The Limits of Rules-Based Revenue Management Technology
There are automated revenue management decision-making systems, and then there are revenue management support tools that rely on a rules-based approach to setting and changing prices. While perhaps an efficient method for some proficient users, rules-based technology requires consistent manual intervention and will undoubtedly struggle as market conditions shift and staffing changeover occurs. Keep reading to understand the limitations of a rules-based system and the undeniable benefits of full RMS automation. Greater Automation Equals Greater
Unlocking Insights and Revenue Potential with Room-Type Analytics
In a hotel, understanding the dynamics of room types and leveraging this understanding can significantly impact revenue, profit, and guest satisfaction. Room-type analytics is a vital component of any hospitality Business Intelligence platform and offers hotels a deeper insight into their inventory’s performance. Data-driven decisions based on Room-Type Analytics enhance profitability and guest experience. This article dives into Room-Type Analytics, its benefits, implementation strategies, and how hotels can leverage this tool for success. What is
Room Attendant Guide; Meaning, Job Description, Duties & Technology
The room attendant's role is vital to hotels because it can have a huge bearing on presentation and overall customer satisfaction levels. In this article, you can learn all there is to know about the job, including a definition, an outline of the key duties and responsibilities, and an overview of associated technology. Table of Contents: What is a Room Attendant in a Hotel? The Importance of Hotel Housekeeping 5 Main Duties of a Housekeeping
Role of a Revenue Manager is Shifting Thanks to Automation
Like much of our world today, the hospitality industry is constantly changing and evolving beyond what revenue managers and leaders of the past could have imagined. During unprecedented change, automation and new technology have become essential to successfully navigating the post-COVID hospitality landscape. Revenue Managers Becoming Strategists But with any change, comes reservation and distrust. As the industry continues to automate, some hoteliers worry that automated systems may not be able to respond to change
Considerations When Setting Stay Extension Pricing
Most revenue managers are well aware of the latest industry trend of monetizing the requests for early check-ins and late departures. Why is this activity now trending? Before the pandemic, generally, favorable market conditions made normalized stay extension offers operational challenges simply not worth the effort. However, owners and asset managers are now pressing the commercial teams to find 'recovery revenue' amidst record-low occupancy rates. So, if new bookings are hard to come by, then
How to Solve Staffing Shortages in the Hospitality Industry with Technology
Staffing shortages within the hospitality industry can hurt the quality of a business and the experience that customers or guests receive. However, the consequences of staffing issues can be greatly reduced through intelligent investment in technology. In this article, you can learn more about how technology can be deployed to solve staffing shortages or reduce the impact of lower staff numbers. Table of Contents: COVID-19 and Staff Shortages in the Hospitality Industry Reducing & Solving
Staffing Considerations for a Revenue Team
There is a recognized need for proactive revenue strategy and technology investment for many hotels. However, once the new technologies are integrated, there remains an open question: who’s going to keep this operation running smoothly and profitably as opening day approaches and beyond? Factors to Help You Identify the Best Staff Below you find some factors that will help you identify the best personnel and staffing approach to get your revenue operation started on the
4 Reasons Why Resorts Outsource Revenue Management
For resorts, hotels, and other hospitality companies, revenue management is vital, allowing financial results to be optimized. However, many outsource revenue management to a third party rather than handling it internally, because it requires specialist knowledge and tools. In this article, you will learn more about revenue management strategies and
4 New OTA Trends That Hotel Properties Need to Know About
Online travel agencies (OTAs) have become a pivotal part of the hospitality industry, impacting the way properties market online and travelers do their research. It’s predicted that, on average, travelers make 25 website visits before booking. Therefore, properties need to boost visibility across the internet on OTAs, metasearch sites, social
OTA Trends for 2024: What Lodging Businesses Should Know
2024 is set to witness significant changes in how travelers book accommodations, with online travel agencies (OTAs) playing a crucial role. From the return of corporate and group travel to the advent of AI-powered travel planning, these new OTA trends are reshaping how accommodations are researched, booked, and experienced. 4
11 Tips To Increase Your Hotel Bookings Through OTAs
Maximizing demand for rooms is a vital component of revenue management and long-term business success for hotels, and online travel agents, or OTAs, can be ideal for achieving this. However, hotel owners, marketers, and revenue managers must work to get the most from them. In this article, you will find
Optimising Extended-Stay Hotel Revenue
Pricing of extended-stay hotels and serviced apartments, also known as ‘aparthotels,’ has traditionally been a challenge for revenue managers as rates can vary drastically depending on the length of stay a guest seeks. However, it is vital hotel groups enhance their approach to pricing for this sector given the revenue
Open Pricing: Why Is It the Next Hotel Revenue Management Strategy
Open pricing is an increasingly important strategy for increasing hotel revenue. It allows hotels to target various customers across different budgets, maximizing revenue and raising occupation levels all year round. With open pricing, rates, and services can be pitched optimally to ensure maximum uptake without compromising quality. In this article,