"demand forecasting" - Search

July 24, 2024

The Top 7 Pain Points in Hospitality Procurement and How to Overcome Them

Ultimately, the hospitality sector's inherently dynamic nature, characterised by fluctuating demand and seasonal variations, presents substantial challenges in accurately forecasting requirements and effectively ... Inaccurate forecasts often result in either overstocking, which ties up valuable capital, or understocking, which risks missed sales opportunities and customer dissatisfaction.

By Johannes Vocke, Chief Financial Officer, FutureLog AG

Press Release Markets & Performance

July 23, 2024

Global Business Travel Industry Spending Expected to Hit Record $1.48 Trillion in 2024

For 2024, China and the U.S. are forecast to continue to lead as the top two markets, respectively, for overall business travel spending. ... With an optimistic outlook overall, there are factors that could impact business travel’s longer-term forecast .

GBTA

Opinion Article Sales & Marketing

July 23, 2024

The Three Attributes Hotels Must Possess to Attract More Events

This dramatic increase in demand and spending represents a significant potential revenue source for properties. ... ) that M&E demand has been even stronger, at times topping 2019.

By Rohith Kori, Senior Vice President, Product Strategy, F&B, Agilysys

HN TV

Press Release Technology

July 23, 2024

HITEC Rewind: Tina Markowitz of Cendyn on Global Strategy and the Power of Data

By leveraging cross-data integration, Cendyn’s solutions can provide better demand forecasts and more effective marketing strategies, ultimately driving more direct business and improving the bottom line

By Simone Puorto and Tina Markowitz

Opinion Article Operations & Strategy

July 22, 2024

Blended Travel as a Huge Growth Opportunity with Words of Wisdom from Marriott

Blended Travel Across Generations The growth of flexible or fully remote work arrangements is but one trend that’s feeding the resurgent demand for corporate and MICE travel. ... During the initial stages of recovery, most group demand was for SMEs, but this year large meetings are back, with a strong pace of bookings for the next few years.

By Adam Mogelonsky and Larry Mogelonsky

Opinion Article Sales & Marketing

July 19, 2024

The Future of Resorts: Magic 8 Ball Predictions for the Next Decade

Wellness Retreats The demand for wellness tourism is set to grow exponentially. ... The Magic 8 Ball Predicts In our quest to forecast the future, sometimes a touch of whimsy can provide unexpected insights.

By Andrew Paul, Managing Director, Americas Great Resorts

Opinion Article Sales & Marketing

July 19, 2024

Leveraging Historical Data for Effective Seasonal Planning in Hotels

Forecasting Techniques In order to make this data useful, you have to analyze it and glean valuable insights. ... Predicting hotel demand involves analyzing your unique hotel data as well as market and industry data.

By Indiana Lee, Freelance Technical Writer, Indiana Lee Writes

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Mews

Supplier News Sales & Marketing

July 19, 2024

Is NOI the only thing that matters?

There must be some leading indicators that we can look at to see how the demand is shaping out into the future? ... The U.S. started to open up everything, and I could see the demand just like starting to come back from west to east.

By Karen Stephens, Chief Marketing Officer, Revinate, Inc.

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See why hotels are switching to Mews

Revenue up. Manual work down. Hotels using Mews see 35% higher RevPAR and 45% more upsells. Book a free demo.

Mews

Press Release Development

July 17, 2024

Real estate strategies for an AI-powered world

The scale of change in demand will depend on the sector composition and demographics of each market. ... This means demand for smaller, urban data centers will also increase.

JLL

Opinion Article Sales & Marketing

July 17, 2024

Revenue Manager: What on earth did you just say to me?!?!

Finance Manager: "Lovely, another moving variable in our already complex financial forecasts." General Manager: "Just what I needed, another curveball to juggle. Thanks, market!" ... Booking Trends Revenue Manager says: "Booking Trends involve analyzing historical data and market dynamics to predict demand patterns and optimize our pricing and inventory distribution."

By Fabian Bartnick, Founder, Infinito

Opinion Article Sales & Marketing

July 16, 2024

The 'Revenue Sleuth': Unmasking Revenue Maximization Tactics

Consider a scenario where a market is saturated with government per diem demand. ... Conversely, if bookings are lagging, the hotel can lower rates to broaden their segmented demand net and fill rooms.

By Connor Vanderholm, Founder and CEO of Topline and a revenue management consultant, Cayuga Hospitality Consultants

Press Release Operations & Strategy

July 16, 2024

Overtourism: How to avoid it for better travel experiences

The primary issue lies in the mismatch between increasing travel demand and the limited capacity of popular destinations to accommodate tourists. ... However, while the demand for travel has surged, many destinations have not adapted their infrastructure to handle the influx.

EHL

Press Release Markets & Performance

July 15, 2024

Philippines’ Travel & Tourism Sector Set for Historic Year

The global tourism body forecasts that by 2034 the sector will grow its annual GDP contribution to nearly ₱9.5TN, 22% of the Philippines’ economy. ... Jobs are forecast to exceed 56.5MN, creating more than 14MN new jobs.

WTTC

Philippines

Opinion Article Markets & Performance

July 12, 2024

U.S. Hotel Industry Midyear Review: Market Trends, Inflation Impact, and Future Outlook for 2024

Hotels are forecasting to be up in revenue for 2024, albeit at diminished increases relative to the recent past. ... For the near term and throughout the remainder of 2024, the demand for travel and lodging should remain moderate.

By Tim Dick and Tommy Crozier

United States

Supplier News Sales & Marketing

July 12, 2024

Renowned Spanish Hotel Brand Globales Adopts SiteMinder Revenue Technology Across 54-Property Portfolio

Partnering with SiteMinder marks a significant milestone for Globales, especially as we prepare for what our forecasts indicate will be a strong period of travel. ... management, with speed, to meet current and future demand.

SiteMinder

Spain

Opinion Article Technology

July 11, 2024

Beyond Booking: The Future of Hotel PMS in an Omnichannel World

Fast forward to today, and the hospitality world demands a PMS that can juggle more than just bookings. ... And a PMS with robust analytics can forecast demand more accurately, helping hotels optimize staffing levels and manage inventory better.

By Wolfgang Emperger, SVP For Europe, Africa, And UK & Ireland, Shiji

Opinion Article Markets & Performance

July 11, 2024

Hospitality Market Update | July 2024

By Tim Dick and Tommy Crozier

Supplier News Sales & Marketing

July 10, 2024

Hotelogix PMS integrates with Lybra RMS to help hotels increase revenue

Owned by Zucchetti Hospitality, an Italy-based hospitality technology firm, Lybra offers Assistant, a machine learning-powered demand-centric revenue management system (RMS). ... Leveraging a predictive algorithm, Lybra will automatically suggest rates based on occupancy, local events, demand, competition rates, etc.

Hotelogix and Lybra

Opinion Article Finance

July 10, 2024

Why a Data Strategy Is Key to Menu Engineering Success

Analysing historical menu performance alongside other information, like market trends, also allows restaurants to forecast demand and anticipate which menu items are most likely to appeal to future guests ... For instance, demand forecasting or customer sentiment analysis may show that diners want more local options.

By Johannes Vocke, Chief Financial Officer, FutureLog AG

HN TV

Press Release Technology

July 10, 2024

HITEC Rewind: Leveraging Data for Revenue Growth: Insights from Duetto's Sabrina Jackson

She explains that Duetto is a leading revenue management system that integrates pricing, forecasting, reporting, and group business products to automate and optimize revenue management processes. ... The goal is to provide a seamless experience and more accurate pricing that reflects real-time demand and availability.

By Sabrina Jackson and Simone Puorto