Predictive analytics gives businesses a higher degree of insight and instills more confidence when it comes time to make significant operational decisions. By drawing on diverse streams of data related to the company itself, its customers, market factors and other relevant considerations, casinos, hotels and similar businesses can back up a new strategy or initiative with concrete information. Instead of having to rely only on guesswork at critical junctures, organizations can blend the valuable insight and experience of their staff with the objective and orderly analysis provided by solutions like the IBM Cognos suite of products.
"Predictive analytics can support a variety of business elements common in the hospitality industry."
Managing a healthy business ecosystem
For many large hospitality organizations, it's not only about a single location or even a single type of business. Rooms and gaming floors are major elements of operations, but they're supplemented by everything from restaurants and spas to retail stores and a variety of entertainment venues. With this kind of business diversity in mind, it's important to consider how predictive analytics can support such efforts. The benefits that nearly every company can derive from business intelligence software are magnified when they also reach across each element of a company's total operations.
Consider a guest who's staying at a hotel with an attached casino. The guest is there to see a show and isn't particularly interested in gambling. How can a hospitality business encourage more spending without seeming too pushy or otherwise damaging the existing relationship? By drawing on predictive analytics to align customer interests with offers and incentives from relevant elements of the business as whole.
There are some other major operational benefits to consider. MGM Resorts International worked with Aviana to tackle a critical consideration: improving and aligning daily reporting, along with forecasting and budgeting components. Now, the hospitality industry giant has deeper, synchronized insight into all of its individual ventures and performance as a whole.
We know no two projects are the same and operational needs can differ considerably from business to business. That's why we offer a wide variety of solutions, like the IBM Cognos suite of products, and work with companies to craft the right approach and process to ensure the results they need. To learn more about our work in the gaming and hospitality industry, check out our video series on making smarter decisions with IBM Business Analytics and Aviana.