NB: This is a viewpoint by Brian Douty, chief financial officer at IDeaS.
As the chief financial officer of a revenue technology company, bottom line financial performance always remains at the top of mind.
I think about this perspective often during discussions around our solutions and the benefits they bring to clients.
Previously, I’ve spoken about how hotel owners can use revenue management to their advantage; however, ambitious revenue management professionals can also use its analytical benefits to influence their executive management.
In fact, capitalizing on revenue management analytics is one of the best ways your hotel can increase its asset performance and value.
Below are five ways that analytics can increase bottom line performance and impress your executive team:
Making the case for automated revenue management
Automated RM systems provide hotels with proven results, with many hotels experiencing immediate improvements in ADR, occupancy and shoulder night increases directly upon implementation.
As a cloud-based service, and without the added expense of local hardware, automated RM systems are a low-risk investment for hotels. And with end-to-end client support provided by solution partners, hotels work closely with experienced industry professionals who deliver guidance and insights.
Automation also opens your hotel organization up to even greater improvements in its overall RM culture; the advancements in people, processes and technologies through the use of automation make the overall investment go even further.
Choosing business that brings maximum revenue
Advanced analytics detect demand patterns that are not readily visible to the human eye. These include distinctive patterns in length of stay, days to arrival, seasonality, cancellations, and more. Assessing hotel demand from an analytical viewpoint gives you the ability to improve revenue performance based on valuable insights – not on a gut feeling.