The Hotel Revenue Management conversation has stagnated. As hotel companies try to standardize their approach to rate setting, to take judgement out of the hands of RMs, analytical creativity and innovation has been sacrificed. This trend should be alarming to hotel RMs, as most RM resumés still highlight the traditional skills of RM. Those skills are not where the opportunities are anymore. The thin analytical background of most Revenue Managers will begin to impact their salaries as hotel companies cash in on having focused heavily on programs and processes instead of people. Fortunately, there is a way for any hotel RM to jump back on the high opportunity highway and that is to develop the skills that are in highest demand. The following Google Search Trend charts clearly show how interest in the traditional RM terms have plateaued and highlight the skills that RMs should focus on to continue to command the highest salaries.
1. Interest in Hotel Revenue Management has plateaued.
2. The same is true for Property Management Systems…
3. … and Revenue Management Systems…
4. … and hotel distribution systems.
5. In fact, the conversation on hotel systems in general has dwindled.
Focusing on the traditional RM skills will only make you a more generic candidate in the global RM talent pool. The following skills are where you should focus your efforts in order to stand out as a leader in the field.
6. The conversation has now shifted to hotel analytics, which is the application of data and math to hotel management problems, such as RM.
7. A strong background in data analysis will get you noticed.
8. Hard-nosed pricing analysis is now a must.
9. There is a joke in the software business that the most used feature in any analysis software is “export to Excel.” In fact, Excel is still the most widely used tool in business analysis. As companies search for more innovative ways to look at their data, the cookie-cutter, black-box software becomes a hindrance rather than a help. That is why interest in Excel skills continues to grow.
First you must know how to connect Excel to your data sources.
Then you need to be able to use it to manipulate and draw conclusions from the data.
Finally, you should know how to use Excel to present your insights.
10. In conclusion, the growth is now in the Data Sciences skills, not RM skills. By developing your Data Science toolbox, you can stand out as one of the top RMs.
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Robert Hernandez, Statistical Analysis and Data Mining for Revenue Growth Robert is an expert in the field of mathematical Hotel Optimization and Analytics. He has spent the last 17 years building data-driven forecasting and optimization models for companies in over 20 different industries, from tech to tourism. Robert possesses a very unique skill set including cross-disciplinary experience, advanced mathematical and analytics skills, data transformation, industry-specific knowledge and business-process improvement expertise. Robert began his career at the Walt Disney Company in Revenue Planning. Read More+