June 7, 2021
Everyone in business whether it’s marketing, consumers or hoteliers, are talking about data big or small, data is dominate, it’s what all our decisions are based on.
Understanding and managing data is a complicated discipline, particularly in the form of data science, taking data using effective models into production so they can start making waves. But wait, isn’t that what revenue manager’s do, day in day out? Use various tools in the process of building triggers and associated value generation.
Traditionally, the data revenue managers use was mostly structured and small in size, which could be analysed by using simple BI tools, today most data is unstructured or semi-structured. The latter data is where hoteliers or Revenue managers relay on external tools
Demand is growing for a next-generation revenue management system that enables hotels to provide support in the evolution of the industry, in addition to new requirements. Success in today’s industry requires a next-generation revenue management solution that incorporates advanced technology.
Machines are learning faster than humans can ever hope to, and AI is emerging in every industry and the most prominent for the hotel industry are those that consolidate data.
Revenue management systems currently have often been a source of frustrations for analysts. They typically provide data in reports and summarised dashboards, however this is only useful when the user is able to translate the data and then make sense of it. Revenue managers now need systems that have AI and machine learning powered tool that then displays data in smart way, so revenue managers can compute the information as quickly and possible and react to the every changing, fast evolving market.
Revenue managers are data scientists but like many scientist they all require state of the art software to ride the wave of the industry.
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