How Can Hoteliers Build a Future-Proof Commercial Strategy for Their Revenue Management?
📈 Revenue management, rooted in the 1970s airline industry, now leverages big data and AI to predict trends, enhancing hotel strategies. Cloud computing democratizes access, even for smaller hotels. The role of revenue managers shifts from data handling to strategic leadership, emphasizing collaboration across departments. Key strategies include reframing revenue management, breaking silos, and using advanced tech. Remember the 4Ps: Pricing, Positioning, Pace, Performance. Embrace technology while maintaining human insights for a competitive edge.
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