We will never get tired of saying it: these days, growing on the current tourism market and being prepared to face future change is only possible if you are able to analyse data and then apply those conclusions in the decision-making process.
As a result of seeing how important it is to know the travel industry, detect and reduce errors, improve hotel performance and gain competitiveness, the TravelgateX team launched Insights-X. Within the field of Business Intelligence systems, this analytics tool for tourism data provides a unique competitive advantage on the market as it provides answers that allow you to increase your business performance.
But how do you make the most of it? Below are four simple steps on how to use Insights-X and interpret data to improve the performance of connections between clients and suppliers within the TravelgateX platform, and grow your business based on real information from the tourism market.
Step 1: Monitor the performance of your connections
In ‘performance’ datasets you can find information on search requests, quotes, reservations and cancellations. You can also analyse the availability ratios for each of your connections and quickly identify those with errors and a higher search volume.
Step 2: Identify destinations with a high number of errors and lower availability
Once the connections with the highest volume of errors in availability have been identified, ideally you should analyse destinations and identify those with the greatest volume of searches and a higher non-availability ratio.
To do so, Insights-X allows the analysis at a client/supplier level. When performing the search, all you have to do is create a dashboard similar to ‘Destination Demand’, where you can compare availability by country, area and city. Also, applying filters for ‘booking window’, ‘distribution‘ and ‘market of origin‘ can narrow down the results and identify destinations and search criteria where optimisation would improve performance.
Step 3: Optimise hotels with low availability or performance
Once the client/supplier and destinations have been identified, the next step to improve performance with the connections would be analyse the availability of hotels in those destinations.
In the data set Insights, the table ‘portfolio’ provides all the information you need to optimise the hotel portfolio: search volume, availability, reservations, cancellations, etc.
Hotel inventory not updated or having problems with hotel mapping? Insights-X also helps you identify the status of the hotels, to ensure that your portfolio is always up to date.
Step 4: Compare your prices with those offered on the market
Insights-X lets you find out if your prices are higher than those offered by your competition. Discover the potential of your destinations and connections to generate more sales. It also allows you to see your position among the best-selling destinations through the TravelgateX marketplace.
Would you like to expand your business into new markets?
Insights-X also offers recommendations to connect with new clients or suppliers, increase sales volume in new markets and discover best-selling destinations.
This is how, in just four steps and thanks to Insight-X data, you can monitor and optimise all your connections to get ahead in the travel sector. If you would like to know more about Insights-X and data sets, please refer to the documentation here.