As travel recovery continues and the travel industry (both hotels and flights alike) gains from the seller's market, it is imperative that effective Revenue Management systems are in place to deliver sound gains whilst capturing the optimal share metric.
ROBUST SYSTEMS
Global hotel brands have instilled robust RM systems which feed real time market conditions and help guide and support the commercial teams in effective course of action in these fluid demand patterns. In the hospitality industry, various revenue management systems are used, such as property management systems (PMS) with revenue management capabilities, channel management systems (CMS) for distribution, customer relationship management (CRM) systems for guest data analysis, and revenue management systems (RMS) specifically designed for optimizing pricing and inventory allocation.
Vishvesh Madhavan, Market Head of Revenue, Bangalore, Hilton Hotels and Resorts, says, "We have the best-in-industry Revenue Management systems in place for optimizing availability, rates and yielding strategies across our distribution spectrum to deliver tangible results. As for the RM systems - hotels are now going above and beyond the usual revenue optimization cycle, which was vastly dedicated to rooms. Revenue Intelligence is now circled across revenue-generating segments including food and beverage, catering (both out-door and indoor) and to even finer detail segments such as value add-ons and ancillary on spends."
TECH TALK
By implementing online booking engines, mobile apps, and channel management systems, technology streamlines the hotel booking process, providing a seamless and convenient experience for guests. This leads to increased direct bookings, reduced reliance on intermediaries, and ultimately boosts hotel revenue.
Esta historia es de la edición July 2023 de Hotelier India.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición July 2023 de Hotelier India.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Why Western Couples Are Choosing India For Their Big Day?
Decoding the reason, and how to cater to them...
A Match Made in India
Director General of Tourism Mugdha Sinha's grand vision for wedding tourism...
Tee Off in Style
Hoteliers are giving golfing facilities a boost even as they offer putting greens that make the sport popular.
Bespoke Getaways: What Makes Them Desirable?
Boutique hotels are increasingly becoming the first choice among discerning guests as they provide meaningful breaks.
Blending Tradition with Innovation
The balance of honouring tradition while adding a dash of modern flair is what keeps the culinary scene fresh and exciting...
DON'T THINK, OUTSIDE THE BOX
The oft-quoted maxim, \"Think out of the box!\" does little to encourage creativity or innovation and often is their enemy.
Putting the Wow into Weddings
As hotels become the preferred venue choices for weddings, the industry is certainly shaking things up.
Innovation Is Not an Option but a Necessity
Emphasizing the need for the Indian hospitality sector to innovate and disrupt itself in the current transformative period.
Why Marriott built its GCC in India?
Drew Pinto, Executive Vice President and Chief Revenue & Technology Officer of Marriott International, tells Hotelier India all about finding the best talent in India...
FROM POTENTIAL TO POWERHOUSE
In an exclusive and candid interview with Hotelier India, Gajendra Singh Shekhawat, India's Minister of Culture and Tourism, speaks about how tourism and hospitality will power India's economy by 2047.