“The hospitality industry has been going through a lot of changes since the pandemic. More and more properties are realizing the importance of revenue management. And most importantly, they’re realizing the need for proper tools that will help them with better decision-making.
There’s a strong shift to automated systems, investment in market intelligence tools, rate shopping, and proper RMS tools. But AI is also becoming more present in modern usage scenarios. For example, integrating AI with RMS tools to increase revenue generation. AI is also being used for customer experience like generating suggestions based on a guest’s preferences.
The good news is that there are more options and tools available nowadays. The growth in tools allows more properties to shift to the next level of revenue management. A level where they get to better optimize and strategize; based on reliable data and trends.
With the availability of more cloud-based tools, hotels have also been considering cluster revenue management. And the change comes with several advantages. Outsourced revenue management is also becoming more common. Smaller, independent, hotels can benefit from the knowledge and experience of a larger pool of qualified revenue professionals.
Guest experience has always been at the center of the industry’s decisions – but now properties want to take this to the next level. CRM has become really important. Not only for guest recognition but also for providing more personalized service to them. Even independent properties are looking for a way to convert direct business and have some sort of membership scenario. Either on their own or in collaboration with another company.
Chatbots, live chat service,s or WhatsApp messaging is also a significant part of the discussion. Many hotels use them, as today’s guest wants a faster response. We can expect growth of these tools in areas related to customer experience.
There will be further enhancement of booking processes. It’ll become more effortless, with smoother booking procedures. And it’ll open up an experience that is more relevant to the guest’s profile.
Conscious options for guests: Paperless check-in and check-outs, personalizing their stay before arriving, pre-book experiences via mobile, paperless menus, etc.
To recap, I would say that the latest tech trends could really elevate both your Revenue Management and also your guest experience if you know how to properly utilize them.”
