While 2016 was marked by uncertainty and political instability in Europe and parts of North America, it was mostly business as usual in Asia. However, in today’s connected and globalised world, nothing happens in isolation. As hoteliers in the Asia-Pacific region wait to assess the fallout from 2016 on hotels in Europe, they nonetheless should be getting proactive about limiting their own downside risk in 2017.
Predicting hotel demand — whether for tonight, 30 days, 60 days or even 90 days out — has never been an exact science. In today’s unpredictable times it’s at best a guesstimate. Therefore, expecting revenue managers to compile accurate forecasts 12 months in advance, and then meet their milestones as the year rolls out, has long been something of a “Mission Impossible.”
As we’ve written before, we think the hotel industry is in the midst of a major evolution in the way it uses technology to market rooms, acquire customers and ensure guest satisfaction. As the battle for bookings between brands and OTAs continues, distribution at the end of 2017 should look radically different than it does today. We predict a much more customer-centric focus, including major steps toward the ability to personalize offers and experiences to each and every guest.
Duetto’s gallery of educational content grew by more than 80 videos in 2016, showcasing the company’s thought leadership in hotel Revenue Strategy, knowledge of industry trends, and tips for getting the most out of revenue management platforms and practices. But mostly, viewers couldn’t get enough of puppets pushing buttons.
A hotel’s property management system provides crucial information on average room rate, occupancy levels and RevPAR — all vital data sets for hotel revenue management. However, for in-depth forecasting, real-time market data and trends analysis, hotel revenue managers need to employ predictive analytics.