Targeted analytics to address the unique opportunities in hospitality and gaming The Analytic Hospitality Executive helps decision makers understand big data and how it can drive value in the industry. Written by a leading business analytics expert who specializes in hospitality and travel, this book draws a direct link between big data and hospitality, and shows you how to incorporate analytics into your strategic management initiative. You'll learn which data types are critical, how to identify productive data sources, and how to integrate analytics into multiple business processes to create an overall analytic culture that turns information into insight. The discussion includes the tools and tips that help make it happen, and points you toward the specific places in your business that could benefit from advanced analytics. The hospitality and gaming industry has unique needs and opportunities, and this book's targeted guidance provides a roadmap to big data benefits.
Like most industries, the hospitality and gaming industry is experiencing a rapid increase in data volume, variety, and velocity. This book shows you how to corral this growing current, and channel it into productive avenues that drive better business.
- Understand big data and analytics
- Incorporate analytics into existing business processes
- Identify the most valuable data sources
- Create a strategic analytic culture that drives value
Although the industry is just beginning to recognize the value of big data, it's important to get up to speed quickly or risk losing out on benefits that could drive business to greater heights. The Analytic Hospitality Executive provides a targeted game plan from an expert on the inside, so you can start making your data work for you.
Table of Contents:
Foreword xiii
Acknowledgments xvii
About the Author xxi
Chapter 1 Building a Strategic Analytic Culture in Hospitality and Gaming 1
Strategic Analytic Culture 3
Moving Ahead and Staying Ahead with Prescriptive Decision Making 5
Making It Happen 9
Getting Started 13
How This Book Can Help 15
Notes 17
Chapter 2 Data Management for Hospitality and Gaming 19
Data Management Challenge and Opportunity 21
Data Storage 29
Data Integration 34
Data Quality 40
Measuring the Benefits of Data Management 42
Responsible Use of Data 43
Conclusion 51
Additional Resources 52
Notes 52
Chapter 3 Data Visualization 53
Why Are Visualizations So Important? 55
Visualization Technology 56
Data Handling 58
Visualization Types 62
Creating Powerful Visualizations 67
Conclusion 79
Additional Resources 80
Notes 80
Chapter 4 From Reactive to Proactive Decision Making: Advanced Analytics in Action 81
Reactive to Proactive Decision Making 83
Statistical Analysis 84
Forecasting 91
Predictive Analytics 96
Optimization 100
Machine Learning 103
Text Analytics 104
Making It Work—Analytics and Technology 111
Innovations in Solution Delivery 113
Real Time and Streaming 118
Conclusion 119
Additional Resources 119
Notes 120
Chapter 5 Analytics for Operations 123
Operations 125
Operations Data 128
Advanced Analytics for Operations 134
Workforce Planning and Optimization 140
Queues 146
The Impact of Queue Configuration 148
Managing Consumer Perceptions of the Wait 152
Benchmarking Operations Analytics Capabilities 156
Technology and People Investments 158
Conclusion 163
Additional Resources 166
Notes 166
Chapter 6 Analytics for Marketing 167
Marketing Data 169
Advanced Analytics for Marketing 177
Digital Intelligence 183
Benchmarking Marketing Analytics Capabilities 191
Technology and People Investments 196
Conclusion 199
Additional Resources 201
Notes 201
Chapter 7 Analytics for Sales 203
Sales Data 205
Advanced Analytics for Sales 210
Statistical Analysis 210
The Changing Landscape of Sales 212
Benchmarking Sales Analytics 214
Conclusion 218
Note 219
Chapter 8 Analytics for Revenue Management 221
Revenue Management: A History Lesson 223
Then Things Changed . . . 227
Revenue Management Data 229
Revenue Management Analytics 231
Benchmarking Revenue Management Analytics Capabilities 247
Technology and People Investments 249
Conclusion 252
Additional Resources 255
Notes 255
Chapter 9 Analytics for Performance Analysis 257
Data for Performance Analysis 259
Advanced Analytics for Performance Analysis 263
Benchmarking Performance Analytics Capabilities 267
Technology and People Investments 269
Conclusion 273
Additional Resources 273
Notes 274
Chapter 10 Analytics for Gaming 275
Gaming Data 278
Advanced Analytics for Gaming 281
Casino Floor Revenue Optimization 285
Fraud and Anti–Money Laundering 294
Benchmarking Gaming Analytics Capabilities 299
Technology and People Investments 300
Conclusion 303
Additional Resources 304
Notes 304
Chapter 11 Pulling It All Together: Building an Analytical Organization 307
Getting Started: Well-Defi ned, Small Projects for Maximum Impact 309
Organizing Your Analytics Department 316
The Build versus Buy Decision 324
Integrated Decision Making 327
Conclusion 337
Additional Resources 340
Notes 341
Appendix 1 Case Study from Infor: Analytics Opportunities in Operations 343
Appendix 2 Case Study from IDeaS: Meetings and Events Revenue Management 349
Appendix 3 Why Dynamic? 367
Appendix 4 Chapter Questions 377
References 385
Index 389
About the Author :
KELLY A. MCGUIRE, PHD is senior vice president, revenue management and direct marketing for MGM Resorts International, where she is responsible for driving profitable room revenue for MGM Resorts International’s Las Vegas resorts. Prior to this role, she was Vice President, Advanced Analytics for Wyndham Devstination Network. She led a team of data scientists and developers who build custom analytic solutions for Wyndham Vacation Rental’s companies and the RCI time-share exchange. Prior to joining Wyndham, she led SAS’s Hospitality and Travel Global Practice, setting the global analytics strategy for these industries, and supporting engagements around the world.
