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one-dimensional revenue management system – forecast is low for a particular date, drop rate, stimulate demand – is no longer sufficient for hoteliers that want to compete in today’s complex distribution envi- ronment. Rather, a winning strategy needs to bring revenue management, distribution and marketing into the same discussion, with the aim of growing demand at the lowest possi- ble cost and maximising conversion of this demand into bookings at the optimum price. According to Warren Mandelbaum, EMEA sales director for revenue management solu- tions provider IDeaS, this starts with devel- oping people, processes and technology capabilities to directly tackle each component of the ‘revenue management cycle’ – from coherent data collection and analysis to robust forecasting and inventory management. The strategy then needs to be communi- cated effectively to the organisation overall through visual analytics, reporting and review, which provides actionable insights enabling the real- time execution of


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strategy and tactics. “This will all elevate your hotel positioning and customer perception ahead of the competition,” he says. Within this framework, the strategy should be one of ‘total’ revenue management, which means looking beyond room revenue to ancil- lary spend, such as F&B, function space and spa. It should also take into account the cost of acquiring this business – ie commissions to OTAs, transaction costs and digital mar- keting expenditure. “Hotels today are spending more time analysing the net worth of any significant decision when con- sidering group/ wholesale


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Technology Prospectus 2017 | 13





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