Thursday, October 27, 2016

How Big Data Will Transform Hospitality - Part 3

Revenue Management

 

Hoteliers have practiced revenue management in the quest to provide the right room at the right rate to their customers for decades. However, access to Big Data in making these pricing calculations going forward offers hotels much greater opportunity to fully leverage their inventory and maximize revenues. Today’s best hospitality revenue management tools provide the required information to empower hotel managers to make informed decisions regarding their room rate structure, at any given time. Time is of course one of the crucial pieces in the hotel rate decision making process, along with information regarding the individual hotel guest and a number of other variables as well.

Traditional hotel revenue management software lacks the real-time data necessary in order to keep rates optimized at any given moment. These legacy systems simply cannot keep up with the ever-shifting market condition realities of the 21st century. The number of factors that need to be taken into account within the revenue management equation has grown exponentially as well. The influence of social media and online reviews, local weather, flight information, and individual customer segmentation are only a few examples among the plethora of complex data sets which must be effectively compiled. This vast amount of data must then be analyzed against complicated formulas to extract the maximum rate possible for a given customer, on any given day, with both speed and scalability.

What is truly needed by the hospitality industry is a revenue management optimization tool designed for the ever-changing challenges faced by today’s hoteliers. One that provides big data; gathered, delivered, and analyzed in real-time. A solution that offers hospitality revenue managers the information needed to offer hotel inventory at the optimal rate possible at any given moment.

The advanced always-on multi-cloud global travel solution, Above Property arms hoteliers with the timely delivered, big data answers they require to effectively maximize their revenue strategy.

 

Inline Revenue Management®


The Above Property Inline Revenue Management® module allows real-time pricing and availability adjustments based on occupancy, seasonal trends, forecast, weather, booking pace and competitive data. Each transaction is processed in real-time through the Above Property proprietary pricing engine. Maximizing your revenue through careful management of forecasting, availability controls, groups, and distribution is crucial in today’s hospitality marketplace. The Above Property Inline Revenue Management® system gives you all the tools necessary to put your revenue management techniques and strategies to work. Operating in a fully distributed cloud environment, the Above Property Inline Revenue Management module 


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