Hoteliers Can Drive Profits Through Data-Driven Insights
To maximize profits, Hotels should focus on being proactive with labor, using insights to decrease labor costs and develop new revenue streams, preventing analysis paralysis, and applying insights to drive profits. Actabl CEO Steven Moore writes that utilizing insights effectively is the innovation that will drive the next hospitality revolution, and it is recommended to prioritize learning about and testing new insight-driving solutions,...
In the past, hoteliers could regularly predict the ebbs and flows of occupancy based on past performance, local market trends, and experienced leadership insights. Group, weekday business transient, and weekend leisure travel were predictable and expected. But the past few years have rocked our industry, and, to succeed going forward, we need to rethink how we forecast and plan. Actionable insights will revolutionize this new chapter of hospitality.
Once people began to travel again (and quickly in the form of revenge travel), it became apparent we could not just jump back to operating the way we used to. This new normal brought a wave of chaos and unknowns - largely centered around labor. Former employees found other career tracks, went back to school, or moved to a different city and new employees were less experienced than those they replaced. The need to implement labor optimization strategies in hotels changed from a “nice-to-have” to a requirement.
The Hotel Yearbook 2023 - Annual Edition
As we have embarked on 2023, it is evident that the hotel industry has made a robust recovery from the
pandemic.
Occupancy and pricing have returned to their pre-pandemic levels. However, the future of our
industry is contingent
on how nimble the hospitality sector can be in adapting to ongoing innovation, changing market
conditions, evolving
consumer preferences, new staffing challenges, and sustainability realities. These uncertainties are
the new normal
in an unpredictable world.