Due to what seems like an exponential rise in data complexity, combined with a reduction in time and resource, many Revenue Managers feel trapped, unable to extract the actionable insights they need to drive business performance - and the net is tightening. Luckily, hotel Business Intelligence (BI) is to the rescue.
'Only 12.5% of the accommodation in this hotel is occupied, which makes one ruminate.' So wrote the humorist, Moose Allain, on X, formerly Twitter. A nice joke but for hoteliers Revenue Management is no laughing matter.
It's a complex and ever-evolving field for a revenue manager to navigate, with many channels and tools to keep up-to-date with. But it is a key function for any hotel that wants to remain competitive in today's marketplace to get a firm handle on in order to welcome more guests through their doors. Today, Artificial Intelligence is making the job of data analysis much easier in a variety of ways, this article will go into detail about how Revenue Managers can use AI to get ahead of the competition.
Like a first-class seat on an airplane, dynamically optimizing upgraded room classes can unlock significant revenue potential. As an industry what best practices could be applied to maximize the RevPAR growth opportunity this presents? I recently brought this question to the HSMAI Revenue Optimization Rising Leader Council for collaboration.
Discover the significance of pickup and pace in hotel revenue management. Learn how optimizing these factors can boost your hotel's revenue.
These are the essential features to consider when choosing a benchmarking tool to enhance your hotel management and improve performance.
Read our expert guide on RevPAR: Find out what it is, and learn how to calculate and optimise it at your hotel.
Every hotel has an optimal distribution channel mix – meaning that channels are selected and managed in such a way that they will drive optimal profitability for the hotel in the long run.
With a reputable rate shopper, data should be rich, accurate, up-to-date, and well-structured. And we trust the data to show us the truth, so the instinct is understandable: data can reveal the truth. But only if it comes from an apples-to-apples comparison. Without this direct comparison, insights are skewed and possibly erroneous.
A good rate shopper helps you respond to your competitors’ prices and other factors, using quality data to provide actionable insights that allow you to boost hotel performance with minimal fuss. With so many potential benefits, it’s no wonder that rate shoppers have become an essential tool for hoteliers. Here are some features to look for when choosing one for your property or properties.