TECHNOLOGY
The Price is Right
A STRONG REVENUE MANAGEMENT STRATEGY CAN BE THE DECIDING FACTOR BETWEEN CASHING IN AND LEAVING MONEY ON THE TABLE .
By KATHAKALI NANDI
An efficient revenue management system or RMS is key for hotels to maximize revenue generation and make informed decisions based on performance analysis and data , especially during these unsteady times where demand patterns oscillate at any given moment .
In the hotel industry , RMS can create an efficient inventory of the total number of guestrooms , maximize profitability and help hoteliers make informed , datadriven decisions . A good RMS strategy will help hotels understand the historical and future-looking data for a property , along with knowing the market dynamics and the prevailing economic conditions that might impact guest ’ s price sensitivity .
And though humans still make final decisions , it ’ s technology that is guiding their hand and , in some cases , a set-it-andforget it approach is observed — the tech has become that good .
Owing to the diversity of its portfolio , Denver-based Sage Hospitality Group uses
90 hotelsmag . com Jul / Aug 2023