Tnooz: Four reasons why revenue management systems fail hoteliers
This article was published in Tnooz.com and written by nSight Founder, Rich Maradik.
The leading hotel revenue management systems (RMSs) essentially use a hotel’s own past data to predict the future.
RMS tools fall short in four areas that are essential to hotelier profitability:
- No View of “Unconstrained Demand”
- No Link to Marketing
- No Connection Between Price and Demand
- No View on Alternative Lodging Products
The good news is that since most transient consumers shop for hotel purchases online across thousands of third-party and branded websites, a massive amount of data exists showing how hotels stack up against their competition.
The challenge is accessing this fragmented data and integrating it with a hotel’s own historic data that populates RMS tools. In addition, that data must be presented in a way that makes current revenue management practices smarter and existing marketing programs better.
RMS providers who embrace big data opportunities with predictive consumer shopping analytics will grow very quickly. Those that do not adapt will become increasingly irrelevant.
To get the details, read the full article, here.
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