How Does New Technology and Big Data Influence Day-To-Day Revenue Management?

By Vlatka Barcan
CEO & Founder – Fifth Revenue

The hotel industry has exploded with new tools and technologies. Revenue Managers have access to more data resources than ever. It is up to your core management and revenue team to familiarize themselves with what is out there and decide what technologies and tools suite your property best. The benefit of new data analytics and rate shopping tools are allowing Revenue Managers to focus on their strategies, and not lose their time on organizing data.

Big data, in general, comes from point-of-sale (POS) or call centers, as well as social media channels, known as multi-structured data. Hotels mostly adjust their rates two to three times per day, and the only way to stay ahead of the game is to use big data on market influencers, weather, events, and constant demand and supply changes. Looking at what your competitors are doing is just no longer enough.

Imagine how long it used to take to pull each rate per day, for the next 90 days, for each competitor’s hotel, note their changes and compare to your rates. This very time-consuming process has been eliminated with tools such as Revcaster that simply sends the rate shopping report to your mailbox every morning. It will even highlight the major changes and give you the market influencer’s information. If you want to make your online review management a very simple and less time-consuming process, you can use Reputize, which directly correlates with your revenue growth. There are even tools like Zenya that help hotels know their guest needs and personalize the stay before their arrival, thus resulting in higher engagement and satisfaction. They even offer feedback maintenance and information about hotels. Revenue Managers can now focus on their strategies, they can forecast more accurately and stay on top of turbulent market changes.

After all, hoteliers are currently facing the issue of an over-supply of software and the big industry issue is that many programs are not compatible with each other. We need to allocate some time to familiarize ourselves with new trends and options, think about our hotel’s needs, and what tools will provide us an easy access to organizing big data that matters to us on daily bases. Revenue Managers are changing their hotel rates on Saturday evening through an app on their phone, to maximize revenue for those few rooms left to sell. Why would they be losing their time on simple processes, when the new technology can provide that information with a simple click?

 

About the author

With over 16 years in the Hospitality industry, Vlatka Barčan has moved quickly through the management ranks, eventually stepping into her current role as the founder of Fifth Revenue Consulting Company. Her real hotel passion became revenue management and her most recent position was Area Revenue Director at Millennium Hotels, overseeing the New York and Boston markets. Ms. Barčan graduated from Croatia’s University of Rijeka with a Master’s degree in Economics and Hotel Management and went on to work with high-end hotel groups across the United States and Croatia. Ms. Barčan started her management career as Front Office Manager at The Norwich Inn, Vermont and advanced to the role of Assistant General Manager before moving to New York City. At The Pierre, a Taj Hotel, she manifested her career growth in a series of roles from Assistant Restaurant Manger to Guest Relations Manager, Director of Reservations, Revenue Manager and Sales Manager. Her passion is to assist independent hotels meet their goals through her customized guidance.