Today, the increasing complexity among distribution channels, changing guest behaviors, and abundance of data are making revenue management harder than ever. Deciding on the right rate structures, forecasting demand, managing groups and lengths-of-stay are introducing even more difficulties for revenue managers, especially in the presence of intensifying competition. Fortunately, we have new types of data available to us to help with making optimal pricing decisions: competitor price data, industry data, web data, and social media data. Big Data is here, but can it help revenue managers?
Big data’s value can come both in informing revenue managers as they set overall pricing strategies, as well as driving automated solutions and analytics. But when it comes to taking advantage of big data, new analytical approaches are necessary. Watch our video below to learn more about how analytics can drive revenue and profitability through the use of big data in revenue management.
See our analytics in action, during HiTECH. We’ll be demonstrating our IDeaS Advanced Revenue Management Solutions on Tuesday, June 16 and Wednesday, June 17, 2015 starting at 11:00 a.m. in booth #753. If you would like more information on this topic, please read my two other blogs: “Big Data” Revenue Management – Part 1 and “Big Data” Revenue Management – Part 2.