There are many obvious reasons for wanting to invest in the “right” technology: from wanting to stay competitive, to maximizing your ROI, to simply making your life easier. But for hoteliers and revenue leaders, defining what solution is the best fit for their business is more critical than ever before – particularly as more and more hoteliers shift to an above-property revenue management strategy.
When we talk about the “right” technology, we mean fit for purpose technology that is built to support and enhance the way you do business. The technology should adapt to fit your needs, rather than boxing you in to a certain way of working. It should make your employees’ day-to-day work easier while positively impacting key KPIs. Plus, the technology should be provided by a partner that understands not only the hospitality industry at large, but also the unique complexities of your specific portfolio of properties.
Hospitality and revenue management teams are not one-size-fits-all, and their technology shouldn’t be either. But the stakes for having the right tech are higher and more far-reaching than you may imagine, especially for teams that have made (or are making) the shift to above-property revenue management.
Beyond the obvious reasons for wanting to partner with the right vendor and invest in the right tech, we’ve identified 3 key (potentially surprising) areas that are greatly affected by the systems you have in place.
“As technology transforms every aspect of the hospitality industry, from revenue management to asset management, employees must adapt. However, expecting employees to navigate this journey alone is unrealistic. Organizations must take the initiative to systematically identify their employees’ skills and actively train and nurture their growth.”Additionally, implementing technology that frees employees from manual, repetitive tasks, and instead lets them focus on more strategic and meaningful work, increases fulfillment and has a positive impact on long-term retention.
“AI significantly enhances revenue management in the hospitality industry by utilizing predictive modeling to analyze historical data and predict future demand and revenue. It helps revenue management teams optimize pricing and availability to maximize revenue, helping set dynamic pricing based on demand, occupancy, and other factors, thereby increasing occupancy rates and room rates.”
Your RMS’s ability to effectively incorporate AI into its forecast model ultimately has an impact on your bottom line. Make sure you understand how your current or potential partner is utilizing this important tool, and if it’s the right fit for your business.
The right technology is critical for not only developing and retaining talent (in an environment where skilled talent is increasingly scarce), but also for enabling collaboration between teams during the shift to an above-property business model. Having the right systems in place is a lifeline in navigating talent challenges, staying competitive, and driving success in the hospitality industry.
Auditing your current systems, as well as any potential new partners, to ensure they meet the specific requirements of your unique business model can maximize the return on your investment in more ways than one. If you are among the hoteliers who are operating in an above-property environment and are feeling the effects of legacy technology that wasn’t built to support your business model, it’s time to take a look at your tech stack.
Our team has years of experience navigating unique business challenges for hoteliers and can help you determine if your tech – particularly your RMS – is built to properly support your business. We’d love to connect with you.
And for more free revenue management and above-property resources, click here.