I don’t know anyone who has not, at some point, questioned their career choices or doubted the value of their profession. Actually, I believe that if you don’t question why you do something you are probably not very good at it.
Questioning your job means that you are thinking deeply about it and that’s where innovations and breakthroughs usually occur. Think about it, most advances in any industry are driven by people who are in some way frustrated by their work.
When I wonder what the point is to all this Revenue Management stuff, I often have to remind myself of the reasons why this is the best profession not only in the hotel business but in most businesses anywhere. Here are just a few of the reasons why you should love Revenue Management.
Pricing is king
The easiest way to create more profit is through pricing tactics. That is now true not only for the hotel business, but for most travel-related businesses. The costs of running most hotels is pretty static. Most hotel companies locked down their cost structure during the Great Recession.
Moreover, there’s no technology on the horizon that will significantly change the costs of maintaining or building a hotel. Therefore, pricing is the most powerful tool for creating wealth for hotel owners and that puts Revenue Management(along with Finance) at the center of every important conversation. The same cannot be said for any other hotel function.
Math is the new black
It’s not coincidental that two of the eight movies nominated for a 2015 Best Picture Oscar were about mathematicians. In this data-driven world, the limited number of people that have the skills to find patterns in numbers are not only becoming indispensable but also admired.
Anybody who is in the business of extracting secrets out of data for the purpose of finding terrorists, cures, and even profit, is living through the most interesting of times. Today, the data sciences are permeating every profession, especially Revenue Management.
Those who are using these advanced skills to crack the profit code for hotels have one of the most interesting professions in the world.