The revenue manager has to react to the changes according to the pricing updates in real-time. Without any doubt, it can be considered as one of the problematic jobs followed by various shortcomings.
FREMONT, CA: Hotel revenue management is an extremely demanding job as regular travelers are on the lookout for places to explore and accordingly book their trips round-the-clock. With the changing market, the competitor rate strategies can bring an instant surge in demand as well as in the declines. Consequently, the need for a hotel can take an unexpected turn at any point, depending on the changes in the industry.
The benefits of technologies come to the rescue for the revenue managers with more effective methods to manage the outcomes. It is no longer obligatory for the revenue managers to collect reports from multiple systems and prepare the numbers daily on an excel spreadsheet to establish the appropriate rates. They get the data required to make the right pricing decisions at their fingertips and provide the hoteliers with ample time to focus on strategies in a bigger picture.
New advancements revolving around data and ML are helping the hotel forecast demand more precisely, make most delicate pricing decisions, and compel more profitability. With the help of the newest technological developments, revenue managers are focusing more on their desired work as the systems are simplifying the complex, recurring, and time-consuming tasks.
Revenue managers need to focus less on pulling pricing levers and more on coming up with strategies to capitalize on their highly-compressed days. Technologies can help out in other critical areas such as digital marketing and distribution, giving exact data to the departments within the hotel, and helping in making profitable decisions.
To eliminate the repetitive and low-priced issues, revenue managers can opt to manage by exception and give out more time to ratify enhanced pricing, marketing, and distribution strategies. Several revenue managers tend to push the rates to their Property Management System (PMS) manually and automate the prices, saving a considerable amount of time.
The advent of the hotel revenue management systems came with promises to make the properties more profitable by determining the demands and pricing rooms, respectively. Besides, technology also enables and empowers the hoteliers to work effectively and help in providing an elevated guest experience, which is followed by a rise in revenue automatically. Therefore, technology-driven by data and ML can boost the revenue managers to take valuable steps forward professionally and personally.