By guest blogger, AICPA.org
There’s a lot of buzz surrounding data analytics. But what does it actually mean in a company’s day-to-day business? According to the information technology research and advisory company Gartner, data analytics provides a data and insight-centric approach to solving a business problem. The entire organization can use the created insights to drive business decisions. It’s not just about developing a lot of reports, building models or moving data around, but instead it’s about solving business problems to make decisions faster and more effectively.
My company runs amusement parks, water parks and family entertainment centers across the country, with millions of visitors each year. We’re only about five years old and continue to acquire new parks. Some of the considerations we’ve used data analytics to address include:
•Customers — We want to better understand how to increase our marketing return on investment (ROI) and enhance profitability. We not only want to drive customers into our parks but also improve our margins.
•Labor optimization — Labor is a large cost in the hospitality industry. The right labor cost isn’t the lowest, but the amount that’s best for customer service and profitability. Labor is related to the customer experience as well as financial performance, financial statements and improving our overall ROI.