Perhaps it is the very longevity of the hotel industry that keeps it stuck in old-fashioned practices, particularly as it applies to revenue management.
REVPAR GURU, the leader in comprehensive revenue management systems for hotels, has applied this concept to its latest endeavor: the marriage of the REVPAR GURU revenue management control panel to the game-changing tablet PC of the moment, the iPad.
In case you haven't notice, times are tight for hotel operators all over the world. Revenue Management is the key to keep hotels in business and thriving. But what used to be good strategies years ago seem to be completely obsolete today, due to the expansion of new technologies and the changes in booking patterns. Yet, a lot of Revenue Managers are not changing their strategies, causing great losses in bookings and revenues, and blaming it on the recession. It is possible to boost hotel profitability - even in these tough economic times - by renewing the strategies and techniques used for revenue management.
According to the traditional practice of Revenue Management, the key to a successful Revenue Management strategy is an accurate forecast. It makes sense indeed.
The Internet has brought dramatic changes to the way customers search for and book hotels, and increasing online sales may be the way to boost hotel profitability without drastic rate slashing. Travelers are using the Web to find the best deals on hotel rooms, so hotel managers should be welcoming those customers online by offering them the best rate possible at the very moment they are searching. Faster and faster broadband connections, new cloud computing technologies, and a travel data explosion on the internet are reshaping the way travelers buy hotel rooms. Smart hoteliers who are investing in the latest technologies will outbid their competitors who cannot keep up with the new revenue management solutions of the next decade.
