In the hotel and hospitality industry, it is believed that the ideal revenue management is to sell the right room to the right client at the right moment at the right price on the right distribution channel with the best commission efficiency.
Before the internet came , room prices and forecasts were done through sheer managerial and ownership experience. With the internet and the power to crunch large data sets, revenue management has become a whole different ball game today.
Today, every bit of data about your room occupancy a couple of years ago can be scrutinized against the specific date and season to determine why you sold your room at that price. And compare it with today’s trend and determine the actual cost of the room you should be selling at.
Big hotel chains like Marriot were the first ones to understand value and implement the concept of revenue management decades ago. Today, especially in Asia, the developing economies are at a cusp of a technological revolution.
Where cutting edge tech startups and companies in the hospitality industry have tremendous cloud computing power and have built world beating revenue management systems.
These systems don’t just crunch numbers and generate reports, but they are built on technologies such as AI and Machine Learning to give you, the hotel owner the best possible set of data analysis, to help you make the right decisions.