Today's Revenue Management thought:-
Budget time is here…..
You can't prepare for what you can't see coming….
Demand forecasting has been stuck looking backwards for too long.
Building strategies on last year’s or 2019’s results is meaningless, and predicting the evolving future and the external factors driving demand is extremely challenging. Yet profitability depends on being able to accurately build forecasting models that make use of both internal and external data.
The need for predictability is not necessarily a need for guarantees…. and now back to those budgets.
Have a profitable week.
✌🏼