A HELPING HAND WITH
Revenue management is becoming increasingly complex, but ever-smarter technology allows you to administer all of your income streams while gathering information about your guests, allowing you to predict demand and drive direct bookings. Rosalind Mullen reports
Sponsor’s comment
With more than 1.5 million rooms priced daily on its advanced systems, IDeaS Revenue Solutions leads the industry with the latest revenue management software solutions and advisory services. Powered by SAS® and with nearly three decades of experience, IDeaS proudly supports more than 9,500 clients in 111 countries and is relentless about providing hoteliers with insightful ways in which to manage the data behind hotel pricing. IDeaS empowers clients
to build and maintain revenue management cultures – from single entities to world- renowned estates – by focusing on a simple promise: driving better revenue. IDeaS has the knowledge,
expertise and maturity to build upon proven revenue management principles with next-generation analytics for more user-friendly, insightful and profitable revenue opportunities – not just for rooms, but across the entire hotel enterprise.
For more information, visit
www.ideas.com
10 | Technology Prospectus 2018
I
t’s a given nowadays that the most effi- cient revenue management strategy is an integrated one, encompassing revenue, distribution and marketing, rather than simply forecasting demand on a particular date and setting room rates accordingly. As you know, the aim, in general terms, is to sell the right room to the right customer at the right time for the right price – and with the might of online travel agencies (OTAs) that includes selling in the right distribution chan- nel at an efficient cost. Happily, while revenue management has become more complex, technology is devel- oping at a cracking pace. It can now help you look beyond room rates to the revenue avail- able in the restaurant, bar, spa and function rooms, as well as gathering information about your guests so that you can manage customer satisfaction, predict demand, maximise revenue, drive direct bookings and a lot more. Andrew Stembridge, managing direc-
tor at Chewton Glen and Cliveden House hotels, uses IDeaS G3 RMS technology. “Pre- viously, we were manually forecasting four months into the future, which was very time- consuming,” he says. “[The program] saves us time by providing a 12-month demand forecast and better business intelligence that helps us improve overall revenue by optimis- ing demand by room type and length of stay.” But if you think you can kick back once you have found the best strategy, think again. In this ever-shifting marketplace, a winning strategy is an ongoing process, with constant reviews to achieve optimal price positioning in your business mix and market. Warren Mandelbaum, sales director EMEA, at IDeaS Revenue Solutions, lists the main issues that drive the need for review:
“They include managerial, owner or inves- tor pricing pressure, the launch of new hotels or the renovation of existing properties, new business, market or competitive dynamics at play, and the desire to maximise potential revenue of executive rooms or suites.”
PRIORITISE KEY DATA If you are struggling to leverage multiple data sets to create a strategy, Mandelbaum suggests prioritising key pieces of data. “Some core data requirements include revenue manage- ment systems, Smith Travel Research [STR] historical reports, STR global marketing forecast reports, rate shopping tools, repu- tational scoring tools, demand intelligence reporting and upselling front-desk strategy providers,” he says.
When setting overall business objectives,
Mandelbaum suggests: l Validate your competitive set, create price-versus-value quadrants and test your theory on true market share threat competitors. l Perform some analytical price- trend analysis, starting with your
www.thecaterer.com
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52
