By Denis Sheehan, Publisher, H&C News: Can data analysis and algorithms alone be trusted to deliver optimised revenue performance?
Hotel Revenue Management is the art and science of selling the right product, to the right customer, for the right price, through the right channel, at the right time. A relatively easy phrase to coin but balancing that equation to consistently optimise occupancy at the right yield involves complex data analysis and precise decision making.
Each hotel has a unique product offer, customer profile, room rate, channel mix and time of sale. A revenue management system can assist through automation, data analysis and facilitate decision making, but human expertise cannot be overlooked. Each system is ultimately only as good as the data it is being fed and the user understanding of a system to be able to fully capitalise on it. Defining a holistic strategy revenue management strategy will, however, remain the key to success.
Hoteliers often believe that their local knowledge is paramount to making the right revenue and pricing decisions, but are these decisions sometimes clouded by emotion?
Does one understand the full scope of revenue management or have the time to 100% be behind everything?
Should data and the laws of supply and demand not be king?
What was right yesterday might not be right tomorrow, so how can true optimisation be achieved?
By not only providing the software to produce the optimum decisions, but also providing guidance from experts with years of experience, only then can market share can be enhanced and optimal revenues achieved.
H&C News are inviting 12 hoteliers to join them in a roundtable to discuss the topic of hotel revenue management and share their experiences and opinions to determine the best way on how to optimise rooms revenue through a combination of software, expertise and the art of being a hotelier.
The invitation only event will take place at Coworth Park on Wednesday 23rd November, if you would like to apply to join us and take part in the discussions simply complete the form below and we will be in touch.
- Tea and coffee will be served from 9.00am
- The roundtable will take place 9.30 – 11.00am
- Brunch is then served from Coworth Park’s Michelin starred restaurant from 11.00am
- Guests are invited to stay and talk over brunch