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Big Data Analytics: STR reporting and its benefits in Revenue Management
In this blog, I will focus on explaining how STR reports can help you keep track of your performance compared to your competitors by analysing Big Data.
“Without big data, you are blind and deaf and in the middle of a freeway.” — Geoffrey Moore
What is Big Data?
Every time we use devices, we search for things online, we book hotels, etc we are generating Data. Some data is easier to monitor but there are more complex set of data which can be more difficult to breakdown, and this is Big Data. It is high in volume, and at times it is generated in a fast-paced manner. In occasions, there are tools that can help businesses monitor their Big Data.
What Big Data Analytics tools exist for hotels?
There are many tools that revenue management and marketing teams can use to review data to improve performances, from customer service tools like Revinate to revenue management products like IDEAS, or revenue reporting such as STR reports.
STR is a company that collects data from hotels all around the world. Some of the data that they collect are occupancy figures, Average Daily Rate (ADR), hotel’s ranking in the area, city or country, among other metrics. STR compiles all the information and sends out daily, weekly and monthly reports allowing hotels to review and compare their performance against their own competitors. These reports are great assets to hotels as they can help analyse the market and the hotel’s position.
STR collects information from over 70,000 hotels in 180 countries. Meaning they can do monthly or quarterly reviews for specific countries or regions. This has been very useful during the pandemic as hotels want to keep an eye in other markets that have reopened before. You can find some of their blogs here.
However, having access to STR reports or any other revenue management tool is not enough when it comes down to effectively generating revenue. It is important to have access to the data, but it is also important to have a holistic business approach with a marketing plan guided from analysed data that can collaborate towards the success of your hotel or brand.
For more information on, the importance of Big Data in the Hospitality Industry read more Premium Digital blogs.
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Written by Mariafernanda Pinate
Fernanda this is a super blog. I love that you have highlighted that STR and Big Data are not mutually exclusive. Both play an important part in allowing hotels to gather information on their guests. They compliment each other!
ReplyDeleteThis is a well put together blog Fernanda and I really enjoyed reading about the company STR and the reporting they carry out using big data which compliments the revenue managers position in a hotel or allows a hotel manager to understand their position better. You also mention Revinate and IDEAS as other similar companies which I will now read up on to see if they are the same or different. With hotels I think revenue management is the area in which Big Data can help hotels the most and ensure their placement and pricing in the market is correct.
ReplyDeleteThis is a very well written blog Fernanda . Highlighting STR and the reports utilised the support for revenue manager is spot on. This gives hoteliers who may not fully understand big data and STR a focused and clear insight.
ReplyDeleteThis is a great blog and it is very clear and concise. It explains what is big data and big data analytics is very well and I really like that you give a few examples of the tools that are out there for the hotel industry. The background to STR is very informative and outlines its overall benefits to the hotels and if you want further information on blogs you can click on the link which brings you to STR's blogs.
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