Identify booking trends and maintain profitable bookings across the organization through out the year to pep up the revenue.
Hotel industry is undergoing a paradigm shift in terms of doing business and making profits. Major chunk of revenue is generated by occupancy of rooms and other sources like bar sales, food sale, clubs and so on. The data available from multiple sources is obscure and needs a proper channel to be represented in a way that make sense for decision makers. Hotels are always in a mix to formulate best prices for their rooms, understand demand during season and off-season and to know current bookings by individual or group bookings to uplift RevPAR and to ascertain profitable ADR.
EzDataMunch’s hotel analytics dashboard is a comprehensive solution that gives accurate insight into the data extrapolated from all the revenue and pricing sources. This data helps to make right pricing decision and understand demand thus increasing revenue.
Hotel Revenue Management
Revenue managers try hard to contain costs by meeting budgets and maintain revenue margins. They need quick and accurate insight into the expenditure and revenue sources to keep the profit margin up and to forecast future profits. This data also helps them to forecast appropriate room rates and manpower requirements.
- With our hotel analytics solution business users can compare current year’s budget and revenue statistics with previous years statistics to track growth and identify key performance factors for revenue optimization.
- Forecast revenue by time frames and different segments.
- Forecast appropriate room rates by considering seasonal variation and day of the week.
Hotel Channel Management
Having best distribution channels is indubitably, inseparable factor for hotels revenue strategy. Its important to know which channels your customers are using for booking rooms and you lose revenue if you are not on sale on these channels. It makes sense to be on all the channels however, hotels have to pay a part of revenue in certain percentage to these channels thus, choosing the right channel not only impacts rooms sold but also revenue received.
- Our hotel analytics solution helps to identify and engage the best distribution channel partners.
- View revenue generated through channel booking.
- Determine best room booking percentage to be shared with distribution channel.
- Decide the number of rooms to be sold by channel.
Booking pace is a key element of revenue management as it measures the number of bookings at any given time for a future date. This data can be compared with the data of all the bookings done last year to check any increase or decrease in room bookings. Understand future demand by comparing historic data with current booking data and to see if booking pace is ahead compared to previous year.
- With our hotel analytics solution business users can analyze occupancy and forecasted revenue.
- Compare previous year’s forecasted revenue and occupancy with current year.
- Decide competitive room rates by understanding show ups and no shows by comparing previous and current years data.
- Build various demand model to optimize RevPAR and Occupancy rate.
Having right pricing strategy and best structure to support this strategy is imperative. One cannot just increase the price on whim and expect profit. Many factors are at play in determining the right price for room and profit margins.
- With our hotel analytics solution business users can create the best pricing program that makes sense to the target customer.
- Understand current trending price amongst the competitors for specific segments.
- Compare historic price with current price for predicting price variance and to determine profitability.
One of the major factor that drive revenue for hotel is group booking. Irrespective of the size of meeting facilities or the number of sleeping rooms, at some point of time, hotels need to handle group booking. These groups can be family or corporates and revenue management for group bookings has unique requirements.
- See the number of rooms allocated to a specific group at a given time and a consolidated view of all the group bookings done for future.
- Analyze past group booking data and compare it with current data to forecast group bookings and predict future profits from this segment.
- Our hotel analytics dashboards helps you to brainstorm appropriate marketing strategies to attract group bookings and prepare right quotes on the fly by getting insight into buying behavior.
Our Hospitality Client’s Experience.
We were looking for a smarter financial analysis solution. We provided few data samples and within 6 days we could see a very exhaustive dashboard with our KPIs well laid down using EzDataMunch Finance Dashboard Playbook for hotel chains.