We thought it would be interesting to compile a list with the tools that a revenue manager should have at his disposal.
Let’s call it the Ultimate Hotel Revenue Management Toolkit.
We have done some digging through our Excel reports, yield tools, systems and technology and come up with quite an extensive list of tools and gadgets any revenue manager requires to do his or her job well.
So, here we go…
1. Reports
- Pick-up model
- Segment pace report
- Hotel KPI dashboard
- Booking curve history file (per segment)
- Arrivals, stay-overs, departures and no-show tracking
- Yield-by-room type reporting
- Group trends
- Demand calendar
- Price matrix
- Market segmentation
- Call center KPI
- Unconstrained demand statistics
- Yield committee minutes template
- Weekly conference call minutes template
- Competitive benchmark survey
- Forecasting tool
- 10-day outlook
- Three-month outlook
- 12-month yield calendar
- Displacement calculation model
- Account production tracking
- Website performance statistics
- Corporate and group market rate survey
- Month-end summary report
- Annual budget template
2. Tools
- Rate shopping tool
- Review score tracking
- Hotelligence (supplied by TravelClick)
3. Market intelligence
- Hotel performance and market trend reports by fiirms like PKF, STR, PWC, HotStats, HVS, MKG, Deloitte, E&Y
4. Technology/systems
- PMS with advanced rate management options
- Business intelligence system
- Channel manager
- Two-way PMS interface
Quite a list we put together already. Do you have any more suggestions? What else do you need as a revenue manager to be able to do your job well and increase yields?
Please add your ideas and comments below…
NB: More from Xotels.
NB2: Tool kit laptop image via Shutterstock.
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About Patrick Landman
Personally for me in some popular PMS there is no qualitative forecast the tool and no the high-quality interface between systems.
I read your article and I could not agree more with the list. I have been trying to build such toolkit during my entire revenue management career and at Duetto Research I finally found a way to do it. I wrote a blog post about it http://www.duettoresearch.com/blog/management-by-exception-a-look-at-a-complete-data-operations-tool/
Where can we get some of these Excel templates for the tools?
@ Christopher, you will find quite a lot of background info and samples on our blog http://www.xotels.com/en/blog
Thanks Patrick! I just subscribed.
Do you think it is good idea to count with dynamic rates and implement it to RMS? This could make the life more easy.
an RMS is not a full auto-pilot, it needs input, and for this you need to understand the patterns of your hotel.
a RMS could replace some RM (reporting) tools, but can’t run on its own … you need to manage it …
its like a Formula 1 racing car, it needs a good driver and team, the car can’t change tires itself if it is raining… it needs to get gasiline… in short it needs to be steered and controlled…