Podcast: Training to Improve Revenue Managers Financial Literacy
In this podcast we will discuss the broad topic of training and particularly how this applies to those working in small/medium groups or independent hotels.
A CRBE study found on average 31% of total revenue is spent on labour costs, but less than 1% of this on training.
With a growing emphasis on Revenue Managers to gain greater financial literacy as we push towards Total Revenue Management and profitability, we look at the challenges individuals face when trying to up-skill and some possible training solutions.
We are joined on this podcast by Peter Russell of Russell Partnership Technology
Guest Bio: Peter Russell – Operation Director
Peter manages global operations and leads the training team for our suite of industry leading training and development programs, which includes business simulation programs focussed on hotel, restaurant and service management. These programs are utilised by both industry and education to deliver training and development across a range of areas including: operations, revenue management and menu engineering.
Peter speaks at hospitality conferences worldwide on the utilisation of technology for learning & development and has also completed the Cornell Certificate in Hotel Revenue Management.
Peter leads the Russell Partnership Technology team in developing new approaches to utilise Business Intelligence (BI) for both collecting and presenting business and operational performance data. BI harnesses the power of technology to analyse and present data in a format which can be readily understood and then acted upon by senior managers and business leaders. Peter has led the project where he developed a KPI collection tool for Royal Ascot, which included a data collection element linked with a near real-time online dashboard. This tool allowed for trends to be analysed and acted on much quicker and more efficiently than in the past.
Peter works to create bespoke simulations, which model environments and test scenarios. These models allow for multiple scenarios to be tested and validated before agreeing on the best route forward. Peter has delivered multiple projects utilising this methodology to examine issues such as hotel feasibility and major event modelling.
Peter delivers technology reviews and consultancy to clients looking to drive their usage of technology and move to more efficient ways of working. Implementing new technology can provide real world return on investment, which is something Peter is passionate about.
Russell Partnership Technology delivers hospitality development programs that focus on strategic management and skillset optimisation. Our software products provide training, knowledge transfer and real-time simulations to support and guide hospitality graduates and leaders of tomorrow. Russell Partnership Technology works in synergy with global hotel schools by delivering simulation programs that optimise how students learn about the hotel industry – this prepares them for entering the industry on graduation.
Russell Partnership Technology develops licensed software products and lead hospitality training programs for over 200 global clients.