In a hyper-transparent hospitality landscape, finding a way to differentiate yourself is critical to the future of your business. Beating the competition entails growing your Revenue Management (RM) capabilities and deciding what type of RM systems provides the greatest value to your chain. You’ll need a flexible solution with a hybrid approach, that blends together artificial intelligence with human intelligence and it is essential to consider features that drive revenue for your hotels and grow with your brands over time.
Let’s consider three critical factors when selecting the best technology for your Revenue Management capabilities:
- Fit - A RM solution is tailored to your pricing philosophies, inventory strategies, management processes, staffing models, and system interfaces. Since your enterprise has strategies, technologies, practices, and structures specific to your chain, a RM solution must be precisely synchronized to each of these facets of your organization to operate at the highest potential.
- Features - It’s important to have access to functionality that synchronizes cutting-edge analytics with required capabilities in a UI that is easy to understand. You’ll need your RM solution to have PhD analytics to segment customers, forecast demand, optimize prices, and make complex inventory decisions. The analytics are then supported through screens, reports, alerts, and automation that provide hotels with simple methods to interpret and act on analytics. Finally, an RM system should align directly with the information required by your organization to communicate with key stakeholders and support strategic decision making.
- Flexibility - Change is inevitable! You may notice fresh patterns of customer behavior or shifts in economic conditions. Perhaps you’ve enhanced your property management system, upgraded your central reservation system, or modified your RM philosophy. All these uncertainties have implications that trickle down to your RM software.
To incorporate the success factors, you will need a solution that allows you to act immediately and adapt strategically. You won’t find that in off-the-shelf software or a custom solution. When your revenue decisions involve millions of variables, a shifting competitive landscape, and many uncertain outcomes, you need a specialized team of mathletes and PhDs. Partner with an experienced firm to execute and leverage your partner’s expertise to select the mix of features that offer the greatest value to your brands. By working with a skilled organization who combines the best of human judgement and machine precision you also gain the peace of mind that the functionality of your solution includes analytics built with mathematical rigor, and features delivered by software experts who are exceptionally experienced in the hospitality industry. As your solution needs to change and mature, an engaged partner will continuously monitor models and introduce new ones ensuring that your RM capability is effective now and scalable for the future.