Today's hotel sector is driven by data, which is available in larger quantities than ever before. Automating and intelligently managing hotel income is critical in empowering professionals and their teams to make sense of it all.
FREMONT, CA: The world is changing at a breakneck pace, with technology setting the standard for entire industries. This is especially true in the hotel industry, where the emphasis is on developing long-term connections with guests by implementing relevant products that elevate personalization to a new level. As a critical component of strategy, revenue management assists in establishing clarity to utilize the resources that contribute to profitability. This entails accounting for data in larger amounts than at any other point in the industry's history.
Modern revenue management contains automated capabilities to assist industry executives in accounting for the growth of acquired data and making recommendations on how to act on it. Intelligent revenue management and human leadership are not mutually exclusive in this regard. Technology cannot take the place of managerial expertise. Indeed, these mutually reinforcing aspects aid hotel organizations in gaining perspective, clarity, and competitive traction. To demonstrate this, here are three reasons why automation is a revenue manager's best friend.
Automation enables hotels to more accurately account for massive data quantities
With the growth of data that enterprises can today track, the sheer volume of that data is unparalleled. Globally, the growing trend in data collecting across all sectors, with 1.145 trillion megabytes of data created daily, demonstrates that efficient data gathering and analysis are critical for acquiring competitive insight and traction in any industry. The data we're discussing in the hotel sector is both internal and external, with numerous dynamic aspects connected to previous guest information, competitive set profiles, and transactional data that includes the time of day, seasonality, region, and global events, among others.
These broadcasts arrive in real-time, 24 hours a day, 7 days a week. It would be absurd to expect humans to keep track of everything and generate meaningful and useful forecasting around it. Fortunately, it is also unnecessary as a result of automation. Algorithms track many data points concurrently as they are collected using intelligent hotel revenue management software solutions. They adapt as necessary to acquire precise details that aid in forecasting accuracy.
Automation permits a more rapid pace
The time required to bring a plan to market has increased along with rising data volumes. As ridiculous as it is to expect humans to keep track of the plethora of aspects and quantities that influence a competitive outcome, the same holds for the speed with which tactics must be applied to win business. Automated functionality in hotel revenue management software is analogous to driving on the highway rather than running on the sidewalk in this regard.
Because automation operates while hoteliers sleep and modifies based on real-time data collection, revenue managers and strategists can move more quickly. Additionally, this means that forecasting and reporting are more pertinent to teams. It's also easier to develop long-term strategies for new revenue streams and accounts for the re-emergence of dormant business divisions. Intelligent hotel revenue management is how this is accomplished.