The meetings and events industry has been recognized for its fast evolution and innovative application of technology. Today, hybrid meetingsÑevents with streaming and social engagement componentsÑare staples in nearly every industry. Live-streaming presentations, mobile apps and Snapchat Geofilters have also laid claim as modern-day meeting trends.
So to position it another way: If there was a universal centerpiece on every Herman Miller conference table, it would likely be a blossoming bouquet of technology.
As event technology used on the front line continues to evolve, however, what about the technology behind the curtains? While sales, catering and planning technologies have long been adopted within the industry, they often come up short when it comes to comprehensive analytics and data visualization.
Even though analytical tools for hotel guestrooms have also been available for a long time, industry-wide solutions for meetings and events space revenue have remained largely limitedÑregardless of its obvious necessity.
But as the saying goes, hope springs eternal.
In a league all its own, there’s one tool spearheading how hotels and venues can use their meeting space strategically to better capitalize on their profit potential. And as an added bonus, it breaks down organizational barriers and builds up collaboration in the process.
The Industry Void
Within the hotel industry, specifically, meeting space is often overlooked or positioned in favor of securing guestroom blocks. This can be a lost opportunity for higher revenue generation, especially since meetings and events business can contribute 40-60% of a hotel’s total profits.
However, with this business strategy firmly in place for years, what’s causing hoteliers to finally take pause now?
Well, for starters, recent upticks in global spending on meetings and events. There’s also an industry-wide recognition that holistic revenue cultures breed better profitability. These two elements alone are strongly encouraging hoteliers to evaluate their current tech stack through new eyes.
Building an ecosystem inclusive of a visual strategy tool for maximizing event space performance is one of the greatest opportunities facing today’s organizations. This cutting-edge technology gives hotels the ability to transform hibernating meeting space opportunities into irrepressible profit potentials.
With this cloud-based tool, hotels quickly analyze their business trends and meeting space performance within their portfolio of properties. It visually consolidates data from other sales tools to help hotel teams strategically manage property functions and collaborate closely on their hotel’s ideal pricing strategies.
Another benefit of this tool is its ability to support collaboration between different hotel departments. Strategic meetings and events technology accommodates the sales, marketing, revenue management and catering departments. As a simple and easy-to-access application, it also aligns them to help improve their hotel’s revenue strategy, business management, and overall sales focus and objectives.
Accessing data previously difficult to analyze within other systems helps hotels uncover brand new business opportunitiesÑsupporting a more intelligent selling strategy. By better understanding the demand for their venue space, meeting and sales managers can make decisions that sell the space more effectively and profitably.
The tool also represents the industry’s continued shift toward holistic business strategies. To manage revenue, hotel organizations have to experiment with different levers to find their perfect profitability balance. With the right data in hand, they can adjust different hotel areas to optimize big-picture results. As organizations continue to develop and refine their holistic revenue cultures, they will be re-evaluating how different teams need to interact and realigning their business processes.
With so much revenue riding on successfully managing meeting and event space requests, there’s an enormous opportunity for hoteliers to take advantage of their technology. This strategic tool emboldens a new dimension for total profit performance within the hospitality industry.
