World Panel
Viewpoint18 March 2020

Has forecasting become a lost art?

Revenue Optimization

— 10 experts shared their view

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Has forecasting become a lost art?
This viewpoint was created by
Scott Dahl, Program Director, Master’s Degree in Hospitality Strategy and Digital Transformation at Les Roches Global Hospitality Education
Timothy Wiersma
Principal | Revenue Generation, LLC.

It is very important for hotels to maintain a detailed forecast for both the short term (more frequent) and longer-term (outside 3 months). If your property has an automated system that provides demand information, it will likely only be reliable for the short term. It is just as important to understand longer-term trends for your particular market as well as segment trends that could significantly impact your overall profits.

This becomes even more critical in today's environment as we are in very uncertain times and trends change on an hourly basis. This is an opportunity for revenue strategy folks and analysts to instill confidence by paying attention to the changing trends and providing this information on a regular basis to key stakeholders.

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