Have you ever found yourself day-dreaming about having a job in which, let’s say, you get paid for something as simple as browsing the internet? Then Revenue Management might just be right up your alley!
I am sure the above statement might cause some outrage in the Revenue Management Community. But here’s the deal:
In my career I have come across a whole array of skillful, capable and creative Revenue Managers. They often understand the field of revenue optimization and opportunity exhaustion better than most others. They are the ones showing up to meetings with the facts, with fancy graphs, with uncovered trends… what an insightful bunch of people! And guess what, companies pay them quite a bit for that! Or so they think… Now, if you ask one of those brilliant RMs to track, just for a week or so, what he actually spends his time on each day what you might find can be shocking.
Every-day realities of the average Revenue Manager often imply that each usable output casts a seemingly endless shadow of information compilation, data aggregation, excel computing and source management. A substantial amount of hours is spent on different internal and external platforms to collect raw data, benchmark competition, register segment performance and so forth until the findings end up in a macro-heavy excel sheet that finally gives them any kind of meaning. With that in mind, the rapidly growing availability of data for the hotel industry, be it GDS performance, Market Share Reports, OTA rankings and reviews, and of course your own internal tracking, is a blessing and a curse at the same time. Leveraging them all is time consuming, if not impossible.
The question naturally arises: Is this what companies pay RMs for? I personally cannot recall ever being asked in a job interview: “Do your skills include copying data from 10 different screens at the same time and pasting them into an excel document?”.
It is time for the industry to use Revenue Managers as the assets they should be to the hotel by supporting them with tools that take lengthy pre-work off their shoulders. It is time to invest in the right technology to cut down on time wasting manual processes and to guide them out of the maze of big data and its tedious aggregation. Just free their time to be what they are best: Proper analysts, decision makers, strategists, masters of understanding cause-effect relationships and therefore influencers of the bottom line. Just think about it: If you buy a Ferrari – would you let it drive on a dirt road?