Hotelysis Officially Launches HBI Dashboard
The AI-based lodging business intelligence, HBI Dashboard, which has been developed by Hotelysis for three years, started the paid services on the 21th.
The HBI Dashboard has established a vast database of the lodging industry by putting together long-term financial data of approximately 78% out of 30 thousand lodging properties that have existed in Korea. This includes 17 years of extensive time series data from 2005 to 2021 for all types of lodging properties in Korea, such as hotels, motels, timeshares, residence accommodations, etc.
In particular, the database includes not only the data of properties currently operating but also the data of closed properties with operating history in the past, so the supply and demand dynamics of each market can be accurately taken. In addition, data of the size and the facility mix are provided to help precisely evaluate positioning of individual properties in the competitive landscape of the relevant markets.
Hotelysis has been running the free beta service for eight months since November last year and has improved the system by accommodating feedback from users.
The main addition to the interface of the HBI Dashboard, a B2B cloud software, is a map interface enabling users to promptly capture the competitive landscape of lodging markets. The information such as the location, number of rooms, type, completion date, opening date, closing date, and floor area by use as well as availability of its financial data can be found promptly here.
Also, financial data for individual lodging properties have been continuously verified and the estimation algorithms have improved during beta service. Data for properties that cannot be verified or corrected have been excluded from the database. In this process, the artificial intelligence algorithms developed by Hotelysis demonstrated superior performance as compared to traditional statistical analysis models such as moving average and regression analysis.
The membership-based HBI Dashboard plans to allow users to use paid services without subscription fees but only by purchasing points until the end of the year.
Originally, the HBI Dashboard was designed to differentiate the range of data access by membership class. However, Hotelysis decided to temporarily remove the entry barrier to help lay the foundation for so-called ‘data literacy’ in the lodging industry, which is becoming more and more important. Users who sign up as members will be granted a top-level Deluxe membership status and have access to all services provided at HBI Dashboard by
the end of the year, without subscription fee. Datasets can be purchased with points refilled as necessary, as free points award tied to subscription fee is not applicable.
E. K. Ham, CEO of Hotelysis, said, "The HBI Dashboard aims to solve the problem of information asymmetry as much as possible. However, the misuse of information without data literacy can make the problem worse", expressing that some barriers to entry are inevitable yet. Therefore, HBI Dashboard does not provide financial data of individual lodging properties expressly but provides the average of competitive markets defined by region and type, or customized set of competitive properties selected by the users.
Hotelysis is a comprehensive risk management platform for lodging industry. The artificial intelligence-based lodging business intelligence ‘HBI Dashboard’ enables users to directly diagnose and manage lodging business and investment risks online, and the offline consulting services to optimize productivity, efficiency, stability and liquidity of individual lodging properties are provided through the lodging property workout platform ‘Project AVE’.
HBI Dashboard: https://hbi.hotelysis.com