The Science and Art of Revenue Management Continue to Evolve

The revenue manager of an individual hotel or hospitality entity has become the “quarterback” of modern hospitality strategy and, in many ways, operations. He or she reviews past game data, surveys the competitive environment, consults with coaching staff (ownership and brand standards) and listens to teammates (especially the general manager and director of sales) before hitting the field on any given day and making a complex play call.

As we know, with revenue management, a lot of things are in motion at once before we can determine and allocate “which rooms, when, at what rates.” Certainly, in recent years, the data and analyses available to today’s best-trained and most-experienced revenue managers have gotten increasingly powerful. However, the challenges have become concomitantly complex when we consider such factors as the varied room reservation pipelines and their respective commission structures, the continued proliferation of hotel brands, ambitious new build or renovation programs that alter comp set capacity, or new lodging models. Not to mention that often difficult to predict consumer.

Read the full article @ Hotel Business Review