Industries across the globe are becoming increasingly reliant on data — but not just any data. Real-time data that is delivered instantaneously is pivotal to your success as a hotelier.
Professionals — including those in the hotel and hospitality industry — are looking to real-time data to operate their businesses effectively and maximise their profits.
This is in direct contrast to using outdated data, which is defined in today’s world as any data that can be attributed to a past period of time, which includes data from yesterday.
Real-time data and pricing strategy development
Hoteliers today need to focus on creating a dynamic pricing strategy that allows prices to ebb and flow with the changing seasons and fluctuating demands.
It is nearly impossible to create this type of pricing strategy without having access to real-time data. With real-time data, you can look at historic trends for your property as well as use this same data to forecast the predicted demand for your property in the coming days and weeks.
Real-time data allows you to create price optimisation strategies that establish rates for specific room types as well as lengths of stay (LOS), ultimately improving the amount of revenue that is generated per booking at your hotel.
Real-time data and inventory management
The real-time hotel data that you have available at your disposal allows you to manage your inventory better. The best way to improve your inventory management is to partner with a channel manager that utilises your real-time data in order to update your live availability.
The key is to implement a channel management system that updates all of your distribution channels immediately with your most recent availability. If one room books at your property on a specific date, your availability needs to be broadcast across your entire distribution network via the channel manager.
Without real-time data, your channel manager cannot perform this important task, and the risk of overbooking your rooms increases significantly.
Real-time data and profit
Real-time data for your hotel also has a direct correlation to the profit that your property earns on a monthly and yearly basis. With access to real-time data, you have the ability to improve your pricing strategy, which automatically increases the revenue that you earn per booking.
In addition, you are able to sell more rooms through the channel management system. Beyond that, real-time data offers you insight into important metrics that allow you to forecast and plan better for each coming season at your hotel.
If something unexpected happens and there are market changes that are worth noting, your real-time data alerts you, giving you the opportunity you need to make the right decision for your hotel.
Utilising the most powerful and innovative technologies available today is the best way to secure real-time data for your hotel property.
With access to valuable records and reports about your day-to-day operations, you will be able to create a dynamic pricing strategy that maximises not only your profit but also the number of rooms that you sell.
This instant data is the tool you need in order to compete for the most motivated travellers in the ever-expanding global market.