The term “business intelligence” (BI) refers to a collection of methodologies, applications, and technologies that are used to convert unprocessed data into knowledge and insights that can be put to use in order to make more educated decisions about a company’s operations.
Business intelligence (BI) systems are designed to collect, analyse, and present huge volumes of data from a variety of sources, including databases, spreadsheets, and other data sources. After that, the data are processed and converted into a format that is structured so that it can be easily understood and analysed by those who make decisions for businesses for a uniform system of accounts for hotels.
Businesses may better comprehend the patterns, correlations, and trends present in their data with the assistance of BI tools, which include interactive dashboards, visualisations, reports, and alerts. This makes it easier for hotel business intelligence solutions to recognise opportunities, improve procedures, and arrive at well-informed choices based on real-time data insights.
5 Types of Business Intelligence Technology
1. Data warehousing: The process of collecting, organising, and storing huge amounts of data in a centralised repository is referred to as data warehousing. Following this, the data can be analysed with business intelligence tools in order to get insights and make decisions based on the findings.
2. Data mining: Data mining is the process of analysing massive databases in order to find patterns, trends, and insights. To do this, statistical and machine learning methods are utilised in order to determine the links that exist between the data pieces.
3. Reporting and Dashboarding: Reporting and dashboarding are ways that show data in a visual style that is straightforward and easy to comprehend. It is possible to personalise reports and dashboards so that they display pertinent KPIs and metrics in order to assist decision-makers in rapidly gaining an understanding of the status of the business.
4. Data Visualisation: The act of making charts, graphs, and other visualisations to help present complicated data in a form that is easy to grasp is referred to as data visualisation. This can assist decision-makers in swiftly identifying patterns and trends within the data.
5. Predictive analytics: Predictive analytics is a technique that makes predictions about the future by using statistical algorithms and machine learning models, and it does this by analysing past data. This can assist businesses in detecting potential opportunities and threats before they materialise.
With hotel business intelligence solution organisations are able to acquire useful insights from their data and utilise those insights to make educated decisions that move their business ahead when they apply a combination of these strategies.