Using Hotel Demand for a Blue Ribbon Strategy
In revenue technology, what about approaches that use small slices of hotel demand—such as lost business—to make big-picture forecasts? Is that enough, or should technology evaluate a larger set of considerations to determine total hotel demand?
The Curious Case of Uncertainty
Forecasting for uncertainty is a critical component of advanced revenue technology. The presence of uncertainty has a direct impact on your price and inventory decisions, which means that not properly accounting for it significantly dilutes your profit performance.
Machine Learning: Buzz Phrase or the Real Deal?
Thanks to big data, machines have a lot more to learn from. The question is: Are they learning or are they causing hotels to work harder to decipher all that added data?
Can Your Data Answer the 5 W’s of Storytelling?
Every compelling story – a thrilling book, a coworker’s wild weekend recount, an upcoming blockbuster movie – contains some very familiar elements. Commonly referred to as the five w’s of storytelling, every strong narrative provides answers to the common inquisitive questions of who, what, where, when and why. The story your data tells about your […]
The Analytics Tsunami: Are You Ready to Ride its Wave?
I speak a lot at industry events about the power of today’s sophisticated analytics. With many unique challenges facing the industry today – notably around an increasingly competitive distribution landscape – hotels are looking for the best ways to account and solve for the complexity in the market. With new entrants (think: Airbnb and Google) […]
The Wheel of Revenue Management Analytics
There’s a popular television game show called “Wheel of Fortune” that features enthusiastic contestants solving word puzzles by guessing one alphabet letter at a time. Each word puzzle is classified under a specific category name that gives the players a further clue to uncovering the round’s hidden phrase. A popular category in the game, called […]
RMS Must-Have Features: Demand Forecasts & Guest Demand Patterns
The first blog in the must-have features series dug into complex considerations for controlling segments and rates. In this post, demand forecasts take center stage. If your revenue management system (RMS) uses a single forecasting approach for all of your customers, you’re missing out on a huge opportunity. Think about being a parent for a […]
The Science of Clean Laundry & Revenue Management
The parallels between fashion, laundry and revenue management are uncanny. Look at yourself in the mirror. See that carefully curated ensemble you’re wearing? See all those textures, patterns and fabrics with just the right pop of trendy color? Looking that great takes work, especially the ongoing maintenance to keep those clothes looking good. Let’s face […]
RMS Must-Have Features: Analyzing & Controlling Rates & Segments
The hospitality business climate is in a constant state of flux and no one is more familiar with the ups, downs and shifts all around than hotel owners. The ever-evolving landscape means hotels big and small must be agile. And to meet the demands of today with a keen eye on tomorrow, savvy hoteliers rely […]
The 12 Gifts of RMS: Analytics
For the tenth gift of revenue management, my RMS gave to me a strong analytical core (The right) big data A Magic 8 Ball Group business management Optimal pricing Online reputation insights Remote accessibility Experienced client support teams On-demand performance support And a dashboard with revenue to oversee Revenue management technology is a fine weave […]