Revenue Management Between AI And Traditional Technology
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.
The volume of data, as well as where and how to even start analyzing and using it, frightened hotels for a very long time, which led to more than simply underutilization. Effective data utilization can give hoteliers the chance to enhance customer experiences, increase revenue, and set the right strategy.
In general, hotels gather information from internal and external sources. If we start with the internal sources, which, for simplicity’s sake, let us call small data, this “small data is the most familiar to hoteliers and often the most valuable and can be easily managed, such as occupancy data, RevPAR, market penetration index, Average Rate Index, room revenue, etc. Where the majority of the small data comes through hotel operations, it generates a vast amount of data literally every second, such as when a guest makes an online booking. That’s new data. When the guest steps into the hotel and makes a check-in, that’s new data. When a housekeeper marks a guest room as clean, that’s new data. Everything that happened within the guest cycle in the hotel, starting from making the booking till the check-out (you name it), is new data.
With the guest cycle (pre-arrival, arrival, occupancy, and departure), hotels collect guest data with the guest’s permission, but how many truly use it effectively? The valuable facts and figures of guest data appear non-stop, but how do hotels take advantage of them? If the data is not properly administered and most information is either lost or unused, the hotel will lose revenue.
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