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hotels revenue management action logging boosts revenue

Hotels Revenue Management Action Logging

Hotels Revenue Management | Action Logging

If you’re new to hotels revenue management or a seasoned professional, you can benefit from the action logging technique. In today’s fast-paced world of hotels revenue management, it can be overwhelming to keep up with the demands of the market, hotel constraints, technology partners, marketing actions and management demands.
In this post, I’ll explain the action logging technique, when you can use it, how it can work for you, along with some examples of bad and excellent capture methods.

XML activity logs built into channel managers & hotel revenue management tools are exceptional at keeping track of actions put through them, but they have a  problem. They don’t reveal the real reasons and related marketing actions that accompany hotels revenue management decisions.

The truth is action logging in hotels revenue management gives more context to logged action. As a result it can keep situations fluid, calm and collected.

When gauging hotel performance, the vast majority of managers opt for historical comparisons, meaning results are either higher, the same or lower than the same period last year. But, a question leads to more questions such as; why is it happening? How can we repeat it? How can we prevent it? What marketing actions were taken? So, how can you ensure you can answer any question that comes up? With a good action log structure and capture method.

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revenue management for hotels

Hotel Technology Projects – Requirements Planning

When it comes to technology company partner selection for hotel technology projects, requirements planning is crucial! The real key to success is taking the time to define and understand your own unique requirements and documenting them properly!

Spending the time at this point will save you and any technology company considerable time and energy. Even if a partner company is not successful, your effort will be appreciated and they will be more likely to participate in future project bidding processes.

Make sure the requirements are categorized and explained in simple bullet points using a ‘Request for Proposal’ (RFP) document.

The same RFP can be sent to similar providers, ensuring that you receive their solutions to your requirements in a fair and controlled manner. It has the added advantage of revealing partners showing strengths and weaknesses against the various requirements set in the RFP.

Partner selection can be a lengthy process covering a range of areas, however the time will be well spent. Continue reading →

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