While the past 18 months have delivered unprecedented levels of disruption and a prolonged downturn in occupancy, hotels need to start plotting a path towards recovery as demand returns. However, no one can accurately predict when a widespread recovery will occur and from what markets. This means there is more pressure to make informed, data-driven decisions to support a hotel’s financial outlook than ever before.
Hotels are hungry for more data to better predict future revenue performance, but information sources have been severely disrupted due to the impact of COVID-19. So, what should hoteliers do when they begin to doubt the data sources they have previously based key planning and decision-making around?
In a post-COVID 19 world, hoteliers need to review the functionality of traditional departments, leading to closer working relationships between revenue managers and marketing departments in pursuit of total revenue generation and profit optimisation.
Even as hotels prepare to bring back furloughed employees and reopen their doors to guests, a unique set of obstacles and opportunities are present.
Hotel revenue managers should embrace AI technologies to progress non-critical, repetitive tasks and to help free their time to concentrate on areas where they can add more value to their hotel.