The revenue manager’s credo: “Sell the right product to the right customer at the right time for the right price via the right channel.”
You know it. You live it. It’s the ongoing challenge of every revenue manager in the hospitality industry.
Business intelligence (BI) is a rising star among revenue management tools. With its capacity to rapidly process and analyze data, produce reports, and centralize information on one platform, business intelligence for revenue managers is transforming the hospitality industry in significant ways.
The ability to respond instantly to marketplace events can have a huge impact on performance. With the velocity, volume, and variety of information revenue managers must sift through, data often becomes obsolete before it can even be used. Effective BI combines real-time external and internal data, so revenue managers can swiftly make adjustments necessary to meet (or exceed!) profit expectations.
Just as the Red Roof Inn did during the record-setting winter of 2013/2014. The chain combined real-time analytics on weather conditions and flight cancellations with a marketing campaign targeting geographic areas likely to be hit by snowstorms. They boosted their airport hotel revenues in the affected areas by 10%.
Preparing daily revenue and cost-information reports for upper management can be time consuming and confusing. Hospitality business intelligence reveals new insights through rich visualizations that enhance comprehension and allow hoteliers to better understand key markets driving demand and revenue.
Faster, proactive decision making
Rather than relying on experience and intuition for decisions, a key superpower of BI is that it supports fast, proactive decision making. Through in-depth insights on high-value data such as geographical and competitive pricing position, distribution, and KPIs, revenue managers can reposition pricing, boost conversions, and generate higher profits.
Better distribution channel management
A hotel’s distribution channel strategy significantly impacts revenue management and overall success. Valuable business intelligence for revenue managers uncovers trends, patterns, and correlations, resulting in optimized channel performance and increased direct sales.
Integrations with third-party data providers
Hospitality business intelligence combined with artificial intelligence and machine learning, deliver powerful information in natural language that you can analyze and transform into real results that positively impact your bottom line.
Successful end-to-end business intelligence for revenue managers provides robust, detailed data at lightning speed, leading to targeted decisions that help you hit those coveted revenue and profitability goals.
Want to learn how business intelligence for revenue managers can re-shape your future?