Revenue management is undergoing a data revolution. Every decision, from pricing to inventory management, relies on accurate and actionable data. Leveraging it to optimize your revenue is essential for the success of your hotel.
In our recent ‘Data, Data, Everywhere’ webinar, Alise Deeb, Chief Revenue Officer at Dragonfly Strategists, Abe Salam, CRME, Chief Executive Officer for Epic Revenue Consultants, and Wilhelm K. Weber, Chief Strategy and Digital Officer at Grand Metropolitan Hotels, joined our CRO, Chris Crowley, and CPO, Darren Koch, to discuss the challenges and opportunities with data, including:
- Competitive intelligence insights
- Effective data visualization
- Interdepartmental collaboration
- Automation
- Enhancing the guest experience.
Key takeaways
Dependence on historical data is changing
Our conversation began with a deep dive into the shift from relying solely on historical data to incorporating a dynamic blend of market intelligence, competitor analysis, and consumer behavior. But, with data comes great responsibility — there’s so much available that you can easily be overloaded, so you have a means to extract actionable insights efficiently, including technology and AI. .
“It’s important to look at multiple data sources to optimize pricing strategies, inventory management, and distribution channels to maximize revenue and profitability in the hospitality industry.”
Alise Deeb, Chief Revenue Officer at Dragonfly Strategists
Collaboration across teams is critical
The conversation also brought out the significance of interdepartmental collaboration in utilizing data effectively. Involving teams from sales, marketing, and operations in revenue management decisions to gain a more comprehensive understanding of market dynamics, was a key theme. When coupled with clear data visualization, you have a powerful tool for communicating insights across different departments and fostering a shared understanding of strategies.
“Data visualization is not only necessary but required, to make vast amounts of data digestible and actionable.”
Abe Salam, CRME, Chief Executive Officer for Epic Revenue Consultants
Responding to demand is harder than ever
We also chatted about the changing nature of booking and demand patterns in an increasingly fast-paced market. The traditional assumptions about booking pace may no longer hold true, as factors like seasonality, capacity, and special events can cause significant fluctuations. As a revenue manager, you need to adapt your strategies and leverage technology to respond quickly to these changes.
“In today’s multi-channel environment the use of automation and AI are imperative to react instantly to changes in demand and booking patterns, especially as events are unexpectedly announced.”
Wilhelm K. Weber, Chief Strategy and Digital Officer at Grand Metropolitan Hotels
Technology + data = the perfect revenue match
The conversation highlighted the importance of embracing data-driven decision-making and technological advancements, like Duetto Advance, in revenue management.
The ability to analyze and interpret data effectively, combined with interdepartmental collaboration and a nuanced understanding of market dynamics, is crucial for hotels to thrive in today’s competitive landscape.
