MANAGEMENT WORK FOR YOU
Rosalind Mullen looks at what’s in store for revenue management technology in 2016
40 | Technology Prospectus 2016
MAKING REVENUE
management is: selling the right room to the right guest at the right moment at the right price on the right distribution channel with the best commission efficiency. It’s enough to make anybody give up. Thankfully, today’s technology-driven sys-
A
tems can make this – and much more – easier. A good system not only helps hoteliers to understand and use ‘big data’ by analysing past trends and guest habits, it allows you to concentrate on optimising profits because you no longer have to sift through complex reports and spreadsheets. Ultimately, it enables you to take a more strategic and less reactive approach. That’s partly because today’s predictive analytics improve your ability to forecast. Along with data-driven decision-making capabilities, these systems can manage price changes, overbooking, marketing campaigns and strategic adjustments. “In other words,” says Neil Corr, senior advisor at IDeaS, “it takes the guesswork out of the daily complexities of the modern day rev- enue management professional”. A distribution strategy is crucial to your rev- enue management plan. Internet distribution channels and the global distribution system (GDS) offer huge marketing potential by pro- moting your hotel to a wider online audience. To tap into this distribution strategy you need a solid central reservation system (CRS), allow- ing you to make rates and availability visible to sales channels. There are collaborative CRS
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