Back in the day, hotel revenue management involved little more than filling as many rooms as possible.
Today, well…it’s a whole new data-driven world! Hotel revenue management tools put the power of data and performance analytics into the hands of hoteliers, helping to boost their bottom line and maximize revenue from each room sold.
But there’s still confusion out there about the value of performance analytics. According to the 2017 Lodging Technology Study published by Hospitality Technology magazine, when it comes to data analytics, 50% of those surveyed said they’re still in “education mode,” about a third are critical of their analytics exploration efforts, and 34% admit they lag competitors.
Effective use of performance analytics is central to a hotel’s growth. Let’s look at three areas where analytics play an important role in hotel revenue management.