OPTIMISING REVENUE THE SMART WAY

As hoteliers prepare for much-needed business recovery, it is time to get creative while driving revenue for their room inventory

- SONICA MALHOTRA KANDHARI

While the hospitality sector was among the most impacted sectors by the pandemic, this period also gave us the opportunity to reimagine the business model and emerge stronger. Structural interventions were put in place by the hospitality sector to strategize revenue streams together with aggressive cost management both at a strategic and tactical level.

In order to survive during the pandemic, the hotel industry adopted several strategies which were more focused on heightened safety, enhancing existing services, and envisioning more tech-enabled solutions to meet the needs of the consumer.

One of the most important tools to cope with this challenging scenario is an efficient revenue optimization strategy. This involves predicting customer demand and then streamlining prices to increase profit margins. It also involves optimising the available inventory in the best possible manner so that it maximises profitability.

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