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Breaking down big dataAcross sectors, and whether at home or at work, the role of analytics and big data has not only transformed the way we live, but the way we do business. Proof of this accelerating shift is evidenced by the fact that a staggering 90% of the worlds data has been created in just the past 18 months.Digital technologies, including analytics software and data visualization tools, have disrupted and redefined traditional business processes. Advancements such as these offer more efficient, powerful and accurate ways of working.Regardless of what area of the hospitality industry we address acquisitions or dispositions, property or asset management, marketing, tax, revenue management or customer care there is virtually no area of the market that remains untouched by the advancing role of what is commonly called big data.In this article, we cast a clarifying light on the concept of big data and illustrate its relevance for the hospitality sector. We offer examples of how data analytics has evolved in hospitality today, highlighting current uses as well as emerging applications. Then, we address considerations for implementation, as hospitality organizations look to modernize and digitize their business.Simply put, the application of data analytics is becoming an increasingly mandatory aspect of our sector, and hospitality organizations must be prepared to speak the language of big data in order to remain competitive.Hospitality organizations must be prepared to speak the language of big data in order to remain competitive.Global Hospitality InsightsIs the next evolution of big data, big judgment?How data analytics is transforming the way decisions are made in the global hospitality industry 2 | Is the next evolution of big data, big judgment? Big data: What does it mean?Data analytics refers to the analysis of a large data sets (big data), often from a number of different sources, to provide faster, more insightful and actionable information in a business environment. Effective analytics often involves software or web-based data visualization tools. Unlike traditional spreadsheets or presentations, which offer static outputs and often require multiple files for analysis, data visualization tools can aggregate hundreds or thousands of individual files from disparate sources offering a highly customizable, interactive interface to users.While analytical applications are visually impressive, it is key to note that big data simply does not exist without the all-important human oversight. One does not replace the other; rather, they enhance each other. In our view, the human element is just as critical as technology in realizing true value from analytics. This involves individual and organizational considerations that become the bridge from data, to insights, to action. Without the human element, data analytics is simply a vehicle for raw information. With the human element, it becomes a transformative tool.At its essence, data analytics can help build a platform to aid hospitality organizations in the effort to solve business problems. Its value lies in embedding these analytics into existing business processes that require judgment and decision making by human beings.Data analytics at work: Existing insightsIn the hospitality industry, market participants have enabled data analytics to provide both predictive and diagnostic insights to make informed decisions. But the speed of adoption varies by business function.To date, the hospitality industry has adopted some advanced applications for analytics, focused predominantly around predictive insights, such as revenue management, guest behavior and marketing spend. For instance: Revenue management: Hotel brands have incorporated alternative data sets, such as weather reports and local event schedules, into revenue management functions to better forecast room demand. Incorporating alternative data provides organizations the ability to set room rates in real-time and to effectively respond to external changes. 1 Guest loyalty: Major hospitality players have incorporated analytics technology as a means of increasing guest loyalty. One hospitality brand empowered its front desk agents with analytical dashboards that tracked prior guest behavior, such as room service orders or amenity requests, to better predict the needs of repeat guests. 2 Marketing: One international hotel company reported an impressive increase in the return on its advertising spend of approximately 2,100% by deploying a new online advertising platform that combined data analytics with artificial intelligence technologies. The synthesis of this data enabled the company to determine the most appropriate media to focus its advertising spend. 31 “How Big Data And Analytics Are Changing Hotels And The Hospitality Industry,” Forbes website, forbes/sites/bernardmarr/2016/01/26/how-big-data-and-analytics-changing-hotels-and-the-hospitality-industry/#77a98ed01c22, accessed 14 February 2018.2 Ibid. 3 “Hotel chain utilizes new digital advertising platform to great success,” ClickZ website, clickz/hotel-chain-utilises-new-digital-advertising-platform-to-great-success/5087/, accessed 14 February 2018. 3Is the next evolution of big data, big judgment? |Data analytics at work: A new tool for the transaction life cycleWhile analytics focused on the guest and predictive insights continues to evolve, an emerging application for big data in hospitality focuses on operational and organizational analysis. By using data analytics as a diagnostic tool, industry participants are offered a new and efficient way to evaluate investment decisions throughout the transaction life cycle.Most hospitality organizations today use traditional business tools, such as presentation templates and spreadsheets, to evaluate capital decisions. The power of big data lies is the adoption of business intelligence tools, such as data visualization software, to more efficiently analyze and respond to investment opportunities.For example, the owner of a portfolio of 50 hotels may generate 50 different reports to evaluate the monthly performance of each property. Analytics software, including data visualization tools, can quickly process and condense the 50 reports into one interactive dashboard on a real-time basis. The result provides the user the ability to analyze the portfolio or a single asset all in one interface. Relative to traditional business tools, analytics dashboards contain interactive features that enable the user to view an investment holistically, or in great detail, with the click of a computer mouse.Consider the use of a single data analytics dashboard across the investment life cycle: Buy side: The presentation of big data provides an efficient way to quickly evaluate a potential acquisition; as deal times shorten and demands increase, investors must gain insights at optimized speeds. A single dashboard can complement a virtual data room on a live transaction, providing prospective buyers one interactive tool in which to analyze historical operational performance and organization structure, including finance, accounting, IT and tax functions. Data analytics can help set parameters for transition road maps, including the retention of key personnel and systems as well as expediting the creation of synergy analyses. A single dashboard can further complement post-close activities, including closing procedures and purchase price allocations. Hold period: The same dashboard can be utilized as a tool for asset management. Ongoing investment monitoring and performance improvement functions, such as capital investment and synthesizing competitive set data, are enhanced by data analytics software. Instead of toggling through multiple operational reports, hospitality professionals can rapidly assess the overall health of their investments in real-time. For portfolios of properties, for instance, dashboards can quickly identify individual outperformers and underperformers; such insight enables management to take quick action to address performance gaps and identifying candidates for disposition. Use of data analytics as a monitoring tool also allows users to weigh various value creation opportunities, optimize their tax structures and human resource deployment, and effectively evaluate risk. Sell side: When it comes time to divest, the same analytics interface supports rightsizing strategies as well as preparing disposition analyses. Again, the dashboard can complement a sellers data room organization, synthesizing hundreds of financial, legal and tax documents for prospective buyers. Data analytics can be further utilized to create scenarios for carve-out financials or alternative tax structures, increasing the speed to transaction close.4 “Analytics: Dont Forget The Human Element,” EY website, ey/Publication/vwLUAssets/EY-Forbes-Insights-Data-and-Analytics-Impact-Index-2015/%24FILE/EY-Forbes-Insights-Data-and-Analytics-Impact-Index-2015.pdf., accessed 14 February 2018.Making data your own: Implementation success factorsThe successful transformation of a hospitality organization into one where business decisions are founded deeply in data analytics is a top-to-bottom initiative. To achieve success of adoption, big data must be embraced as an essential business tool by organizational management.A critical success factor for implementation is the human element of analytics. It is not enough simply to purchase technical software without a supportive and disciplined environment to draw out its insights. Data analytics must be aligned with a corporate culture that embraces the use of those insights to inform action. In doing so, an important transformation takes place; data as a tool and a process becomes imbedded in the corporate profile, enabling employees to team more effectively, and eventually leading to better performance results.Additionally, if there is a gap between delivering insights and taking action, analytics will fail. A recent survey conducted jointly by EY and Forbes Magazine revealed that 89% of global corporations surveyed agreed that change management issues are a barrier to delivering analytics-driven results. 4Thus, data analytics requires the appropriate organizational structure and governance framework to thrive.In the aforementioned survey, organizational decision-makers affirm that big data and analytics are changing the nature of their competitive advantage. Executed with the appropriate effort, investment of time and leadership support, data analytics will enhance and expedite business decisions in the hospitality sector. Embracing big data is a rewarding path to competitive advantage and value enhancement for your property, portfolio or your business.GlobalMark Grinis EY Global Real Estate, Hospitality & Construction Leader, New York +1 212 773 5148 mark.griniseyMichael Fishbin EY Global and Americas Hospitality Leader, New York +1 212 773 4906 michael.fishbineyAsiaJeff Green Hong Kong +852 2849 9431 jeffrey.greenhk.eySeng Leong Teh Singapore +6221 5289 5000 seng-leong.tehsg.eyEuropeMarco Daviddi Rome +39 066 753 5415 marco.daviddiit.eyUrsula Kriegl Munich +49 89 14331 14020 ursula.krieglde.eyChristian Mole London +44 20 7951 3034 cmoleuk.eyIndiaAjit Krishnan Gurgaon +91 124 671 4490 ajit.krishnanin.eyJapan Kazuhiro Kaneko Tokyo +81 3 3503 1110 kazuhiro.kaneko2jp.eyMiddle EastYousef Wahbah Dubai +971 4 312 9113 yousef.wahbahae.eyAmericasViktor Andrade So Paulo +55 11 2573 3042 viktor.andradebr.eyTroy Jones Los Angeles +1 213 977 3338 troy.joneseyMark Lunt Miami +1 305 415 1673 mark.lunteyBrian Tress New York +1 212 773 8359 brian.tresseyMark Vrooman Toronto +1 416 943 3954 mark.vroomanca.eyMike Magrans New York +1 212 773 3750 mike.magranseyKatie Miller Dallas +1 214 969 0747 katie.miller2eyOceaniaDavid Shewring Melbourne +61 3 8650 7696 david.shewringau.eyRussia and CISAngelika Normann Moscow +7 495 648 9667 angelika.normannru.eyContactsEY | Assurance | Tax | Transactions | AdvisoryAbout EYEY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.About EYs Global Real Estate, Hospitality & Construction Sector Todays real estate sector must adopt new approaches to address regulatory requirements and financial risks while meeting the challenges of expanding globally and achieving sustainable growth. EYs Global Real Estate, Hospitality & Construction Sector brings together a worldwide team of professionals to help you succeed a team with deep technical experience in providing assurance, tax, transaction and advisory services. The Sector team works to anticipate market trends, identify their implications and develop points of view on relevant sector issues. Ultimately, this team enables us to help you meet your goals and compete more effectively. 2018 EYGM Limited. All Rights Reserved.EYG no: 01072-184GBL CSG No. 1802-2586041ED NoneThis material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice.ey/hospitality EY_RealEstate
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