After two years of lockdowns and restrictions, historical data is now obsolete. Hoteliers and revenue experts are now pulling on even more data sources to identify and act on micro trends and optimize every opportunity.
Here, three hoteliers from around the world talk to Duetto and offer their industry insights on the data sets they are relying on and the technology they are using to analyze and forecast:
Clare Bastiman, VP Commercial Operations, Yotel:
We're almost ignoring our last two years of historical data, and we're only really looking at our historical data from the last month. Then we have to take our learnings from the last month and layer those with other factors to get to our forecast.
Using data such as flight information, Demand360, and website traffic, we use that data, layer it on top of the last month's data, for example from the GDS, and then we can make an assumption based on our learnings over the past month.
Wilhelm Konrad Weber, Partner, SHS – Swiss Hospitality Solutions:
The big challenge with historic data is that it's a good reference point, but it shouldn't be the benchmark because that would mean that you don't want to change something. An agile organization should have a sense for historic data but shouldn't focus too much on it because by always looking into the past, you prevent creating the future.
Amrita Makkar, Regional Director of Revenue, Virgin Hotels Scotland:
Historical data is obsolete now, but there is a lot of help in terms of technology, such as how Duetto has adapted. And then in general, our website, meta searches, Google searches, all these that are available to us.
We are analyzing the data that's coming in and finding those micro-trends with the data that's available and then using that in terms of demand.
So, using all the tech that's available to us and all of the forward data to strategize.
Discover more on this topic. Watch our Industry Insights video for more insights: https://www.duettocloud.com/videos/what-data-sets-are-hotels