At Pace, we believe in being data-driven when it comes to strategy and decision making. That does not only apply to how we develop our pricing algorithm but also holds true for how we believe people should work in data-driven environments - such as the world of hospitality.
According to a 2019 survey by McKinsey & Company, companies with the greatest overall growth in revenue and earnings receive a significant proportion of that boost from data and analytics.– McKinsey & Company
For the hospitality industry today, this means that we need to shift away from a reality where Revenue Managers are solely responsible for preparing reports for upper management and change your daily rates. Instead, we should enable them to be Revenue Analysts with the right tools to explore your data and drive validated revenue strategies.
Thanks to modern-day PMSs, hoteliers sit on large repositories of data. Data on their guests, reservations, budgets and much more. But getting access to their data remains a struggle. Not only do PMSs make it much more difficult to access it than it should be. But also because you can only access it through pre-defined reports.
So, how can you build a competitive revenue strategy if you look at exactly the same reports like the properties around you? Or don’t have any access to data at all?
“Strategy means making hard decisions. It requires you to differentiate, to clarify what you do and don’t do, and to take decisions that are risky, and uncertain.” – Jens Munch, CEO of Pace
It is for all these reasons that we are incredibly excited to launch how we believe hoteliers should be able to explore their own data. Which is not by providing you with a set of reports that you can go through to find creative inspiration. But, by providing you with curated access to your property’s raw data and letting you explore it in ways which weren’t possible before.
With Pace Analytics you will be able to run your own data analyses - ad-hoc or scheduled. Across all of your data or for a specific night. Do you want to understand at what time during the day you typically receive bookings? Evaluate how Length of Stay patterns change throughout the year? Or understand what channel is currently driving your business? All these questions can now be answered by your Revenue Team.
We are launching Pace Analytics Beta in Q2 with a select number of customers free of charge before making it available to everybody in Q3. So if you’re keen to dig deep into your properties’ data and help us build an Analytics Product which has not been available like this in the industry, let us know. Simply get in touch with our team via email@example.com.
We’re so excited to be launching Pace Analytics that we will be sharing some new and interesting data visualizations over the coming weeks. These will be inspired by the creative minds of our customers who are already trialling Pace Analytics!