Do we need a new revenue management toolkit for 2021?
— 18 experts shared their view
It is no longer news that the hotel industry has suffered the worst decline in history. The resulting business failures are starting to make the news and most industry experts agree that it will be several years until the industry returns to anywhere near the health it had in 2019. While the global picture is still very gloomy, we are starting to see isolated upticks in reservations. However, whether it is traveler's slowly adjusting to the "new normal", or just pent up leisure demand, the booking patterns are different than ever before. And just like the periods following previous disruptions, the most aggressive and innovative hotels will gobble up all of this trickle of new travelers, leaving most hotels still staring at the horizon, looking for signs of life. Although there will be few winners and mostly losers during the early stages of the recovery, most hoteliers are still working with the exact same set of tools they had, pre-pandemic, including over half of the industry that uses no dedicated revenue optimization technology whatsoever.
So, we ask our panel experts: 1) For a hotel just getting started implementing a revenue optimization process, what technology and services are most essential, and how should they be selected? or 2) For a hotel with an established revenue optimization culture, what new tools have emerged that could be game-changers?
1) If you are getting started you need a system that grows with your capabilities and takes you further, ie. understands where you are in your analytical cycle and then takes you along the journey to make you better, to help you get better at what you do. This is not about x number of people looking at the same visualizations and then you get 100s of different outcomes as everyone is making up their own assumptions. It is about software hyper-personalizing the experience of the analysis and assisting the user to get better at what they do - with or without prior knowledge.
2) Revenue Management Assistants that focus on optimizing the user in the optimization cycle by understanding where the user is and how to get them better.