Data is an incredibly important factor when it comes to the hospitality industry, used in many ways. One of our Business Partners, For-Sight, are leaders in the field of data management in the hospitality industry. They have taken the time to put together an article for us on some of the controversy surrounding data in recent news. See the feature below.
Data is not the new oil…. Controversy or fact?
In a recent article from Forbes magazine headed “Here’s why data is not the new oil” It states that the idea behind the analogy is both lazy and inaccurate.
The theory is that data needs processing, just as oil needs refining before its true value can be unlocked. However, what we here at For-Sight know, is that data is far more than just the “new oil” and comparing it to oil is only half the story.
Oil is finite and data, although less quantifiable, is effectively infinite and so this is where we challenge the analogy and we put it to you that when looking at the data you have, the data you own, the power and knowledge this gives you to grow your hotel is worth more to you than something that can just be gathered.
Unlike oil, the data in the hotel industry is often held in separate silos which need to be unlocked and linked together. Think about all of the guest data points in a hotel and how much is generated. This complexity is magnified when you add in the need for clear and appropriate permissions. In the era of GDPR and the dubious use of personal data by big tech firms, it has never been more necessary to have clean data (and to be able to prove it).
How Could For-Sight Be Of Help?
A robust and clever Hotel CRM, such as For-Sight is the place to start your journey with guest data, the capabilities are limitless, such a platform not only helps you mine your data (another link to the somewhat tenuous association with oil) but to manipulate, target, clean, measure, maintain and grow it.
Data is so relevant, so valuable, that we are now even employing Data Scientists and a scientist’s most favourite thing to do is to figure out why things happen and then tell people what it all means. Such is humanity’s desire to continually better understand the information we have; a data scientist or analyst, is not just a buzzword but a necessity to find out why things are happening with the data we have and tell us what it really means.
We asked our very own Amelie Bruhat, Data analyst, why she thinks data is so important.
“We live in a world that generates huge volumes of data every day. This data is a very powerful tool, provided you know how to use it.
Rapid market changes require making important decisions quickly, and data analysis is an extremely effective weapon for businesses, decision-making is based on facts and not assumptions.
Companies are overwhelmed with data that needs to be analysed in order to exploit their potential (customer knowledge, strategic roadmap, etc.).
This is why data visualisation solutions are important for companies of all sizes. No need to be an expert to capture the essential message. Moreover, the information is easily shared: some graphs are read and understood much more easily than dozens of pages of Excel spreadsheets!”
Ultimately data is a science and oil is a resource, not similar but equally as precious. What could you do if it was properly tapped at your hotel?