The Revenue Management evolution is one of the most commented topics in the hotel sector. The use of technology Big Data in the processes of descriptive and predictive analysis, the improvements in technology and a better training of executives and professionals in Revenue Management, are generating a huge interest of the sector in this specialization.
All this contributes to Revenue Management practices experiencing a rapid and important evolution in the world. Many hotel establishments are aware that Revenue Management is no longer an option but a “necessity”.
Revenue Management has become as an indispensable specialization to make strategic decisions that enhance the profitability of tourist accommodation in the short, medium and long term. The professionals of the sector know it. In fact, in 2010 it was predicted the establishment that does not adopt Revenue Management techniques in its entire organization would have a serious problems in a future. In 2016, the same predictions were launched. Despite this, nowadays, many tourist accommodations still without applying Revenue Management strategies.
Why only a very small percentage of tourist accommodations have their own Revenue Manager or decide to externalize?
The answer to this question might be simpler than it seems. “Embracing” Revenue Management requires a change of mentality and changes take time. Nevertheless, it would be good to remind that whenever an hotelier stop applying specialized techniques of Revenue Management, decreases the possibilities of increasing his ROI and income in an exponential way.
Understanding the basic elements of managing revenue and demand, employing a forecasting methodology and working with the three main levels: price, yield and marketing, are decisive factors which Manager must keep in mind at anytime to optimize his revenue.
Do you need some help to apply Revenue Management techniques?
If your hotel establishment needs some help to improve their profits using Revenue Management techniques, or you are interested in receiving any kind of counseling, from Roitels, Revenue Manager specialists, we can help you.
If you have any query, do not hesitate in contact us for more information Do not waste more time and start maximizing your benefits!