle on the data that drives your business. Data, it has often been said, is the oil that greases business but traditionally this has meant big business. Small businesses and in many cases hospitality have struggled to create it, access it, understand and wrangle it to build advantage and improve the bottom line.

Ironically COVID-19 is one of the factors that has changed the game and made the data that matters more available than ever. The global pandemic radically accelerated the introduction of online ordering which is like the gateway to tapping into rich data about your customers, their preferences and their behaviours. Then as we began the process of reopening the advent of check-ins and reservation systems continued to enrich this data.

So what now?

1. Review the data that you have in your business
a. Customer
b. Transactional
c. Financial
2. Make a plan for using it
a. Customer data - Engagement vs loyalty program, predicting demand, creating & moving demand
b. Transactional - how do I increase ATV, increase margin,
c. Financial - reduce labour costs, create new revenue streams
3. Work with your suppliers
a. Get a tech stack that works together
b. Set your strategy
c. Get help to execute
d. Measure, iterate, review

00:00 Intro

01:10 Data has exploded in hospitality

08:13 Some of the data in hospitality

10:00 Data in business

10:58 The Basics in collecting and analyzing data

12:15 The Customer Data that matters

12:51 Customer data

15:21 Data life cycle

17:25 Getting started

20:21 Operational / Transactional data

20:35 The Operational Data that matters

23:15 Using data

24:40 Financial data

25:00 The financial metrics

27:53 Getting finance to work