Kelly McGuire of the SAS Institute created a to-do list for analytic hospitality executives in 2014. This list includes higher-level items that will help to build a strong strategic analytic culture. There are also tactical items that will help you stay on top of trends McGuire thinks will have a major impact on the industry in the near future.
1) Think More Strategically – This is a common goal for every company at the beginning of a new year, but it is easy to be bogged down by the day-to-day analyses or job tasks. Keep asking the important questions like where you and your team are, and where you want to go. Do you understand your organization’s business strategy? Do your goals line up with this strategy?
2) Encourage Cross-Departmental Decision Making – With digital marketing coming into the forefront, and the recognized value of review and ratings data across multiple departments, cross-departmental thinking will be even more of a focus in 2014.
It is important to establish regular communication with counterparts in other departments (marketing, operations, finance and revenue management). Bringing your best information to the table and making decisions as a team will strengthen your group as a whole, as well as the individual members.
3) Develop a Common Business Language – A number of companies have started data visualization projects to pull together data from across the organization and provide “single version of the truth” reporting for executives and managers. Without first establishing a cross-functional team to come to agreement on definitions of key metrics, kata access and data acquisition rules, these projects will fail. McGuire believes there will be much more of a focus on data management in 2014 as these initiatives get underway.
4) Carefully Evaluate New Data Sources – With plenty of new data sources available to you on a daily basis, it can be tempting to gravitate towards all that is new and shiny. However, you need to realize that adding new data sources can be time-consuming and resource intensive. You need to fully understand what the data is and how it can contribute to your decision making process.
Make sure you can develop clear answers to the following questions:
Can the data enhance or augment existing analyses or business insights?
Do you have resources available that can understand the data and be able to use it in analyses?
What actions could you take with insights gained from that data source?
5) Tell a Story With Your Data – Getting your point across to a wide range of personas within your organization requires careful thought about how you use data in your presentation material. Rows upon rows of numbers, mathematical formulas or complex graphs will not grab the attention of any but the most advanced audiences. Instead, use a couple of “pictures” that make your point with the most impact.
To read the rest of McGuire’s to-do list for the new year, click here.