08-10-2017 13:26 PM
The hospitality industry is changing fast due to new competitors disrupting the industry. Keeping up with this rapid pace of change is critical for leaders in the industry. To plan the best path forward, industry executives need a clear and concise story that enables them to drive further growth.
This solution is designed to allow a hospitality industry exec to explore questions such as "how is our business growing?" or "what area is driving/preventing our business growth?", and to allow the user to decide what areas to take further action in. Perhaps marketing can take steps to make certain neighborhoods more attractive to customers, or they could offer incentives to hosts to list either private rooms or entire homes, as these listings show larger growth than shared rooms. More data could be required to understand which hosts generate the most revenue growth, which could then lead to a phone call to see what they do differently than average hosts.
We first determined the report's focus: revenue and where it is coming from, or more generally, how to think about growth within the hospitality industry. For visual analysis, we utilized a map, a line and bar chart, KPIs, and a matrix.
This report is designed to provide user flexibility and insights. This report provides both by allowing the user to filter through the data to view a report that is relevant to them. The result is a report that makes it clear where this business is growing the most and where they generate the most revenue.
From this report, it's clear that the most revenue is coming from Manhattan, where listings are the most numerous and expensive. In the matrix, it is possible to see the growth trends each year in the different neighborhoods. Most neighborhoods show slow growth, or even decline in some places, while Manhattan shows a large amount of growth. Additionally, if we filter down to just Manhattan, it is possible to see that the vacancy rate is decreasing. From this view, it is clear that in Manhattan average price and total number of listings are going up, while vacancy is going down. The other neighborhoods in New York are not following this trend.
Manhattan is dominating the market in New York, both in number of listings and revenue growth. It might be worthwhile to hospitality businesses to use this information to explore possible options to get other neighborhoods to experience the same success.
Using Power BI, we transformed a set of data into a clear story of what is happening with hospitality in New York, enabling people and businesses that are a part of the hospitality industry to make informed decisions regarding their business model.
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