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Forecast Accuracy: Why Mape?

Yield management allows hotels to manage the capacity of their rooms more profitably, and the accuracy of statistical forecasting determines how useful it will be. Inaccurate forecasts can result in decreased revenue, earnings, and operational challenges, which makes getting it right critical. Even with great revenue management software, determining the accuracy can be tricky when dealing with more detailed forecasts. The mean absolute percentage error (MAPE), measures accuracy of a forecasting method. The error is measured as an absolute value. Removing negative values from the equation (see chart below) allows the accuracy to be calculated without positive and negative numbers canceling each other out. This makes forecasting reliable and easy to understand, which is why MAPE is the most used method in measuring the accuracy of forecasts.

ComOps
White Paper Technology

Know Your Customer

Like many industries, if you are in the casino or hospitality space, your customer data is entering your business through a growing variety of channels. In addition to your casino and property management platforms, your organization most likely has a CRM, multiple social media channels, on-prem POS systems, a marketing automation platform (email, SMS, push), a variety of websites and apps (brand, online gaming, e-commerce, hotel booking, loyalty), and so on. Collecting data from these different sources in a standardized manner can be quite challenging. Messy, unstructured data can cause inaccurate analytics which can negatively impact how you communicate and market to your customers.

ComOps
White Paper Sales & Marketing

Total Revenue Management - Casino Hotels

Casino hotels comprise only a tiny fraction of hundreds of thousands of hotels across the world. Perhaps due to this limited scope, the industry lacks universal performance metrics, and casino customers might find frustratingly varied booking experiences across different brands. The ongoing legalization of gambling-related activities, however, has fueled growth in the commercial and tribal casino industry over the past few decades. With casinos now in almost every state in the US, knowledge about gambling operations, loyalty programs, and marketing tactics is increasingly prevalent. Gaming operators have long expanded into other hospitality industries and, recently, online. Resort casino properties often host a vast array of offerings, including gourmet restaurants, spas, golf courses, and of course, hotels. About 30 percent of almost one thousand casinos across the US have a hotel on site. In most cases, the hotel is viewed as an amenity to the casino and not the other way around.

ComOps
White Paper Technology

A Blueprint for Success: Unraveling the Complexities of Budgeting and Forecasting

Budgeting stands as a pivotal process for hoteliers, allowing them to strategically structure their operations, personnel, and resources to meet their forthcoming financial objectives. P&L benchmarking offers a valuable framework to facilitate accurate financial strategies by providing insights into financial performance relative to industry peers and empowering them to make data-driven decisions during the budgeting process.

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The next-gen metrics that move hotel P&L

Hotel tech has changed what's possible – and measurable. RevPAR and ADR aren't enough; discover the metrics that really matter. 
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