Using a BI Tool to Build a Collaborative Revenue Strategy Culture
Revenue strategy requires a collaborative approach, with every stakeholder understanding how their decisions impact other departments and your bottom line.
NB: This is an article from Rainmaker
The powerful visualizations and customized reporting afforded by business intelligence (BI) gives team members the answers they need at a glance – helping them understand their role in meeting (and exceeding) company wide revenue goals.
The Revenue Management (RM) role has been changing for years, focusing more and more on strategy, but many are still stuck in a report generator mode. The problem with being stuck here is that they are still struggling to convey the “so, what, now what” message which helps others understand what the needs and key focuses across the business should be. There just is not enough time in the day for your dedicated revenue expert to find the right data, decipher it into actionable insights and then communicate it to the right parties.
This is why many organizations, even after hiring the best revenue candidate, continue to struggle with RM experts spending their days relaying data through manual methods and Excel spreadsheets, leaving no time for important strategic work.
The Role of BI in Revenue Strategy
Unlike a decade ago, BI tools are now widely available for hoteliers, equipped with powerful, straightforward insights that convey the right messages to the right audience, and coupled with Excel export features. BI takes away time-consuming Excel processes and transforms data into clear stories, giving RM intuitive end-to-end reports at their fingertips.
Get time back in your day today
A good BI tool has the power to help you get out in front of potential opportunities and pitfalls and take control of your data. It gives you all the data you need to make important revenue strategy decisions, at your fingertips. No longer are you stuck searching for answers, instead you are evaluating the right data to make the best revenue decisions for your company.
Join in the movement to rally for BI – break the mold for revenue managers
It is time to break that Report Generator mold and truly get behind the Revenue Strategist movement. Adopting a BI solution with data and analytics capabilities can help you and your team expand beyond the traditional boundaries of RM, positively impacting overall revenue strategy and achieving an optimal outcome for their business.
Stop creating more reports, and effectively use your time to dig into real-time insights, at a granular level, and strategizing the precise tactics necessary to gain more market share and improve bottom-line performance. With the right BI tool in place, your team will be able to take full advantage of the wealth of data at their fingertips, responding faster to marketplace changes, and testing different scenarios to zero in on crucial revenue-generating opportunities.
If you are still wondering how to engage your organization to collaborate on driving your bottom-line results, BI can help break the silos. With a BI tool at hand, you and your team will no longer be threatened by numbers, but instead, empowered with a single source of truth to quickly make the right commercial decisions, and put in place the right activities to drive the business forward.