Budget season is already upon us, which means your hotel is already actively planning for the year ahead. But as budget and planning meetings are getting organised, you might be wondering what your hotel occupancy will be next year, how will you be pricing your rooms and where exactly you should be allocating your budget.
If you are heading into your hotel’s budget and planning season, you know it’s one of the most important times to think about the key challenges facing your hotel over the year ahead. Are there opportunities to improve your hotel’s pricing strategy, add flexible control with more effective inventory management, or perhaps it’s finally the right time to move toward a ‘manage by exception’ environment?
After all, among the many objectives set for the upcoming fiscal year, determining the best approach to achieving revenue and profitability goals will no doubt land at the very top of your organisation’s wish list
Have you begun shaping your revenue targets for 2017? Are you looking to target growth in occupancy or perhaps your hotel’s focus is zoomed in on increasing ADR?
Leading market research suggests that employing automated revenue management technology is key to achieving growth in KPIs – whether your desired targets are focused on occupancy, ADR, RevPAR or a combination of many different metrics.
Keeping a keen eye on top revenue management practices – and sourcing the right tools, processes and people to support them – is so crucial that EyeForTravel’s recent Smart Travel Data survey of senior travel executives reported that 70% of its respondents plan to increase their revenue management budget in the next 2-3 years. But in an increasingly competitive market, why wait so long and lose out on revenue opportunities?
Start exploring your options now.
Automated revenue management tools can help you gain critical visibility and insight into your hotel’s future occupancy and your competitors’ rate strategies. These tools can also determine the ideal pricing for your room types based on historical and future occupancy data.
Sounds too good to be true? It’s not – and we can prove it. Revenue management systems have been attributed to helping hotels achieve an average uplift of 6% in RevPAR and 5% increase in ADR, in addition to dramatically increasing forecasting accuracy.
About the source
IDeaS offers industry-leading revenue management solutions for business of all types and sizes in the global hospitality and travel industries. We transform the right data into clear and actionable insight, so that our clients can price, forecast and report with speed and confidence, improving business performance.
Revenue management and distribution is essential to hotel management. Need a quick refresher about its principles? Check out one of IDeaS latest infographics for more information. http://images.drive.ideas.com/Web/IDeaS/%7B152c3442-425e-4c1a-a29a-c4a2d9126b33%7D_Infographic_QuickGuideForGM.pdf
