Today's Revenue Management thought:-

More Automation = More time, but is that full time?

Impact of Automation on Revenue Management Tasks

As technology advancements drive increased automation in revenue management, there's a noticeable shift in the execution of daily tasks. Many responsibilities traditionally handled by revenue managers are now seamlessly integrated into automated systems, presenting results and recommendations through dashboards. This evolution prompts a critical question: does the need for a full-time revenue manager still persist?

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Today's Revenue Management thought:-

It’s Friday - time to contemplate.

Foresight is where uncertainty about the future meets our ability to shape positive change.

Have a profitable 2024 !

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Today's Revenue Management thought:-

The art of pricing in hospitality demands a delicate dance between intuition and analytics.

Foresight is the partner that ensures our steps are nimble, adjusting rates with precision to align with market dynamics and guest expectations, creating a harmonious balance between value and profitability.

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Today's Revenue Management thought:-

"Foresight is the compass that guides pricing strategies".

Anticipating guest needs and industry trends allows us to set prices that not only reflect value but also pave the way for a memorable and rewarding experience.

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Today's Revenue Management thought:-

and we’re off to a blazing start……

“Foresight is not about predicting the future, it's about minimising surprise.”

By adopting a mindset focused on minimising surprise, you recognise that surprises will inevitably occur, but the goal is to make these surprises more manageable and less disruptive.

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Today's Revenue Management thought:-

It’s Friday - the last one of 2023 - time to contemplate.

In the realm of sparking interest or debate, it is essential for professionals in the industry to have the insight to actively anticipate and adapt to changes.

Engaging in decision-making based on data, experimenting with cutting-edge marketing strategies, and continually refining service offerings are crucial for sustaining a prominent position in this ever-changing sector.

Success in the future of the hospitality industry is expected to lean towards those who can foresee trends and react promptly and strategically.

Have a profitable 2024 !

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Today's Revenue Management thought:-

Reflecting on some of the comments I received during 2023.

• “The demand is slow, let’s lower the rates to get more bookings”

• “We are almost full, let’s raise the rates”

• “That’s a huge piece of business, we cannot turn it down to give it to the competition”

• “We should put a minimum Length Of Stay restriction over the event”

• “I cannot overbook the Hotel”

• “We closed X% more than Last Year/Budget so we did great!”

• “We have to fill up the Hotel”

• “Do you have a crystal ball?”

I am confident that numerous readers of mine have indeed faced similar comments in 2023.

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Today's Revenue Management thought:-

As 2023 comes to a close, I want to share three simple ideas that capture important aspects of our work:

1. "Balancing profit and guest satisfaction is the key to effective revenue management."

2. "In hospitality, every night is a chance for income, and once it's gone, it's gone forever."

3. "Success in our competitive industry depends on using data wisely—it's the essential currency of revenue management."

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Today's Revenue Management thought:-

It’s Friday - time to contemplate.

The essence of hospitality lies in its human-centric nature, where a hotel's success hinges on the commitment of its staff.

Dedicated personnel form the backbone of any hotel, and it is often the entry-level positions that serve as the breeding ground for future stars in the hospitality industry.

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Today's Revenue Management thought:-

A Balancing Act: Human Touch in Automated Hospitality

Education in hospitality must strike a delicate balance between technology and the human touch.

Training programs should emphasise the symbiotic relationship between automation and personalised service.

Professionals need to learn to leverage technology to elevate, not replace, the human element, ensuring that as the industry evolves, hospitality retains its essence of warmth and genuine care.

Have a profitable week !

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