In a recent interview with Hyatt Hotels & Resorts’ Vice President of Revenue Management, Paul Murray, EyeforTravel.com discovered that, over 2013, the practice of Revenue Management has become a key strategic tool in the hotel industry. As such, Revenue Management emerged as one of the most sought after disciplines in 2013, as EyeforTravel.com hears from Hyatt.
The article covers the importance of building up consistent databases, but these can only be properly read by experienced Revenue Managers: “The key opportunity in forecast accuracy and optimizing revenues for hotels lies in the successful blend of human and machine. Calculations built around revenue management processes and philosophies are critical to the success of a revenue management.”
In Mr. Murray’s interview, he noted that, “Another important factor will be the ability of an organisation to deploy meaningful training that is both easy to consume and provides clear guidance about managing best practices in pricing and inventory management. Without a strong knowledge base combined with action-oriented information at the hotel level, many advances will quickly fall flat.”
This statement is espoused by Les Roches Marbella’s BBA curriculum and points out why we give importance to revenue management when training future hotel managers.