A lot of distorted rules are today impacting revenue managers and taking them further away from their main mission which should be focusing on revenue optimization. Amongst them we find pre-made sentences such as: "decreasing the price brings volume" and "the performance achieved last year is the reference".
Is there a magic bullet out there for hoteliers? is there some sort of techno-wizard that will in a 'poof' eliminate your need for multiple (often futile) integrations and IT resource back-ups? The answer is NO, and thank goodness! We all know that the hospitality world is desperate for solutions.
The fight between majors OTAs such as booking.com or Expedia has been ongoing for close than ten years but has intensified in the past couple of years due to the development that they bringing on the market such as the corporate business or private rental for instance.
After writing my last article (Three ways to upper your revenue management game), I was surprised by a few questions I received from hoteliers doubting that automated RMS could do a better job than a senior revenue manager.
Revenue management tools and science are evolving, and fast. It is also becoming a central function in the hotel, linking sales, marketing, e-commerce, business intelligence and operations together. Revenue management is a department which is required to evolve fast in order to keep up with the latest methods to continue optimizing the hotel total revenue.