I have to report our daily revenue performance to our HQ, and I always need data to understand what kind of business has come in. Previously, I would spend 30 minutes or more on a daily basis looking at the different reports. With the use of Revenue Insight, it's done in five minutes. It's my daily check, and the routine is done half an hour quicker. I am able to properly challenge and understand the business that comes in on a daily basis.
It's also really easy to play with the data in a dynamic way. By clicking various filters, I can see the type of business that has been coming in over the last three, seven, or 14 days and compare it to other periods. Before we had access to this kind of data we used to have to extract it from the PMS and then analyse it, but because the tools are integrated we are able to save all that time. As a result we are able to readjust our rates quicker, and we are quicker to analyse the behaviour of the markets, as we can compare what the changes have been to the previous day to see if there has been any deviance. Importantly, we save time, which in itself is huge, and as a result we can now use it to trigger actions rather than just comparing data.
"The data itself is dynamic and allows me to save a lot of time and allows you to focus on the actions and not on collecting and checking the accuracy of the data. You then have more time to test things and learn what the impact of your actions are."
I also have the ability to gather market segments and map the room types into one pool, which makes reading the data much easier. I can see rates by room types, twin beds, king beds and so on, and I can quickly filter this by room type, segmentation of the market codes, and customise it in a way we want to have the data displayed.
In Revenue Insight we can then pull reports to analyse the room type performance so that we can adjust our supplements amongst room types and see the RevPar performance for each room type. If there is something not performing well we can consider adjusting our supplements based on what we learnt from Revenue Insight The goal is to trigger actions. It's nice to see the data, but if it doesn't trigger any actions, then it's useless. One of our hotels was supposed to close for renovation in January, but at the beginning of October, we were told the work would be delayed by a month so we should reopen January sales. Thanks to Revenue Insight, I was able to evaluate how much business we might have lost due to the change of plans, without taking on further risk on the rates or other segments to recoup occupancy.
With the strategy tab in Rate Insight we look at what the supplement is for breakfast or the BB rate and has it evolved in the market over the last couple of days, or weeks? Are we still well positioned? Should we be more competitive on our BB rates? What are our compset doing over a two day period? Do they have the semi flexible rates or just non-refundable?
We know that guests prefer to have flexible cancellation conditions, but we also need to know what percentages are being offered by the competitors on their advanced purchase or semi-flexible rates. We tend to privilege the semi-flexible rather than the non-refundable rate and we may want to offer a semi flexible with a discount that will be as high as competitors non-refundable offering. By being as competitive, or even more competitive than their non-refundable, with our semi-flexible conditions we are able to capture some more market share.
"I can track the pace to see what my pickup is like which will give us a good idea of the trend which we can then use to implement specific actions."
Rate and Revenue Insight are easy to use and provide a great user experience, especially with the way we can play with the filters and customise the way the data is displayed. The data itself is dynamic and allows me to save a lot of time and allows you to focus on the actions and not on collecting and checking the accuracy of the data. You then have more time to test things and learn what the impact of your actions are.