All posts in Budget

14
Nov

8 Ways the Best Revenue Managers Have Re-Defined their Job

Categories: Analytics, Budget, Data, Forecast, Guest Analytics, Hotel Analytics, OTA, Revenue Management, Strategic Planning, Total Revenue Management
Comments Off on 8 Ways the Best Revenue Managers Have Re-Defined their Job
by Robert Hernandez

The 25,000 or so Hotel Revenue Managers around the world are self-dividing into two distinct categories: those that are well prepared(or preparing) for 2024 and those that are well prepared for 2004. Fourteen years ago, the global lodging industry returned to positive profit growth after three years of declining revenues. Hotels began their four year ride(2004-2008) to historic levels of revenue and profit. In 2004 TripAdvisor, HomeAway and dozens of OTAs launched to capture the new opportunities in travel that Read more

14
Mar

The 5 Cs of Building a Data-Driven Hotel Company

Categories: Analytics, Big Data, Budget, Data, General Management, Hotel Analytics, Revenue Management
Comments Off on The 5 Cs of Building a Data-Driven Hotel Company
by Robert Hernandez

It is hard to argue with the claim that Analytics is the hottest buzzword in the hotel business today. More specifically, the impact of Big Data is now a global topic of conversation in industry, government, and education. In the hospitality industry, every function from RM to Marketing to F&B is becoming more data driven. Unfortunately, behind every technology bandwagon there are a plethora of unproven software startups cashing in on the unceasing pressure placed on managers to find a Read more

14
Oct

5 Reasons to Stop Reverse Engineering Your Hotel Budget

Categories: Budget, Data
Comments Off on 5 Reasons to Stop Reverse Engineering Your Hotel Budget
by Robert Hernandez

Even without any research to back me up, I think it is safe to say that most companies reverse engineer their budgets. That is, they decide on a final profit number or percentage and then go about building all the P&Ls to support that final number. From Wall Street to Main Street (sorry for the cliche), business managers tend to build budgets that reflect the expectations of owners and shareholders. Owners like this approach because it allows them to set Read more

Your Courses