It's been mentioned time and again, the world as we know it is in a new era, one where technology is paramount. And while it seems many businesses have embraced the digital age with open arms, the hotel industry isn't one of them. Perhaps it is because of the industry's prolonged existence and ability to endure the changing of times that hotels have remained fixed in using conventional practices, particularly as it applies to revenue management.
The hotel industry has seen a lot. This may partially explain why hotels are often content to fall back on tried-and-true practices such as historical pricing when it comes to formulating a revenue management strategy-it's worked so far, why change now, right? But although, revenue management (also known as yield management) is a relatively new concept within hotel operations, it does not change the fact that its core components-pricing, inventory management, occupancy and average daily rate maximization-remain essential parts of running a profitable hotel, in any location, and should never, especially in the current economic climate, be compromised.
Yes, the hotel industry is one of uncertainty and there are many factors that can make the difference in whether or not your rooms are selling. But it is because of these variables and ambiguities that it is even more important that hoteliers find ways to mitigate this uncertainty.
The ability to see innovation and be an early adopter of new pricing strategies before the competition does is what separates good hoteliers from the best hoteliers. So whatspecific practices can hoteliers use in this current age of technology where information is constantly changing? And how will those practices translate into more heads in more beds, and more dollars in hoteliers' pockets?
To find out the answers to these questions and more, download REVPAR GURU's newest whitepaper called "Best Practices in Revenue Management " here. Also included in the whitepaper, are some of the results of the company's recent industry survey on revenue management, which will offer insight into how hoteliers are pricing their rooms, what strategies they are using to increase revenues and what technology (or human talent) makes their strategies successful.
About REVPAR GURU
REVPAR GURU provides hotels around the world with an alternative revenue management software solution, designed to deliver maximum bookings and profits. As REVPAR GURU's custom-designed Yield Dynamic Price Engine is the only real-time revenue management software available on the market, it meets the rapidly changing needs of hotels in a very demanding business environment. REVPAR GURU's solution offers dynamic rate optimization, real-time pricing, integrated internet and extranet yield channel management and GDS sales distribution, to increase a hotel's RevPAR intelligently and effectively, while maintaining rate integrity and automated rate parity. Since 2004, REVPAR GURU's software solution has been used by hotels worldwide to increase occupancy and RevPAR. Headquartered in Miami, Florida, additional information can be found at www.revparguru.com or by calling +1.786.478.3500.