Taylor’s MicroCreds programme is an industry-recognised certification of learning, and designed according to current market trends for various industries and professions.
HOSPITALITY service providers are barely out of the woods following Covid-19 pandemic restrictions, and with the lifting of travel restrictions, many are competing over the same few customers with a stripped down workforce coupled with having to implement new standard operating procedures (SOPs).
While organisations may have relied on intuition to make their decisions, many are tightening their belts which only allows for so many mistakes and inefficiencies that can be afforded – potentially leading to wrong pricing strategies or even overburdening employees.
This is where data analytics come in.
“One of the key challenges that service providers face is that service is intangible. Service is something that needs to be experienced and felt. Unlike products, it cannot be seen,” says Taylor’s University School of Hospitality, Tourism and Events lecturer Dr Shantini Thuraiselvam.
Quantifying and analysing this “intangible” aspect of service could be the key to managing revenue – such as algorithms looking at guest reviews, determining what hotel guests like the least or the most about an establishment, and finding ways to improve.
Taylor’s University School of Hospitality, Tourism and Events lecturer Dr Shantini Thuraiselvam stresses the importance of data analytics for organisations, especially hospitality managers.
She adds that one of the main ways that hotels use data analysis is in pricing and revenue management.
“Some of these data include demand and supply of rooms and rooms’ revenue. This data can be used to measure the key performance indicators of a property such as occupancy percentages, average daily rates and revenue per available room.”
Not only can data analytics forecast demand by leveraging multiple sources such as previous year trends, the number of bookings made, guests segments and room characteristics, a pricing algorithm can be implemented that also automatically updates prices and ensures the same price is offered on all channels. This greatly lessens manual tasks of a revenue manager.
Dr Shantini believes data analytics is absolutely crucial for hospitality managers.
“Market segmentation, demand-based pricing and efficient management of channels of distribution can help service providers optimise their revenue streams,” she adds.
Dr Shantini oversees the Data Analytics in Hospitality Management module in the Taylor’s MicroCreds programme which covers the introduction to the hotel industry, KPI calculations, competitive set analysis and an overall view of hotel data analytics.
Upon completion of this MicroCred module, students can opt to take the Certification of Hotel Industry Analytics (CHIA) which is jointly offered by Smith Travel Research (STR) and American Hotel & Lodging Educational Institute (AHLEI) for a special rate available to Taylor’s University.
“CHIA is a certification that recognises the holder as having thorough knowledge of the foundational metrics, definitions, formulas, and methodologies that are used by the hotel industry,” says Dr Shantini.
The Taylor’s MicroCreds programme is an industry-recognised certification of learning with credit value that are shorter and more flexible than a traditional degree, and designed according to the current market trends for various industries and professions.
In addition, some of the university’s MicroCreds are stackable, which counts towards credits needed in obtaining a degree should one choose to complete a degree programme.
Taught by industry experts and experienced academics, MicroCreds are offered across various relevant fields of study including Strategic Leadership & Management, Entrepreneurship, Artificial Intelligence, Data Science, Cybersecurity, and Digital Design, among others.
For more information on Taylor’s MicroCreds, visit https://bit.ly/TaylorsMicroCredsDataAnalytics
