Demand-change often brings new challenges and opportunities. In recent times, the necessity of revenue optimization is echoing across all businesses of the hospitality sector.
Over sixteen months of fighting back the pandemic, we are on the path to recovery. However, it’s difficult to gauge:
because traditional revenue management approaches are no longer reliable.
The hotel revenue management landscape 2019 reported that more than 80% of hotels worldwide did not use any sophisticated technology to apply smart pricing or revenue enhancement strategies.
Today, making informed and confident decisions is in turmoil. Hoteliers need access to substantial data and the right resources to forecast revenue and predict peak travel demand. Particularly in the post-COVID-19 era, revenue management systems are going to be the solution to derive market insights and make data-driven decisions to strategically optimize revenue.
Some of the prime reasons why the hospitality industry should weigh in on revenue management systems are:
Since revenue management systems nearly automates revenue optimization, hospitality personnel can now focus on creating value for their guests and engage in crucial service ideation, deployment to ensure guest satisfaction.
The intelligent dynamic pricing software utilizes real-time data sets to calculate prices and optimize revenue. Every accommodation provider, however large or small, needs revenue optimization for the longevity of their properties. Furthermore, it is also vital for implementing intelligent pricing, extensive market insights, complete compset analysis, guest segmentation, and reliable forecasting. Accurate inventory distribution at the right rates results in higher occupancy and revenue enhancement. Thus, revenue management systems are inevitable to plan business revival in the post-pandemic era.
This is an authored article by Harshdeep Khatri, C.T.O at eZee Technosys.