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.

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.

Nowadays, amenities such as flat-screen TV, Wi-Fi, aircon, minibar, etc. in your typical hotel rooms are considered must-haves and can no longer act as key differentiators. Hotels will certainly evolve, and the adoption of new technologies is inevitable. The question is, how drastically?

Most today’s hotel operators believe that revenue management will become even more automated with further advances in data analytics capabilities. So, which technology solution is the right one? How can a hotel operator be assured that the solution they implement will best meet the needs of the hotel and enable revenue managers to achieve optimal results? The following are just a few key buying considerations to keep in mind. 

The sharing economy (also known as “peer-to-peer economy” or “collaborative consumption”) is the concept of sharing resources that are otherwise go to waste. Technology plays a part in helping the sharing economy to expand, and making the assets cheaper, more accessible than ever. In today's article, we'll focus on the hospitality industry and how much impact the sharing economy, particularly Airbnb, is having on the industry as well as the consumers.

This blog provides a cursory overview of some of the key concepts related to next-generation revenue management practices. The first part talked about the performance metrics. In this final part, we will take a quick look at the remaining two concept: data and intelligent pricing.