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HOTEL BUSINESS REVIEW
OCTOBER FOCUS: Revenue Management
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Maximizing the Bottom Line: Using Big Data and Revenue Management in Uncertain Times
By Ryan McAndrew, Senior Manager, Real Estate Senior Analyst, RSM US LLP
The COVID-19 pandemic unleashed a wave of uncertainty, leaving hotel properties in operational limbo and making forecasts borderline useless as the delta variant continues to disrupt the global economy. As payroll costs and overhead continue to squeeze already-thin margins, carefully curating big data to aid revenue management can help hotels stay in the black.
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Shifting from Revenue Management to Profit Management
By Ahmed Mahmoud, Founder, revenueyourhotel.com
Good revenue management defines a property's bottom line. A profit management strategy determines a property's net revenue. Revenue management in hotels is a practice that has evolved significantly in its relatively short history, demonstrated great success using inventory, capacity and pricing to 'manage' revenue and probability, although hotel revenue management doesn't evolve fast, strategies aimed at improving it develop in tandem with modern business and technological trends.
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DAILY HEADLINES - Tuesday Oct 19, 2021
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ARCHIVES
More from our online Library Archives...
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Revenue Management of the Future Will Require a Human, a Computer and a Dog:
By Klaus Kohlmayr, Chief Evangelist, IDeaS Revenue Solutions
Humans and current hotel systems can't handle the complexity of big-data analytics alone. As the hotel tech stack of the future becomes a present-day reality, revenue managers and their leaders will depend upon automated systems, the most advanced artificial intelligence and revenue science to handle tremendous amounts of data and build innovative, customer-centric pricing and promotions strategies. In this article, we outline how hoteliers can drive their strategic future and build insightful, effective and agile pricing, promotion and distribution strategies to meet the ever-changing needs of their guests and enhance profitability.
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Does Revenue Management Matter Anymore?
By Sheryl E. Kimes, Professor of Operations Management, Cornell University School of Hotel Administration
A few weeks ago, one of my friends asked me why Revenue Management (RM) mattered anymore since there was no revenue to manage. Then, I started noticing that many hotel companies were laying off many of their RM team members. That got me thinking and as an RM person, of course it sort of rankled me. Does RM still have relevance in the post-Covid world?
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