For hotels looking to get the most of their data, Duetto’s Managing Director, Michael McCartan, suggests a future-focused perspective that gives time to predictive data sets as well as historical sets is the key. Predictive analytics are the best means of transitioning from a Best Available Rate (BAR) pricing approach to the ideal Open Pricing policy. The more focused approach makes pricing more detailed and more dynamic.
SnapShot’s David Turnbull emphasizes the need for a simplified process for acquiring and developing new hotel technologies, such as downloadable apps. Proper tech can minimize a guest’s friction points, like check-in and a long booking process, during their time at the hotel, freeing staff up to focus on providing the best possible experience.
The panelists recommend looking to innovations in other industries, especially for ways to harness predictive analytics and streamline workflow. Revenue managers must offload their analysis time to give more time over to strategic decision making and pricing optimization.