HOTEL BUSINESS REVIEW

October FOCUS: Hotel Revenue Management

 
October, 2023

Hotel Revenue Management: The Age of Big Data


The future of hotel revenue management lies in the adoption of ever more sophisticated software and technology, especially as it pertains to forecasting and pricing. For revenue professionals, the Age of Big Data has arrived. Managers are utilizing systems that employ leading-edge algorithms and machine learning, along with business analytics and data visualization tools. These tools communicate complex information more effectively, allowing managers to understand the key components driving demand and revenue. They have the ability to analyze real-time external and internal data, produce reports, and integrate information - all on a single platform - in order to improve performance. Managers are also utilizing  geographic information systems (GIS) which incorporate geographic data into forecasting. GIS also help decision-makers identify information in a visual way that cannot be detected through traditional data analysis. The October issue of the Hotel Business Review will report on how some hotels are integrating Big Data into their revenue management strategies.


This month's feature articles...

Robert Gilbert

The convergence of technology and human touch in the hospitality industry has become a leading concern within the hotel industry, with the debate of Artificial Intelligence (AI) in enhancing, not replacing, the human element in hotels. Other key issues at this time include social media's marketing power, the importance of brand emotional connections, and the evolving landscape of revenue strategies. READ MORE

Connor Vanderholm

In the competitive realm of hotel revenue management, where each dollar carries weight, it's tempting to be consumed by the pursuit of profit. Our candid and unfiltered article takes a deep dive into the less illuminated facets of revenue management, shedding light on the ethical challenges that confront hoteliers. You may find moments of humor or cringe in recognition, but the insights it offers will undoubtedly help you sleep better at night. READ MORE

Dario Binnie

Revenue managers will be the central drivers of big data technology for the industry. The Revenue department will have the most interaction with the data sets as well as the education of hotel team members and C-Suite executives. Advocacy for Revenue Manager agency in budget spending and decision making in big data adoption will be critical to the success in the future of the hospitality industry. READ MORE

Nicholas Tsabourakis

The era of Big Data has revolutionized revenue management by enabling data-driven decision-making and delivering exceptional guest experiences. With improved forecasting accuracy, personalized pricing, and the ability to adapt in real-time, hotels can gain a competitive edge. Embracing Big Data as an integral part of revenue management strategies empowers hotels to thrive in an ever-evolving landscape. READ MORE

Darren Koch

Hotels collect a wealth of historical data on rates, guest spending, seasonal demand, etc., but less than a third of hotels act on the information. When hotels have the opportunity to increase RevPAR by up to 20%, there's no doubt they should be implementing a dynamic revenue management strategy fortified by accurate guest data by integrating the hotel's systems. READ MORE

Corey McCarthy

Hoteliers have been challenged to keep pace with rising costs and compounding guest expectations with limited available labor to manage demand. Workforce management technology has quickly become invaluable for operators looking to reduce costs while maintaining efficiency when it's most needed. Today's successful hotel executives are incorporating workforce management strategies and technology into their plans for revenue growth, growing profitability while establishing better worker conditions in accordance with their needs. READ MORE

Jeff Pedowitz

Discover the transformation of hotel revenue management in the AI era with our latest article, "Forecasting the Future." Dive into the rapid technological advancements from traditional methods to AI-powered predictive analytics. Understand the unparalleled revenue optimization opportunities AI presents and the challenges ahead. Equip yourself with insights to navigate the future landscape of the hotel industry. Don't get left behind-embrace the future now! READ MORE

Alfred  DuPuy

In today's fiercely competitive marketplace, the cultivation and management of robust brand equity remains critical to hotel brands' success. Building trust and credibility among guests while nurturing distinctive satisfaction has become paramount for improving both brand value and revenue management. READ MORE

Michael McCartan

Operators who understand who is booking with them in real-time and what type of demand they command can go beyond offering optimized rates to travelers. Revenue managers can include other departments across hospitality, provide more relevant data points, and use visualization tools to make it all understandable-and actionable. In the race to leverage big data, revenue management is already helping hoteliers gain total revenue management. READ MORE

Jennifer Driscoll

Modern revenue management systems and products available from a range of sophisticated technology vendors aid us in using the vast amount of real-time hospitality data now collected to respond quickly to market conditions, while maximizing bottom line profitability. Regardless, we must still pay close attention to local market conditions, guided by the experience and insight of our entire property management team. READ MORE

Harry Carr

Technology has transformed the hospitality world and the role of Revenue Leaders. More is known about guests than ever before but how does "Big Data" translate into effective strategies and ultimately higher profitability for hotels? A variety of information sources, breaking down the data with the commercial team, and implementing measurable strategies can take your hotel to the next level. READ MORE

Stephanie Smith

Discover the potential of data-driven insights in hospitality with an article from Digital Matriarch Stephanie Smith. Learn how to properly decode digital marketing reports, optimize budgets, and analyze website conversion. Benchmark your performance against industry standards, enhancing your online presence across Google, OTAs, social media, and reviews. Elevate your hotel's success with actionable insights and propel your digital marketing campaigns. READ MORE

Robert  O'Halloran

Revenue management continues to be a key tool for management and the profitability of their hotels. The concept has created a stand-alone position, a revenue manager, which is now a standard at most lodging properties. Revenue management has evolved to incorporate all segments and levels of revenue in a lodging property and optimally combines the excellent data, automation and great technology tools and sound management from revenue managers integrating decision making skills with profits. READ MORE

Matthew Engel

At T.R. ENGEL Group, we believe in many ways, asset management and their investors will direct the future of hotel revenue management with the adoption of evolving software and technology. Revenue Managers now employ leading-edge algorithms alongside business analytics – barely a thought 10 years ago. What are these new trends, and how are hotels integrating Big Data in their revenue management strategies? READ MORE

Lynn Prater

As the hospitality industry continues to evolve, the fusion of technology and fundamental revenue strategies will undoubtedly remain a guiding principle for sustained success. McKibbon Hospitality outlines their unique three-pronged approach to revenue generation, incorporating Revenue Management, Sales & Marketing, and eCommerce, demonstrating how collaboration and technology can be leveraged to produce results, as proven in the following case study. READ MORE

James Downey

When does it make sense for a lodging operation to charge guest resort fees? That's debatable. This usage is widespread and nefarious practices have been cited throughout the entire hospitality industry. In fact, President Biden has weighed in on this issue not only citing the hospitality industry for questionable practices regarding resort fees but for airline, banking and ticket service companies as well. READ MORE

Ahmed Mahmoud

The adoption of ever-sophisticated integrated revenue management software and technology, particularly with regard to forecasting demand and pricing, is crucial and initial to enabling future demand by using hotel data analysis, which can provide a unique competitive advantage for hotels where they need a kind of technology that involves a daily cycle of diagnostic, predictive, and prescriptive analytics to maximize profit. READ MORE

Josh Felix

Human trafficking is a growing concern in the hospitality industry. As a critical first step in stopping instances of trafficking, Josh Felix, Director of Solution Design at Axonify, breaks down what trafficking looks like in hospitality, why companies should implement more robust and continuous training for frontline workers and the strategies to focus on when getting started. READ MORE

Jacqueline Voronov

A recent U.S. Supreme Court ruling held that a Colorado law requiring a graphic designer who creates wedding websites to provide services for same-sex marriages – to which she objects on religious grounds – violates her First Amendment free speech rights. Are businesses now allowed to refuse service to same-sex couples, LGBTQ+ people and others in the name of free speech? READ MORE

Bendegul Okumus

The eating habits and food waste behaviors of youth have been extensively studied, but as in adults, a permanent solution has not yet been found. Behavioral differences exist but one fact remains: Raising awareness is the key to changing behavior. This article therefore briefly examines the potential role and impact of the hospitality industry in raising awareness of food waste. READ MORE

Kirk Pederson

Over the last few years, the hospitality industry has seen a significant shift emerge in the luxury traveler space as preferences are moving away from seeking out high-end accommodations and instead prioritizing unique and meaningful experiences. READ MORE

Coming up in January 2024...