What is event intelligence software software?

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.

For info on events intelligence software trends, questions that you should ask vendors and more download the 2019 Hoteliers Guide to Meetings and Events Intelligence Software

How can event intelligence software software improve profitability and efficiency?

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.

What are the most important features of event intelligence software software?

Data Visualization: Data is presented in an intuitive and informative way that allows users to make decisions quickly.
Trend Analysis: Patterns in key metrics like daily demand, lead time and booking pace are brought to the surface.
Performance Monitoring: Manage business performance and strategy by tracking key performance indicators.
Data Accuracy: Understand the health of the data being utilized by the tool.
Data Integration: Meetings and events intelligence is made up of data from a variety of sources. A strong collaboration between data sources is necessary to provide effective outputs.

What makes great event intelligence software software?

A powerful tool will have a feed or integration with the major sales and event management providers. Data should flow through regularly and be integrated smoothly. Great event intelligence software should also have clean data. Investigative tools such as drill-throughs should allow a user to visualize data to easily identify if and where data has been inputted incorrectly so that it can be corrected.

What is the typical pricing for event intelligence software software?

Installation can vary by property size and contract but is typically in the range of $300-500. Training ranges between $500-1,500 and monthly SaaS subscription varies widely between $150-$650/month. Inquire with vendors on Hotel Tech Report to receive and compare custom price quotes for your hotel or hotel group.

How long does it usually take for a hotel to implement new event intelligence software software?

Implementation timeframe is 2 – 8 weeks. This time frame varies based on a venue’s system of record (sales & catering system) and how quickly the vendor can gain access to that system to establish connectivity, agree on business rules for data handling and validate the data being communicated between systems.

How do I know when it’s time for my hotel to start using event intelligence software software?

We typically recommend that hoteliers begin their technology search by starting with business problems. Event Intelligence software can help to increase revenue per square foot within your hotel’s meetings and event spaces. Think of this metric like RevPaR for meeting spaces - this insight helps venues understand their highest revenue-generating space and deploy pricing based on a clear picture of demand. Each person attending an event represents revenue. Optimum capacity of a meeting room should always be the goal. Attendee density measures the actual attendance in the space versus the optimum capacity of the room, helping venues understand how well the space has been used versus its potential. Event intelligence software can also help your team focus not just on converting more group business but can actually provide insight that will help to convert the most valuable and profitable business mix for your hotel.

For info on pricing, top vendors in meetings and events intelligence software and more, download the 2019 Hoteliers Guide to Meetings and Events Intelligence Software

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