Top-level KPIs or Deep dive Analysis?
Vassilis Syropoulos
Juyo Analytics & Getintomore. Building exciting hotel tech that drives revenue and profit 🚀
It is undeniable that in today's dynamic landscape of Hospitality Business Strategy, the significance of data-driven decision-making is paramount. On one side of the spectrum are top-level Key Performance Indicators (KPIs), and on the other, deep-dive analytics.
2. Top-Level KPIs: Top-level KPIs act as a broad compass for a business's strategic direction. These carefully selected metrics align with a hotel's overarching goals and objectives. They provide a clear, concise performance snapshot, enabling swift assessment and decision-making at executive levels. For instance, KPIs such as total Revenue per customer or customer acquisition cost offer immediate insight. Their simplicity and overarching nature enable executives to monitor progress without being overwhelmed by operational data.
2. Deep-Dive Analytics: In contrast, while top-level KPIs provide an overarching view, deep-dive analytics focus on the intricate details of business operations. This process involves cross-filtering data, segmenting metrics, and conducting comprehensive analyses to identify underlying trends, patterns, and correlations. Deep-dive analytics are vital for deciphering the 'why' and 'how' behind the KPIs. For instance, a decline in loyalty program stays, as indicated by a top-level KPI, can be dissected through deep-dive analytics to uncover specific causes, such as a shift in channels or declining review scores among loyalty members. Such detailed insights are crucial for operational teams and middle management to formulate targeted strategies and interventions.
The true strength emerges from the synergy between top-level KPIs and deep-dive analytics. While top-level KPIs set a clear focus and direction, deep-dive analytics provide the necessary insights for tactical execution. A hotel business must find a balance: Overreliance on top-level KPIs can lead to a superficial grasp of challenges and opportunities, whereas an excessive focus on deep-dive analytics may cause data overload and a loss of perspective on the broader picture.
Commercial Leader / Revenue-Generator / Ecosystem Designer / Payment Tech / PMS / Franchisee & Business Owner
1yAmazing tool Vassilis Syropoulos
Revenue Manager at iQ Student Accommodation | Driving Growth That Benefits People and Businesses
1yGreat article thanks for sharing, Vassilis! I agree that striking the right balance between top-level KPIs and deep-dive analytics is pivotal in business strategy. I would also add that creating collaborative cultures in an organisation which integrates both aspects can create a powerful recipe for agile and effective decision-making in today's dynamic market.