Hotel life can be frenetic. The pressures of delivering exceptional service across all areas, managing constant guest demands while competing against hundreds of other hotels including major chains to secure bookings is unrelenting.
Success relies on each team keeping their eyes on the ball. But, therein lies the risk. With each team- from sales and marketing to operations and food & beverage - so focused on delivering against their own set of KPIs, they often become siloed - focused on different data stored on different systems and spreadsheets.
Even a smaller hotel chain with fewer than five hotels could still be grappling with data from around six core systems including a channel management system (CMS), Revenue Management System (RMS), Central Reservation System (CRS), Customer Relationship Management System (CRM).
For revenue managers and their counterparts, there’s little way of seeing the bigger picture of what’s happening across the rest of the hotel and chain. Opportunities to optimize revenue, increase direct bookings and enhance guest experience are missed.
Accessing data to make the right strategic moves is key but with so much of this valuable information stored in a myriad of siloed files and documents, finding the right insights at the right time to give to the right person is cumbersome and time-consuming.
To deliver sustained results Revenue Managers must find the right tools that will give them a clear view of what’s happening throughout their hotel and enable them to make more informed decisions, faster.
That’s where Revenue Intelligence tools come in. By automatically combining hotel data from their systems – CMS, RMS, CRS, CRM and sales, guest, food & beverage and marketing systems, as well as data from other revenue streams such as a spa or casino, into one, trusted stream of clearly visualized data, Revenue Managers gain quick access to the full picture of their hotel’s operations and can more easily identify actions to improve net RevPAR and GOPPAR while also aligning disparate teams around clear, strategic goals.
Here are five reasons why Revenue Managers will benefit from a Revenue Intelligence tool:
1) No more time wasted sourcing and verifying data
There’s a huge amount of valuable data generated every day by hotels, yet it’s siloed often in systems that aren’t integrated. Revenue Managers waste significant time having to dip and out of these to create reports and interrogate their data. Likewise, General Managers and Chief Operating Officers (COO) then spend further time collating various reports to give them the insights they need.
Revenue Intelligence tools eliminate data silos and allow better, faster, more accurate reporting – from the Revenue Manager to the general manager and from the general manager to the hotel chain’s owner or COO.
They remove that low value, time-intensive activity and reduce the potential for human error during the data entry stages. Providing trusted, easy to digest performance measures, dashboards, and reports that can be easily tailored for the user speeding up that speed up decision making and enabling leaders to focus on the hotel’s strategic priorities.
2) Understand what’s really happening in the business
Often, small changes in day-to-day revenue management can deliver big performance improvements but understanding even basic data such as why there’s been a pickup or reduction in room bookings can be a challenge.
With clearly visualized data in easy to use dashboards and report, Revenue Managers are better placed to identify opportunities, spot trends and improve their forecasting. Creating a pickup report with a few clicks, for example, allows Revenue Managers to quickly spot an unexpected drop in occupancy and take steps to fill the rooms. Better visualization of OTA data enables helps to protect rate parity and tailor distribution activity.
3) Make better decisions faster with Revenue Intelligence
Revenue Intelligence tools finally provide Revenue Managers and their COOs with cold hard facts rather than relying on instinct alone. Combining critical data feeds into one clear picture of what’s happening throughout the hotel drastically improves the decision-making process. All teams can have access to the same data ensuring everyone is on the same page when agreeing performance improvements.
Automating the number-crunching also frees up valuable time to make more detailed data-driven decisions that deliver a robust business strategy and success. What’s more, with clearly visualized and undisputed data at hand, securing support from other parts of the business becomes easier.
4) Actionable insights that improve net RevPAR and Profit
By providing clear and user-friendly data visualization, Revenue Managers can easily identify trends, flag potential issues and spot opportunities to optimize net RevPAR and more effectively manage costs and inventory, even if they don’t have access to a revenue management system (RMS) for pricing recommendations.
Combining data from the CMS with insights from Google Analytics, the CRM and the PMS feed provides Revenue Managers with valuable insights into their guest behavior, enabling packages to be better tailored to meet guest requirements and making business decisions that will resonate with potential guests and improve loyalty.
5) Improve communication and collaboration
Having a single, trusted source of Revenue Intelligence data aligns Revenue Managers, sales, marketing, operational and food & beverage teams. With each team able to see the full picture and measure their impact on the hotel’s success a truly coordinated strategic approach to optimizing RevPAR and GOPPAR can be implemented and ensures improvements are more likely to be sustained.
Revenue Intelligence tools, such as Fornova’s Hotels RI are helping Revenue Managers step up into the strategic role optimizing the power of hotel data to deliver sustained performance improvement for long-term success.
Ready to learn more? Read our blog on why hotel chains need to re-think using a revenue consultant or RMS.