"Nearly every organization is looking at how to manage Big Data to stay competitive," said Erick Brethenoux, Director Business Analytics, IBM. "What Denihan has done is not only look at massive amounts of data and different data sets, but acted on those insights quickly to provide a personalized experience for their clients that makes them want to return. Denihan has been able to connect their data in a way that helps them create a unique guest experience, be smarter in how they do business, while more effectively using their resources to target growth areas to enter new markets."
How Big Data Enables Big Bookings
In an effort to further their success in the business and leisure travel sectors, Denihan was looking for a way to harness big data at a magnitude that would transform the company's strategic direction. They wanted a solution that would not only sustain business during periods of vulnerability, such as non-peak seasons, but boost revenue during positive economic times, as well.
However, to increase revenue, reduce costs and improve customer experiences, they first needed to build an analytics culture within the ranks of their employees. The objective: place user-friendly analytics tools into the hands of its guest facing employees, including hotel management and corporate support teams. This has enabled Denihan to:
- Increase Revenues – Denihan's revenue management team is now able to anticipate the most beneficial type of business to book at a given time and understand precisely how far in advance it would do so. They can also estimate what the room rate trend will be, through what channel it will be booked, and for what length of stay. This kind of information allowed one of Denihan's New York City properties to outperform at double the room rate during a recent United Nations Assembly Week, one of the most profitable times of the year for New York City hotels. Such ready reporting is available daily, providing a 40% productivity boost for their teams whose counterparts in many hotels can spend up to half a day finding and collating data.
- Better Manage Expenses – Having detailed insight into all expense categories and occupied room metrics, Denihan realized a significant cost savings allowing more resources to be put towards innovative renovations and product offerings that enhance the guest experience. The company is also able to analyze data such as payroll trends and employee overtime in the context of forecasted vs. actual occupancy.
- Guide Strategic Direction – The key to guest retention and advocacy is understanding and delivering on customer preferences. Guests surveys that obtain feedback on why guests choose their hotels, why they return, and how they make their booking decisions not only gives strategic insight into guest behavior, but provide valuable attitudinal knowledge for longer term planning. And, by quickly tapping into daily individual stay guest comments, management is able to easily identify what guests like about a stay and where they might wish to see improvement. For example, outside noise was the number one challenge across the company's 11 New York City hotels. In response, Denihan management launched a "Put NYC on Mute" campaign, providing earplugs in nightstand drawers in all guestrooms, an action that has greatly improved guest feedback.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV