Intelligently managing your inventories
Data Collection & Accuracy
The revenue management process starts with data collection. Having data that is relatively clean is hugely important for a revenue manager to then make proper business decisions. Bamboo can create data extraction processes that will export data from your Property Management System databases; this saves your team hours of work and will present the data in a way that it can be cleaned and recorded properly.
In order to fully understand your hotel's business it is important to segment your business properly. Bamboo can help you to create segmentation that makes sense, but also concentrates on your key business areas. Segmentation might represent a number of business qualifiers such as rate type, business type or booking source. Having good segmentation can enable you to recognise when cheaper or more expensive parts of the business are ahead of pace and can therefore be constrained to allow more availability to more profitable segments of business.
The foundation of revenue management and involves forecasting of various elements such as demand, inventory availability, business mix and market share against the competition. A hotel's performance depends critically on the quality and accuracy of the forecasts as strategies are based clearly on the forecasts themselves.
Once a forecast has explained what the business is likely to do under the certain conditions, optimisation explains how we are going to achieve it. It is vitally important that the optimisation process is continually revisted and monitored to ensure the desired effects are being observed.
Optimisation essentially plays the balance between occupancy and rate depending on what is happening over a period. Getting the best balance is the most complex part of revenue management and Bamboo's skill and expertise in this area is proven.
Bamboo works with a variety of manual and automated optimisation methods of which include:
Setting how the hotel might price its inventories according to demand and availability. It is important that hotels look at their own strategy first whilst also taking into account the competition. Bamboo works with a number of automated Rate Shopping tools that will allow hotels to quickly understand the competition's pricing strategy
These set controls on inventories such as restraining minimum length of stays, or closing promotions or segments of the business. It is one of the many controls that can be used in revenue management and careful and experienced use can quickly produce the desired results in the business.
Managing the various channels of distribution including the Global Distribution System (GDS), the many Online Travel Agents (OTAs) a hotel might be contracted with, Wholesaler/Tour Operator freesale allocations and allocations or the hotel's own or brand web booking engines. Rate parity is one of the toughest and most time consuming roles for a revenue manager as rate parity often features in most OTA contracts and are rigorously checked.