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HiRUM Software Solutions

Utilise Valuable Market Insights for Better Business Decisions in 2020

Posted by HiRUM Software Solutions -14/02/2020

Benchmarking Made Easy with STR

At HiRUM, we continue to look ahead at where the industry is going, and focus our efforts on ensuring our customers have the latest and greatest resources, including hospitality industry data to boost bookings and maximise profit. With the recent API integration between HiRUM and STR, we wanted to take the opportunity to lay out the benefits and advantages which our valued HiRUM customers can harness by utilising this new connection.

 

What is STR?

STR is a leading data solutions company that provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. In other words, they can provide you with genuine and easy-to-understand data on how your business is performing in your market, and benchmark your business against other similar businesses. They get hospitality data from the source, and deliver it back to the source, comparing your performance against the local industry and/or your local market, all without disclosing business specific results. With this knowledge, you will be able to make strategic decisions based off real data!

 

What does this new connection with STR mean for HiRUM customers?

Now, customers using both HiRUM and HiSITE can utilise the benefits of STR’s comprehensive hospitality data completely free simply by letting a HiRUM team member know you’d like to connect. It’s that easy! Once connected, STR will automatically and securely pull data from your PMS/Channel Manager on a daily basis, and provide access to a portal where you can view and analyse your custom benchmarking reports.

This automation makes everything much less tedious. It saves you time by eliminating the need to manually export and upload your data to STR for reporting. Because your data is automatically exported daily instead of manually inputted by you on a monthly basis, you have the ability to break down your property’s performance day by day. This makes it easy to compare data such as weekday vs weekend performance. In addition, STR will soon be able to supply data on future bookings, which will give customers the ability to forecast how they are tracking against the competition ahead of time!

 

Here’s a deeper look into the services STR provides.

STR will securely collect your data, focusing on 3 main performance indicators:

  • Occupancy – The number of rooms you’ve sold in a given period.
  • Average Daily Rate (ADR) – The average rate paid for the rooms you’ve sold.
  • Revenue Per Available Room (RevPAR) – The average room revenue earnt from all available rooms whether they have sold or not.

Once the data is collected, STR can provide you with benchmarking reports in one of two format options.

The first is through their Hotel Survey which compares your performance to your local market. This report will give you insights on how your local market is performing as well as how you are performing against it. You will also receive comparisons to other properties in your market class.

The second and more comprehensive option is called the Star Report, which gives more detailed, actionable insights on how your property’s performance compares to a group of competitors selected by you.

 

So, once you have all this information, how are going to use it to benefit your business?

STR suggests an easy-to-follow 4-step process:

  1. Analyse reports to get an understanding of how your business is performing
  2. Identify your areas for improvement
  3. Develop how you’re going to work on that opportunity
  4. Monitor your progress and refine your strategy

 

If you are interested, or would like more information on connecting to STR through the HiRUM integration, please fill out the form below, call us at (07) 5574 4990 or email one of our friendly staff at sales@hirum.com.au.

 

Complete the form below to enquire about connecting to STR!

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