Hotel Data Standardization: Everything You Need to Know
In a multi-sourcing environment, gathering hotel data from various suppliers, bed banks, and wholesalers can result in inconsistent and duplicate information. This creates challenges for online travel agencies (OTAs) in accurately selling properties and maximizing booking opportunities. To overcome these obstacles, hotel data standardization plays a vital role. This article will go in-depth into the concept of hotel data standardization, highlighting its significance for travel businesses and how to actually leverage the lack of hotel data standardization to maximize profits.
Understanding Hotel Data Standardization:
Imagine working with three different suppliers, each providing hotel information for Dubai. Unfortunately, these suppliers share similar hotel properties, leading to duplicated data in your database. Moreover, each supplier presents the data in their unique format, causing frustration and inefficiency. This is where hotel data standardization becomes imperative. It involves transforming inconsistent hotel data into a consistent and uniform format, akin to organizing a cluttered database. Standardizing data optimizes its quality, making it easier to track, analyze, and identify errors.
Why is Hotel Data Standardization Important:
Every travel company must prioritize hotel data standardization as a core component of its data management strategy. Neglecting this crucial step exposes businesses to the pitfalls of unreliable data, resulting in higher operational costs, misguided decisions, and unhappy customers. However, converting data from various sources into a consistent format empowers more effective decision-making.
How to Increase Profits Due To The Lack Of Hotel Data Standardization:
While you cannot control how each supplier showcases hotel data, you can actually capitalize on the lack of hotel data standardization in the industry. When you use Pruvo’s repricing system (whether it’s integrated directly into your centralized API or via your 3rd party IT Hub), you gain access to Pruvo’s hotel and room mapping services as well. Our algorithm allows you to take advantage of the lack of hotel data standardization in the industry by monitoring the prices of your existing reservations and automatically rebooking the room once the price drops. Our system is capable of matching and mapping room options that were not initially in your feed. This allows us to detect more price volatility post-booking, even if the offer was not presented to you at the moment of booking.
Hotel data standardization is a fundamental requirement for every travel company. Consistent and uniform hotel data leads to improved conversions, enhanced customer experiences, and informed business decisions. That being said, you can leverage the lack of standardization in order to help you increase profit margins on hotels you ALREADY sold.