In recent years, hotel technology has undergone a period of convergence: PMS, reservation systems, guest preference databases, social media platforms and e-marketing systems are finally sharing data in a meaningful and actionable way.
The coming together of these once distinct disciplines has heightened the importance of revenue management because revenue teams are analysing the essential data needed by other departments to streamline their own operations.
In short, in this age of technological convergence, revenue management has become the lifeblood of the hotel organisation.
“Over the past decade, revenue management has arguably grown into one of the most developed and evolved departments in the hotel industry,” explained IHG vice president for revenue management, Brian Hicks. “Some of this development is due to an increase in the availability of data and the quality of the analytics. Marketing, sales and distribution departments are now looking to revenue management to inform and advise on demand and pricing decisions.”
Get the full story at Ideas (PDF 150 KB)