The Importance of Seamless Technology in Total Revenue Management

By Nicholas Tsabourakis Founder & Managing Director, Bespoke Revenue Management | May 27, 2018

Total Revenue management is becoming an extremely important part of hotel management in recent times – and that too for good reason. Incorporating Total revenue management in your strategy ensures that you will be able to leverage the maximum number of components of the entire customer journey to improve revenue and profit figures. The entire operation of a business is taken into account for a total revenue management system regardless of the industry that the said business is based in.

Needless to say, it is practically impossible to make the most of a revenue management system without the right technologies by your side. Below, we're talking all about how technology is incorporated in a total revenue management system and why it's so important for successful implementation and execution of the system.

The Importance of Technology in Total Revenue Management

As important as total revenue management process may be for your hotel business, the fact of the matter is that incorporating and implementing the right strategies won't quite be as effective unless you know how to use and leverage the technologies associated with it. Additionally, having access to the technologies that are affiliated with creating a total revenue management approach but not knowing how exactly they can be leveraged to your advantage, too, is problematic.

Like all businesses, hotels, too, are constantly generating data – important data that can be leveraged to not only improve the customer experience, but also bring about a significant impact in the revenue of the business. Whether or not your hotel has the resources of a five-star international chain, it is essential for you to start using the latest technologies to make the most of a total revenue management approach. Using the latest software and systems will allow you to collect important and high quality data in a timely manner, and enable you to use this data to your advantage before it becomes obsolete.

Using the right technologies will also allow you to make informed and data driven decisions that will prove to be beneficial for your hotel business instead of making decisions on a whim that may or may not be in the best interest of your business. Equipping your operations with the right technologies will also reduce the possibility of errors since all of the decisions that you make for your business will be based on insights of previous experiences instead of being based on what you feel or results that you expect without any real basis.

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The hotel industry has undertaken a long-term effort to build more responsible and socially conscious businesses. What began with small efforts to reduce waste - such as paperless checkouts and refillable soap dispensers - has evolved into an international movement toward implementing sustainable development practices. In addition to establishing themselves as good corporate citizens, adopting eco-friendly practices is sound business for hotels. According to a recent report from Deloitte, 95% of business travelers believe the hotel industry should be undertaking “green” initiatives, and Millennials are twice as likely to support brands with strong management of environmental and social issues. Given these conclusions, hotels are continuing to innovate in the areas of environmental sustainability. For example, one leading hotel chain has designed special elevators that collect kinetic energy from the moving lift and in the process, they have reduced their energy consumption by 50%  over conventional elevators. Also, they installed an advanced air conditioning system which employs a magnetic mechanical system that makes them more energy efficient. Other hotels are installing Intelligent Building Systems which monitor and control temperatures in rooms, common areas and swimming pools, as well as ventilation and cold water systems. Some hotels are installing Electric Vehicle charging stations, planting rooftop gardens, implementing stringent recycling programs, and insisting on the use of biodegradable materials. Another trend is the creation of Green Teams within a hotel's operation that are tasked to implement earth-friendly practices and manage budgets for green projects. Some hotels have even gone so far as to curtail or eliminate room service, believing that keeping the kitchen open 24/7 isn't terribly sustainable. The May issue of the Hotel Business Review will document what some hotels are doing to integrate sustainable practices into their operations and how they are benefiting from them.