Data Insights for Business Decisions: Analysis of Hospitality Sector

This report delves into the crucial role of data in the hospitality industry, examining its impact on business decisions. It explores the types of data collected, including primary and secondary sources, and how this information is utilized in daily operations to enhance guest satisfaction and understand market positioning. The report outlines the methods of data capture, storage, and the various database and information systems employed, with a focus on centralized databases and transaction processing systems. Furthermore, it investigates the application of data in delivering business insights, citing examples like the Rosewood Hotel's use of data analytics. The report also covers the integration of market research within Management Information Systems (MIS) to aid organizational decision-making. The conclusion emphasizes the significance of data in achieving business objectives and improving revenue. This report provides a comprehensive analysis of data-driven strategies within the hospitality sector, offering valuable insights for students and professionals alike. Desklib provides access to past papers and solved assignments for further study.

DATA INSIGHT FOR BUSINESS
DECISION MAKING

TABLE OF CONTENT
 Introduction
 Role of information and data in Hospitality industry
 Type of data collected and used by Hospitality industry
 Use of information and data in routine operations
 How to capture information along with its storage and type of databases and information system
 Use of data in delivering business insight
 Use of market research in MIS (Management Information System)
 Conclusion
 References

INTRODUCTION
 Data refers to any kind of information that is
being collected from observation.
 It can be numeric as well as non numeric.
 It can also be considered as collection of
information, facts, words or any description of the
concept (Jaiswal, 2018).
 It plays an important role in the success of
business because it has major role in it.
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Role of information and data in Hospitality
industry
Helps in the movement along with trends:
 Analysis of collected data would enable the industry to know the changing trends.
 It leads the sector to move as per the changing trends.

CONTINUED…
Cost reduction:
 Analysing the data or the information about the various activities will help the sector to
determine the cost that is being incorporated.
 This analysis will directly helps the industry in terms of minimizing the cost.

Type of data collected and used by
Hospitality industry
There are generally three types of data that is being
used by the Hospitality industry in its business
operation. These are:
Primary:
 It refers to first-hand data that is directly
collected by the source.
 Hotels collect this data either from the market
or the guest as per the purpose.

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Tertiary data:
 This is being collected on the basis of making payment.
 Used for making strategic planning regarding future.

Use of information and data in routine
operations
 The collected data is being used by the hotels that belong to hospitality sector in a set of
various routine operations. These are as follows:
 The collected data used by hotels in terms of raising the satisfaction of their guest by
incorporating the changes that are being suggested and get in the primary data.
 Through the collected secondary data hotel can get to know that where they have market
standing and what can lead them to achieve high position.

How to capture information along with its storage and type of
databases and information system
Database:
 It refers to collection of information that is being organized in such a manner that on the
requirement of information it can be easily accessed.
Types:
Centralized database:
 Under this the information is stored in the centralized location which can be accessed by the
other location too.

CONTINUED…
Information system:
 It refers to a system that is concerned
with the capturing of data and its
storage.
 It also includes manipulation of data
whenever it is being required to be
extracted.
Types:
Transaction processing system:
 As per this system the work is divided
into different parts called transactions.

Use of data in delivering business insight:
 Like other sector's hospitality
industry and the concerned hotels
also collect data from various modes.
 In case of Rosewood Hotel it uses
data analytics in order to collect the
data and making analysation of it.
 It helps the hotel in accessing the data
and thereby trends and the future
course of actions.

Usage of secondary and primary studies in MIS
and other Database System
 There are usually two types
of data concerning with
market:
Primary:
 Data collected for the first
time and it is the most
accurate and valid form of
data.
 Collected directly from
source (Nistor and
Hernández-Garcíac, 2018).