Navigating Data: 3 Common Strategy-Setting Mistakes for Revenue Leaders to Avoid
It’s good news, bad news time. The good? Hoteliers now have access to more critical guest, operations, and market data than ever before. The bad? It’s also become easier than ever to suffer from “analysis paralysis” as revenue leaders look to analytics to help them develop growth strategies. It’s a common issue—despite all industries making significant advancements in data gathering, a Forrester report found 74% of companies expressing a desire to be “data driven”, yet only 29% feel they’re successful at connecting analytics to their strategies.* That’s a substantial delta for the use of big data, but hoteliers can close this gap with a thoughtful approach to how they form strategic plans. It starts with avoiding some of the most common strategic planning pitfalls. In a recent webinar, Joyce de Kruif, principal industry consultant at IDeaS, shared some of her insight into where hoteliers tend to misstep.