Hotel revenue management has changed drastically in the past decade. With the right tools, technology and people, it can deliver large increases in revenue growth and profitability for practically any hotel property, regardless of size or category.
But it can be hard to choose the right technology solutions that enable next-generation revenue management, says Jeff Zabin, CEO and research director of Starfleet Research. Once you’ve made that choice, that’s only half the battle.
In Duetto’s latest webinar, How to Select a Hotel Revenue Management System, Zabin shares his insights into hospitality revenue management trends as well as buying considerations that should influence a hotel’s purchase decision.
“There are a number of emerging trends and processes that are fueling the growth of revenue management,” Zabin says. “The result is that now hotels have the opportunity to enable not only better inventory management and increase room occupancy, but also higher revenues and profitably across all parts of the property. Big Data and data processing power are the key enablers of this evolution.”
He went on to share some of Starfleet’s most interesting findings when it comes to hotel revenue management technology.
- 93% of survey respondents view the need to integrate revenue management activities with sales, marketing and guest services activities as an “important” or “very important” success factor.
- 85% of respondents from large and full-service hotels say that upgrading their revenue management capabilities has improved financial results.
- 91% of respondents say that one of the biggest benefits to be gained from hotel revenue management is a reduction in time associated with traditional pricing tactics and getting pricing recommendations faster.
- 82% of respondents also cite a reduction in costs and resources associated with traditional pricing tactics as a major benefit.
When it comes to revenue management, everyone should be working toward the same goal. Revenue Strategy is an enterprise-wide effort, Zabin says, and choosing the best technology solutions is critical to success.
To learn more about what technologies are available, check out Duetto’s webinar here as well as the whitepaper, “The 2016 Smart Decision Guide to Hospitality Revenue Management” which explores everything hoteliers need to know about hospitality revenue management—and how to select the right solution and services for your organization.
- Revenue Strategy has to be a Property-Wide Mission
- From Revenue Management to Revenue Strategy
- Why Excel isn’t Enough for Revenue Strategy
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