In the hotel sector, having appropriate demand forecasts is crucial to profitability. In this article we tell you all about Revenue Management Dashboards.
In the hotel sector, having appropriate demand forecasts is crucial to profitability.
Thanks to the analysis of past and present data, in terms of occupancy and rates, the hotel sector can have a forecast of demand and specify what strategy or actions to follow to sell free rooms at the best price or increase occupancy.
In order to develop a proper data analysis, it is convenient that companies carry out a data integration process (with an ETL process, for example), ensure the quality of data and have data management and data governance strategies.
Moreover, they can also specify which distribution channels will be more successful selling them and with less commissions thanks to business scenario simulation and predictive analysis.
The functionalities provided by Bismart's Revenue Management Dashboards solution cover from the processes for obtaining the data, to the realization of forecasts with predictive analysis algorithms.
- Obtaining data from internal and external sources (occupation, APR, RevPar, Pick-Ups, reputation, events, climatology, festivities, competitors...).
- Data analysis (e.g. behavior in equivalent periods in the past).
- Forecasting (predictive analysis of demand forecast).
- Scenario simulation (what-if analysis).
- Follow-up of results.
And thanks to what-if analysis, hotels can simulate their possible strategies (reduce rates, increase the availability of individual rooms, increase the quota of rooms in a certain channel...) and evaluate the results they would obtain in order to decide which of them is the most suitable.
Revenue Management Dashboards also helps to have an analytical vision that allows to optimize the rest of other areas of the hotel such as shopping, human resources, etc.
Bismart uses Power BI, one of the best data analysis and visualization tools and our team of expert have a large experience bringing clients the best solutions with this Microsoft's group of applications. In fact, Bismart is one of the few companies in Spain that has the honor to be one of Microsoft's partner Power BI.
