How Gen AI is Redefining Business Intelligence in Hospitality
Despite considerable investments in reporting and Business Intelligence (BI) platforms, 75% of employees steer clear of analytics tools in their daily workflows. The culprit? Most business users prefer direct insights over the tedious process of mastering new analytics tools. Traditional BI tools, while potent, demand a steep learning curve and significant time to yield actionable insights. Additionally, the data preparation process is an intricate task that necessitates specialized skills.
In the hospitality industry, decision-makers crave insights tailor-made for their specific business context, rather than another convoluted dashboard to maneuver. The last thing anyone wants is another BI tool to learn.
Enter generative AI-driven business intelligence.
Harnessing the power of AI for more advanced business insights
Today's hospitality sector faces an array of data challenges, both old and new. Imagine having an AI-powered analyst by your side, quickly analyzing data to reveal key insights and answering even the most challenging questions, like:
What is the breakdown of restaurant spending by main menu item and hotel segment over the past 10 months, presented in the most suitable chart or diagram.
Analyze the year-to-date player account behavior in the Las Vegas market, identifying the most noteworthy players based on day-of-week trends, booking pace, food & beverage revenue, and constrained date production.
Provide a detailed report on my event bookings over the past six months, categorized by segment, lead time, and conversion ratio.
Should I accept a recurring meeting booking for 50 people on the first Tuesday of each month for the next six months?
If my function space bookings remain low for October 15th, what are three alternative strategies to maximize overall revenue through other revenue streams?
Which food servers achieved the highest average check amounts by outlet and meal period, and how successful were they in promoting fall 2024 'desserts for cash' promotions?
As hotels amass and collect an ever-growing volume of data, traditional data management, BI and analytics methods fall short. AI is poised to revolutionize the entire lifecycle of data and analytics within the hospitality industry. With AI, you move beyond merely understanding past events and their causes; you can analyze drivers, predict future trends, and derive actionable strategies to enhance guest experiences and boost operational efficiency.
AI-driven business intelligence offers a deeper understanding, designed specifically for the hospitality sector. Its natural language interface fosters the collaborative creation of engaging, insightful narratives about your hotel’s performance.
The technology comprehends your queries in everyday business language, making the interaction with business data more intuitive. You can delve into complex business questions with confidence, receiving answers that are not only relevant but also contextually aligned with your hotel’s unique circumstances.
Moreover, AI-driven business intelligence technology automates the creation of business semantics, adding depth to your data narrative. This clarity helps you understand each data point's significance and see how it fits into the larger picture of your hotel’s performance. Complex analysis becomes accessible and meaningful, allowing you to grasp the full scope of your business landscape with ease.
Takeaways
Integrating AI and machine learning into business intelligence (BI) goes beyond just improving data management. It offers real benefits like better forecasting, higher employee productivity, and better decision-making in the hospitality sector. By automating routine tasks, AI allows organizations to focus on strategic initiatives and maintain a competitive edge. More hotels are now using AI-powered BI tools to greatly improve their analytics and BI operations.
The use of generative AI in the hospitality industry's analytics and BI has grown quickly, impacting everyone involved in data and analytics. From guest experience managers analyzing data to revenue managers making predictive models, IT professionals managing data infrastructure, and hotel executives making key decisions based on insights, AI's influence is everywhere. As AI progresses, it will become a vital part of daily business operations and decision-making in hotels. The takeaway for hospitality leaders is clear: embracing AI-powered BI solutions is essential to elevating analytics, fostering innovation, and delivering exceptional guest experiences.
About Infor
Infor is a global leader in business cloud software specialized by industry. We develop complete solutions for our focus industries. Infor's mission-critical enterprise applications and services are designed to deliver sustainable operational advantages with security and faster time to value. Over 60,000 organizations in more than 175 countries rely on Infor's 17,000 employees to help achieve their business goals. As a Koch company, our financial strength, ownership structure, and long-term view empower us to foster enduring, mutually beneficial relationships with our customers. Visit www.infor.com.
Aaron Stein
Sr. Director, Global Campaigns
Infor
