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Ways Technology is Reshaping Revenue Management
Revenue managers must constantly study and update their abilities to keep up with the ever-changing sales and distribution world.
Fremont, CA: While contemporary technology has decreased the number of employees required to make sound business decisions, there is still a need for a large number of competent and experienced revenue managers to improve the bottom line.
Today's revenue manager must have particular revenue management training and expertise in the hospitality business. Today's revenue managers must have excellent analytical abilities, be engaged in big data processes, be excited about new technology, and lead and teach a team. It requires excellent communication skills and teamwork, and a cross-departmental approach. To create good relationships and negotiate deals, revenue managers must also interact with distributors and technology suppliers. Revenue managers must constantly study and update their abilities to keep up with the ever-changing sales and distribution world.
- Revenue culture and total revenue management
While most advanced Revenue Managers optimize meeting space and rooms, optimizing all hotel income is not yet a reality. Although progress is being made, companies are still four to five years away from unifying all data for an integrated approach to revenue management.
More importantly, each property must establish a revenue management culture in which each employee knows their role in revenue creation and how each department can contribute to the hotel's success. As the key ambassador for cultural development, the revenue manager must ensure that the workforce attends meetings, participates in decision-making.
- AI and machine learning
Artificial intelligence and machine learning are freeing revenue managers from data aggregation and figure crunching in order to focus on data visualization illustrating market trends and activities. The new technology layer empowers revenue managers to make faster decisions and design new rate plan structures to enter new markets and provide more segmented offers.
Rate strategies must meet market opportunities with a broader distribution mix. Artificial intelligence is assisting revenue managers in identifying patterns and highlighting problems before they have a detrimental impact on the bottom line.