Excel is good at lots of things. But is it really the best tool for hotel revenue strategy?

Think of it like a Swiss Army Knife. It has a blade, a corkscrew, a screwdriver and a handful of other tools all built into one handy accessory. Despite being so versatile, it’s not necessarily the best knife, the best corkscrew or the best screwdriver. You can get by in some situations, but as the task gets more complicated, you’re better off using a dedicated knife, a dedicated corkscrew or a dedicated screwdriver.

Much the same way, hotels greatly benefit from using a dedicated revenue strategy solution built by hoteliers for hoteliers. One that considers the complexities of hotel revenue strategy, incorporating big data, reviews and social media, air travel, web shopping and competitive pricing, among dozens of other variables.

“The biggest challenge when you use Excel is that the information is only as up to date as the last time you inputted it from another system,” says Tim Kolman, Senior Solutions Engineer for Duetto, in our latest webinar, Transitioning from Excel to a Revenue Management System.

In the webinar, Kolman starts by detailing the daily activities of a hotel revenue manager who relies on Excel to make critical forecasting and pricing decisions. The tedium and inefficiency becomes quickly apparent as he moves through a typical 15-hour day filled with report running, data analyzing and information inputting. Hardly any strategy is involved.

“Excel is everywhere,” he says. “But how many users consider themselves proficient?”

This leaves spreadsheets susceptible to big mistakes. It’s easy to change information, accidentally or intentionally. One extra zero or a misplaced period can have a huge impact on a forecast or pricing decision.

Read full article at:  Duetto