Sometimes, the hotel industry gets caught up speaking a language only experts appear to understand. Ever try talking to a person who is not in the hotel industry using industry buzzwords?
For example: “Our hotel is experiencing a boost that’s helping us drive ADR to new highs, which is having an incredible effect on RevPAR.”
For hotel industry professionals, that sort of talk is part of daily conversation, but when it comes to technology, many of us feel like were watching a foreign film in a language we simply don’t understand. It’s technobabble, and sometimes it’s too embarrassing to admit we don’t understand.
Take this statement, for example, we might possibly hear at any of the many hospitality technology focused events. “Our company is using predictive analytics to better leverage predictive modeling, machine learning, and data mining. It’s really the best way for us to maximize Big Data streams to reveal more data sets than ever before.”
We get it; our heads are spinning too. Let’s reexamine that statement in English.
“Computer technology is increasingly powerful. We can now gather more information than ever before, allowing us to make more informed rate setting decisions to make us more money. Plus, computers are getting smarter, so over time we’ll have even more accurate information from which to make pricing decisions.”
The future of revenue optimization is exciting. New technology reveals previously hidden demand factors we could never measure before. Everyone is fully aware of that massive event drawing 40,000 people. But detecting an unusual number of small to mid-sized events in your market on the same weekend four months from now was previously impossible. When combining Big Data (which reveals those once-hidden demand generators) with machine learning (where computers decide what information is truly relevant or non-relevant), market secrets are revealed. That helps you more accurately price a room.
Technology-speak always makes things sound more complicated, but at LodgIQ we’re here to help you understand machines should be doing the hard work, not you.
For more information on how our technology solutions utilize machine learning to help drive better pricing decisions drop us a line!