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With every passing year, revenue management is playing a more central role at hotels as they navigate a landscape now locked in a permanent state of change.
Typically, the demand for tourism to a particular destination is a function of a myriad of factors, including general state of the economy in originating country and destination, levels of income of tourists, the cost of travel and time to travel from the tourists homes to the destination, trends in price levels - increasing or decreasing, competition from other destinations, currency exchange rates, etc.
As most of us have already heard, 90% of the world s data was created in the last ten years, and the amount of data created grows at a faster rate every year. The hotel industry is far from immune, with the various sources of business intelligence available today having exploded from the days when a few large Excel files and a weekly STR report was enough to get every Revenue Manager labeled a nerd.
The question about who should lead the commercial effort has been a debate among hospitality professionals for a long time. Most hospitality leaders would agree that implementing Total Hotel Revenue Management has been more of a mythical destination than a reality, in part due to the territorial obstacles associated with merging the traditional sales, marketing, and revenue management roles into a singularly focused effort. But now the ultimate reset button, COVID-19, presents most organizations with a unique opportunity to build the organization that matches their vision, without the cost (and pain) associated with dismantling an existing team. The big question is: Who is the ideal commercial leader today and what is the most desirable career path an aspiring leader can take to get there?