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3 Reasons Why Business Intelligence Is the Key to Success in 2018

22 December 2017, 16:53 CET

There is no doubt that the hospitality industry is becoming more competitive, and it will continue to be increasingly competitive in 2018. There are a lot of positive signs coming from the market. Rapid growth is to be expected and you need to be prepared for the challenges to come to capitalize on that growth.

One of the key instruments that will bring you the competitive advantage you need to stay ahead of the market is business intelligence. Data-driven decision-making and thorough business analytics are the future, and there are three reasons why they are the keys to success in 2018.

Better Understanding of Customers

Building and maintaining a strong relationship with customers is very important and business analytics can help take your customer relationship management strategy to a whole new level. Instead of relying on raw data and manual analysis, every executive can now access processed, analyzed information about customers at any point in the business's workflow.

Business intelligence and smart data analysis allow businesses to understand customers on a more personal level. The available solutions are more than capable of mapping consumer behaviors, recognizing personal preferences, and creating an ecosystem where personalized services can be delivered more effectively.

Focus Your Resources

Business intelligence is also a great instrument for boosting sales. Until very recently, we pursued every sales lead with equal force, hoping for a sufficient conversion rate in return. Today, with the help of business analytics, leads can be graded and pursued with different approaches.

It all comes back to delivering a more personalized experience from the start. Thorough data analysis can help sales executives understand the available leads based on affinity scores and other factors. This leads to better conversion and more effective sales (and marketing) campaigns in general.

The use of business intelligence doesn't just bring improvement to existing workflow either. The same solutions can help your hospitality business save a lot of money. Every dollar spent is a dollar that will bring the maximum return on investment. This level of effectiveness is what will keep you ahead of the competition.

Personalized Experience

We've mentioned the need (and ability) to deliver personalized experience before. 2018 will be the year of personalization and only those who can adapt to this new trend will survive the competitive market. Customers are more sensitive to small touches and intricate details and you can retain more of your customers – and attract new ones, of course – by putting effort into delivering that personalized feel.

The best business analytics programs are preparing graduate students for this new trend. The Merrimack College business analytics program, for instance, has detailed courses on consumer behavior and how business intelligence can help improve customer experience from start to finish. The program is also very up to date and prepares students for the challenges to come.

You can expect business intelligence experts of the future to understand the best ways to deliver a personalized experience to customers without hurting efficiency and effectiveness. It is something that can only be achieved when you have good business intelligence framework as a part of your workflow.

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