Hospitality Revenue Management: Tech Advances and Guest Experience

This report provides an introduction to revenue management within the hospitality industry, emphasizing the use of technology to optimize profitability and enhance guest experiences. It defines revenue management as a strategy to sell the right product to the right customer at the right time for the r...Read More

ROOMS REVENUE
MANAGEMENT

INTRODUCTION
Room management aids to predict consumer demand to optimize inventory and price
availability to maximise profitablity growth. Revenue management aids to lower the hotel cost. It
is term that also enables the hotel plan ahead by optimizing manpower for the period of higher
demand. Therefore, the primary aim of revenue management strategy is to sell the right product
to right customer at right time for right price.
It is technique that is based on supply and demand that used to maximise profitability by
lowering price to enhance sales during period of high demand to enhances revenue. It allows
hotel owners to better anticipate the demand and optimise availability and pricing to have the
best financial result. Moreover, report will cover the following topics as recent technologies
advances in hospitality industry that aids to improve their experience.
PART B
Consider recent technological advances in hospitality industry help to improve their experience.
Technological advancement helped tourism and hospitality industry that aids to
improvise communication, reservation and guest service system. Hence, technical advancement
has helped and hospitality enterprise replace expensive human labour with technical labour. It is
technique that aids to have reduction in labour cost but aids to avoid customer service issues. In
the 21st century, the integration of nee technical revolution are most likely to regress in the
course of development. However, technical advancement must be aligned with guest expectation
to stand out of competition. Technological advancing is faster peace than ever before. Thus, the
recent two technological advancement as-
1. Automated check ins and check outs- Hotel have differed outlook to check ins and check
outs. Hence, it can be stated that long queues at the front desk during the peak season are
quite distressing for the guest. So, to cope up with it innovation needs to be carried out.
Digital check in and check out with initiating special request in hotel make possible for
guest on their mobile, tablets or computers. For example- Hilton worldwide enables this
feature for enhancing guest experience with help of allowing them to select role as per
their preference. Mobile communication. Mobile communication has downloaded in
terms to come up with facet to provide convenience and choice to guest. For example-
Hotel as Marriott Inc. has introduced mobile app and that empowers the guest to check in
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after 4 pm a day prior to check in date. Therefore, innovation aids to focus on delivering
high level of service that guest are always looking for so that better things can be given to
customers.
2. Smart room and Internet of things- Digital transformation of hospitality industry starts
with elevating the concept of the room to include the latest technical advancement. By
enter into smart rook a cloud based system with the use of IoT devices aids to give guest
control over their experience with a mobile device. By the use of it, guest can control the
wide range of amenities and guest services. It is inclusive of lights, conditioning, media
devices in each room
As rooms are heart of the hotel experience and smarter version aids to become default for
hotel industry in near future. In addition to this, it can be stated that fledged digital
transformation of the hospitality industry allowing hotel chains to deliver better experience to
customer that drive sales and aids to learn more about the guest to have continual improvement
in services of the room. Smart room ideas emerged in the first place and this is becoming one of
the top trends in hospitality over the recent years. If pleasant, easy, fast and personalised things
aids to give high technology. Thus, guest anticipate provides new level of comfort and customer
experience by adding unique features and services to surprise and help them to stay.
Hence, it can be said that these both technologies will be helpful to boost the customer
experience and profitability. New technical advancement are helpful in terms to helping the
hotels to enhance the brand image. Therefore, it can be stated that digital transformation of the
hospitality industry starts with elevating the concept of room to include the latest technological
advancement. Thus, technical advancement gas been widely used in different fields to provide
better guest experience to customers. It is helpful in order to enhance business proficiency and to
enhance competitive advantage.
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