Yet, as a Hotel Sales Professional, best to heed them. Beyond the ravages of a global pandemic, is the obliteration of all you knew about how customers (guests) make decisions and the ever-accelerating algorithms of artificial intelligence.
Managing Principal, ZS
Industry has been talking about moving beyond rooms revenue for decades. Concepts like Total Hotel Revenue Management have been extensively talked about, but not systematically acted upon. The pandemic forced operators to think very differently about the building, moving away from defined space usage, to a more flexible, need-based model. This forced innovation, and its (relative) success in generating revenue in difficult circumstances, will hopefully be the motivation to stop talking and start acting!
However, for this to become a true shift, the barriers that held industry back from achieving the vision pre-pandemic will still need to be addressed. Incentives will need to be realigned away from narrow function based goals like room nights generated, to more broad asset based goals like total profit or total revenue. Metrics will need to be developed that reflect these new goals. Access to more holistic data will be required, so that each de
Revenue Accountant
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As revenue management forecasting evolves, consumers won t necessarily pay more in airfare overall. Rather, pricing will be more closely aligned with demand conditions, both strong and weak. Photo Credit: potowizard/Shutterstock.com
The upheaval caused by the Covid-19 pandemic has rocked the foundation of airline industry revenue management forecasting and opened the door for upstarts to win the business of a growing number of carriers.
The upshot for consumers could ultimately be pricier fares during times of high demand and even steeper discounts during off-season and low-travel periods.
Judson Rollins Right now there s the lowest disruption cost that there will ever be, said Judson Rollins, head of the New Zealand-based consultancy Propel Solutions and a former revenue manager at Air New Zealand. I ve talked to people at 10 airlines globally who said their carriers are pursuing other revenue management systems. He called the market shift a tidal wave.
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