Recent TRG blog posts

Upgrading revenue management capabilities means not only implementing the right technology solution and integrating the right data sources — ones that have been shown to improve forecast accuracy and pricing decisions — but also putting the right organisational resources in place and creating a revenue-focused culture. Following are a few recommendations for hoteliers to keep in mind. 

The demand for next-generation revenue management solutions for the hospitality industry has increased with the proliferation of online travel agencies (OTAs) with differing pricing and commission structures, shrinking booking windows, ever-more intense hotel competition in high-demand destinations and ever-increasing pressure to drive profitable growth.

As disruptors like Airbnb is transforming the entire hospitality industry with a wide range of services, not just lodging accommodations, the industry C-suite and decision makers have to move away from the traditional revenue management strategy in order to better maximising their profit.

One definite thing about the hospitality industry is that the customer’s behaviours never stay the same and that they are easily affected by many factors. For customers, the new era of digitalisation has fundamentally transformed the customer experience. 

In this day and age, it is crucial for hotel businesses to adapt to disruptive trends such as personalised customer experience, IoT, and blockchain. Advancements will also bring new challenges to the hotel finance and accounting team, who must evolve to take on new responsibilities and provide key insight for the CFO’s decisions in the following critical areas.

As we move into a new era of recruiting, the age of the resume may be drawing to a close. Social media is becoming increasingly popular as a way for recruiters to find the best possible candidates for open positions. According to a recent survey by Jobvite, 92 percent of recruiters are using social media to find new talent in 2012. The survey reports, “Social recruiting has become an essential resource in the war for talent as competition is fiercer than ever.”

Advanced technologies provide hoteliers with full-scope support and benefits, from front desk to back-office operations. Cloud technology, for example, has played a key role in improving the end-to-end experience from booking to post-staying of guests, reducing cost and resource demands, increasing ROI, and hence, improving the overall business management capability of the business.

If a stranger asks you to rank your management team on a scale of one to ten in areas such as communication, delegation, etc, what would you say? Most people would rank them unrealistically high for fear that their answers would get back to their boss. How many of you can say that you would answer 100 percent truthfully in your own opinion?

Do you know what is important to your prospective and current employees? Do you work hard to meet those needs? If you answered yes to both questions, then you probably have a low employee turnover rate. However, this is not the case for all employers and many companies struggle with the issue of employee turnover.

Leaders are catalysts for change in organisations and managers are necessary for managing change through the rank and file workforce. Unfortunately some managers resist change, especially if they have already lived through previous change initiatives that forced them to do more with less. Managers who are unwilling to embrace change have distinct characteristics that put them "at risk" for derailing in their careers.