How can event intelligence software software improve profitability and efficiency?
Meetings and events revenue account for a significant percentage of total revenue for the hotels, resorts and conference centers, yet most managers are not yet utilizing technology to understand and analyze basic information like market trends, customer insights or space performance. With Meetings and Events Intelligence organizations are empowered to make decisions that allow them to only accept the most profitable business.
Meetings and events venues continue to evolve. Spaces are more sophisticated, unique and in-demand than ever before. And in the wake an abundance of data has followed. Meetings and Events Intelligence is the transformation of this data into insights which enable organizations to make better tactical and strategic decisions.
- Understand booking trends and patterns: Tracking trends and pace in meeting space allows for more dynamic pricing strategies and space management. This results in improved space utilization, increased operational efficiency and better revenue performance.
- Improve forecast accuracy: Forecasting revenue for Meetings & Events revenue streams can be time-consuming and still vary widely from actuals. With a clear understanding of unconstrained demand, the financial forecast will be more accurate leading to better business decisions.
- Increase efficiency: Using technology to consume and organize data into actionable insights saves time and increases accuracy of analysis. Time that would have been spent manually analyzing large data sets can be better used on strategic decisions. In addition, removing manual data entry and analysis from the process decreases bias and data entry errors leading to more accurate decisions.