Data Insights: Role, Types, and Applications in Hospitality

This report provides a comprehensive analysis of data insights within the hospitality industry. It begins by defining the role of data and information in this sector, emphasizing its importance in revenue management, targeted marketing, and customer experience. The report then identifies different types of data, including 1st, 2nd, and 3rd party data, and how companies utilize them. It also examines the use of data in day-to-day operations, such as customer service, budget management, and departmental coordination. Furthermore, the report evaluates how information is captured and stored using various database and information systems, including hierarchical and network database systems, as well as TPS and DSS information systems. It provides an example of how online data delivers insights for company decision-making and defines how market research, primary and secondary studies, and MIS and other database systems can be used to enhance insights. The report concludes by summarizing the key findings and emphasizing the importance of data-driven decision-making in the hospitality industry.

Data
insights
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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
1. Determine the role of data as well as information in specific industry or professional sector
................................................................................................................................................3
2. Identify which type of data is gathered as well as used by a company if there is 1st , 2 nd, or
third-party data.......................................................................................................................4
3. Determine how data as well as information are utilized in day to day operations of a
company in selected sector.....................................................................................................5
4. Evaluate how information are captured as well as stored with the key reference to kinds of
database system and information system...............................................................................6
5. Provide an example how data is being used in order to deliver insight for a company
decision making within specific sector...................................................................................6
6. Define how market research primary as well as secondary studies can be used in the
conjunction along with MIS and other database system to enhance insight..........................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................9
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INTRODUCTION
Data is a collection of organised and synthesized information through analytics, used to
gain deeper understanding, or insight, in the businesses. Data insights is the knowledge that a
company gains from analysing sets of information from a given topic or situation. Analysis
provides insights which helps in reducing the risk which comes from trial-and-error methods. For
conducting this report hospitality industry is selected which have huge category of field within
service industry (Ambrosini and et. al., 2020). This will include food and drinking services,
lodging, theme parks, event planning and so on. This also include hotel, bar and restaurant.
Topics covered in respective report are role of information and data within hospitality industry.
Moreover it also include type of data is collected and used by the organisation and if this is 1st ,
2 nd, or third-party data. Along with this, it also include information and data is used within day
to operations of organisations and this also consider how information is captured and store as
well as it include used of deliver insight. It also include methods for MIS as well as other
database systems to increase insight.
MAIN BODY
1. Determine the role of data as well as information in specific industry or professional sector
Data is a collection of organised and synthesized information through analytics, used to
gain deeper understanding, or insight, in the businesses. Data insights is the knowledge that a
company gains from analysing sets of information from a given topic or situation. Analysis
provides insights which helps in reducing the risk which comes from trial-and-error methods.
Roles of information and data in hospitality industry
The data can diverse as well as come from a huge range from diverse sources. In
hospitality industry, these data are commonly associated with the customer interactions as well
as behaviour. The importance of this data is given below:
 Revenue management: The data and information stored helps in revenue management
strategy of the industry. It allows the management to carry out predictive analysis and
more accurate anticipation of demand of hotel rooms (Gorup and et.al., 2020). Examples
of kind of data used include past occupancy, rates, current booking, school holidays or
any local event etc.
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 Targeted marketing: Data and information helps the industry in identifying the market
they can target. As their guest are extremely varied and range from business to families, it
allows them to reach customers at the relevant time or at relevant place.
 Customer Experience: Data can be utilized corresponding to the client experience that
organizations given by spotting huge patterns as far as client assessments, finding out
about strength and shortcomings all the while.
 Additional Services: Companies have variety of data in large amounts with both current
and potential customers, which is incredibly uncovering, giving data about the
administrations utilized as well as they ask for or get some information about. This helps
the management in decision of introducing new services as wells as abolishing the
services not required. Data also guide for decision related to the partnership with other
businesses.
2. Identify which type of data is gathered as well as used by a company if there is 1st , 2 nd, or
third-party data
There are several type of data which a company used in order to conduct their work in
effective manner as that plays several roles such as in decision making, error minimisation and
many more. Below some of the main types of data which are used by a company, from which
some are mentioned below in respect of hospitality industry:-
 Big data – It is introduced by O Reilly Media back in 2005. it is considered as set of data
which is large and it can not be managed as well as processed by traditional business
intelligence tools (What are the main types of data in organizations?, 2020). It is
considered as data which is based on the volume.
 Smart data – The smart data are mainly valuable and it is actionable as well as it make
sense and have clear purpose of conducting work properly. It is not generally related to
the volume of data, it is based on action.
 Dark data – It is considered as hidden opportunity which a company get from gathering
dark data. In this data lies below the surface which is hiding under the company's internal
networks and it hold piles of relevant information (Weitz and et.al., 2020).
The data are base on the different types of party data. There are main three types of party
data i.e. 1st , 2 nd, or third-party. In respect of 1st party data company use Dark data, for 2 nd
Big data will adopted as well as for last i.e. third party Smart data are adopted.
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3. Determine how data as well as information are utilized in day to day operations of a company
in selected sector.
There are numbers of operations conducted in hospitality industry which help them in
attaining their desire goal as well as objective successfully (Grassmann, Weber and Veitia,
2020). Set of information and data are required by a company while conducting their daily
operation. Below how information and data is used within the day to operations of organisations
within hospitality industry are given:-
 Customer service – According to this operation of a company, management gather
information related to customer demand, need and expectation as well as according to
that further decision are developed. In respect of hospitality industry, they use
information and data in order to understand need, demand and expectation of customers.
According to which they decision are developed by company for attaining the desire goal.
 Manage budget – It is another major operation conducted by a company management so
that they can develop proper budget for resources as well as it also leads to effective
utilization of funds. In respect of hospitality industry, their management use information
and data of customer and other operations in developing effective decision related to
budget development or modification.
 Supervising maintenance – According to this operation of a company, management
conduct supervision of activities in effective manner as well as it also help in conducting
effective decision making (Gundelund and et.al., 2020). In respect of hospitality industry,
their management use information and data in order to conduct supervision of the actual
work conducting daily as compare to standard outcome.
 Coordinate departmental operations – In a company there are several departments such as
finance, marketing, production, human resource and many more. It is essential for
company management to have interrelation among the all departments. In respect of
hospitality industry there are several departments such as house keeping, cleannesses,
room service, front desk and so on (Wallach and et.al., 2020). By having proper
information and data all the department and management can conduct work effectively.
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4. Evaluate how information are captured as well as stored with the key reference to kinds of
database system and information system
There are several types of database system and information system which are used a
company and in that information is captured as well as store in different manner. It is essential
for a company to adopt database system as well as information system according to their
requirement so that they can implement it effectively. Below some of the main types of database
system and information system are mentioned:-
Types of database system
 Hierarchical database systems – It is tree like structure which is similar to folder
architecture in computer system. In this information is captured in one to one folder such
is there is folder of management under that different department folder like finance,
marketing, HR and so on (Mammoli and et.al., 2020). Then in every department
information of staffs are stores. In this form information is captured and store in
respective database system.
 Network database systems – It use network structure for creating relationship among
entities. It is mainly used in large digital computer. In this information are captured and
store in different folder and in this every one is related to each other.
Types of information system
 Transaction Processing System (TPS) – It is mainly use for recording daily business
transaction. It is used at the operational management level. In this information system
information are capture as well as store in routine and highly structured basis.
 Decision Support System (DSS) - It is used by senior management of a company in order
to develop non routine decision (Nichols and et.al., 2020). In this those information are
captured or store which need to be change on the frequent basis.
5. Provide an example how data is being used in order to deliver insight for a company decision
making within specific sector
When a company uses online information to take decision for the both big and small
matters, it helps the firm to take confident decisions with pro activeness. As everyone is techno
friendly today and is sharing reviews online about any of the activity performed by them, it
becomes easy for the research and development team to analyse data and work on the weakness
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and increase the strengths (Nunan, 2020). When a business has made its global presence it needs
to remain connected to all the consumers, catering and resolving their issues.
Through online driven data the decision making becomes cost efficient and provide good
quality services and gain good feedbacks. Use of online data makes it possible to cater the needs
of a wide variety of population and it enhances in taking more informed decisions and better
online presence and the performance.
Using online data benefit the company in cost cutting as no door to door survey is
required to be performed, also unlike physical old times in pandemic when it is not safe to collect
physical data the online survey can be done in less time without haphazard (Ramanathan and
et.al., 2020). Using online data decision cake be taken more systematically and in a strategic
manner. Data acquired from online sources is more diverse and authentic.
6. Define how market research primary as well as secondary studies can be used in the
conjunction along with MIS and other database system to enhance insight
While conducting market research secondary and primary studies, MIS and other
database system major role as they able to increase insight which help in decision making
process (Rovida and et. al., 2020). The several types of database management system are
hierarchical database system, network database system, object oriented database system and
many more. While conducting secondary as well as primary research MIS (management
information system) plays major role as in MIS there are several information and data are stored.
That can be attain by a researcher in gathering information, analysing it as well as developing
interpretation in effective manner. Moreover it is considered as core competency support which
help in conducting secondary as well as primary information in proper manner. In addition to
this, management information system as well as other database information system can also help
an organisation or a person in gathering authenticate and reliable information while conducting
secondary and primary research.
CONCLUSION
By conducting analysis of above mentioned topic it can be determined that data insight as
through that they can analyse set of information in proper manner. The information gather
through the data insight are also aid in taking proper decision for the attainment of desire goal
and objective of firm. It also help in minimising the risk which comes along with the trail and
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error testing process or method. In addition to this there are several types of data which used by
the organisation in different types of party data 1st , 2 nd, or third-party. It is essential for a
company to determine those data in proper and effective way as according to that decision is
dependent. In addition to this, it is also essential to determine how information and data are used
in day to day operation of a company. It is also necessary to determine how information is
captured and stored with key references to types of databases and information systems as that
leads to effective operations. Data also aid in developing effective decision at the workplace as it
include information related to customer, client and other major aspects.
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REFERENCES
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with age in control individuals and in patients with age-related macular degeneration
using genotyping microarray data. Human Genetics, 139(3), pp.401-407.
Gundelund, C. and et.al., 2020. Insights into the users of a citizen science platform for collecting
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Mammoli, A. and et.al., 2020. New Insights from Crystallographic Data: Diversity of Structural
Motifs and Molecular Recognition Properties between Groups of IDO1
Structures. ChemMedChem.
Nichols, H.J. and et.al., 2020. Why don’t long-finned pilot whales have a widespread
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Nunan, D., 2020. Research priorities for data, market research, and insights.
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Insights from customer satisfaction data. IEEE Transactions on Engineering
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Europe. Seismological Research Letters.
Wallach, J.D. and et.al., 2020. Updating insights into rosiglitazone and cardiovascular risk
through shared data: individual patient and summary level meta-analyses. Bmj, 368.
Weitz, J.I. and et.al., 2020. Thromboprophylaxis with rivaroxaban in acutely ill medical patients
with renal impairment: insights from the MAGELLAN and MARINER
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Online
What are the main types of data in organizations?. 2020. [Online]. Available
through:<https://blog.datumize.com/what-are-the-main-types-of-data-in-organizations>.
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