Transitioning from Excel to a Revenue Management System
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Are you relying on spreadsheets to make critical forecasting and pricing decisions? Are you spending hours upon hours each week pulling reports and aggregating data? Technology innovations are paving the way for more educated decisions that will affect both operational efficiency and profitability at your hotel. It may seem daunting, but ditching Excel for a more comprehensive and user-friendly revenue management system will allow you to quickly pull reports and adjust prices on the fly.
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Transitioning from Excel to a Revenue Management System
- 1. Transitioning from Excel to a Revenue Management System THURSDAY, AUGUST 27 - 9:00AM (PDT)
- 2. Next Webinar – September 30th – 9:00am PDT 2 Founded by Industry Leaders Committed to Customer Success Leverage Integrated Hotel Systems to Boost Revenue per Guest Julie Beas VP of Deployment Duetto Chris Donahue Dir. Product Management Springer-Miller Systems Danny Lopez Client Experience Mgr. SHR
- 3. About Duetto 3 Founded by Industry Leaders World-Class Technology Development Committed to Customer Success
- 4. Our Speaker Tim Kolman Senior Solutions Engineer
- 5. Agenda ▍ The early days: Challenges of using Excel ▍ How a revenue management system will impact your daily job ▍ Integrate technology into your weekly meetings ▍ Track crucial data and create the best reports ▍ Exploring the ROI of a revenue management system 5
- 7. RM life with no system 1 Hour Morning Produce Morning Report, e.g. Pick Up Analysis per segment. Analyze morning reports, to find out key information. Update RM recommendations on excel. Manually upload rates and/or Restriction on all channels 1-3 Hours 1-2 Hours 1-2 Hours ? Hours
- 8. RM life with no system Total Time (Daily) 9-14 Hours Evening Manual forecast Quick Review Group Quotation Strategy, i.e. Excel documents for Group desk 1 Hour 2 Hours Quick Review Group Quotation Strategy, i.e. Excel documents for Group desk Update pricing, review strategy short and long terms, emails. 1-2 Hours 1-3 Hours
- 9. RM life with no system 2-3 Hours per Week 1-2 Hours per Week 1-2 Hours per Week Produce weekly reports for reviews with GMs & CEO. Business review with GM,CMO & CEO looking at pick-up report and pricing reco for next 2-3 months Complete review group quotation strategy, i.e. Excel documents for Group Desk
- 10. RM life with no system Total Time Weekly 8-11 Hours 2 Hours per Week 1 Hour per Week ? Hour per Week Weekly strategic destinations review with every Wednesday using data extracted on Tuesday of previous week! Check and update Event Calendar manually (from reservations feedback) Hotel Report & Cluster – Usage and implementation still to be defined further
- 11. Using Excel? What you’re missing … | No real-time data | Excel prone to error | Not everyone is proficient in using Excel | Input -> Output
- 12. 12 How an RM system will impact your job
- 13. One Platform
- 14. Review and Monitor Alerts Reviewing Revenue Opportunities Quicker decisions OTB, PickUP, Forecast, Price Recommendations (LIVE from PMS) Integrated data such as STR, Competitor data, Online Reputation, etc can all be seen on the same platform. Price recommendations according to setup business rules & forecast are directly sent back to PMS ! An RMS gives you back time, so your team can be more strategic and less operational 4 hours on the same platform – no more Excel RM Daily Tasks
- 15. How an RM system will impact your daily job One platform for all! No more updating several excel spreadsheets No Speed Constraints! .No more Excel and logging in to various platforms Saving time and removing the risk of human error Your team can be more Strategic and less operational
- 16. Business Rules Support & Training Alerts ! Enabling quicker decisionsEnabling to protect peaks in the demand and optimize low demand periods How an RM system will impact your daily job
- 17. How an RM system will impact your daily job ▍ No manual report running and updating spreadsheets ▍ Near real-time data ▍ Accurate data ▍ Easy user interface ▍ Flexible reporting
- 18. Using an RMS as a collaboration tool 18
- 19. Using an RMS as a collaboration tool A Unified View ▍ Stakeholders always on the same platform ▍ Stakeholders can receive alerts in real time
- 20. Using an RMS as a collaboration tool One-Stop Shop ▍ Application houses additional third-party data used in making revenue decisions
- 21. Using an RMS as a collaboration tool Yield Meeting Report ▍ Review all the key revenue metrics that you would during your meeting
- 22. Integrate technology into weekly meetings | Meeting Strategy | Who should attend your meetings? | What are the common reports to discuss at these meetings?
- 23. Track crucial data and create the best reports 23
- 24. The availability of Big Data Macroeconomic Data Air Travel Competitive Pricing Reviews & Social Media Web Shopping Weather
- 25. Exploring the ROI of a revenue management system 25
- 26. Exploring the ROI of a revenue management system Hard ROI ▍ RMS increases in RevPAR through OCC and ADR
- 27. Exploring the ROI of a revenue management system Soft ROI: Save 5-15 hours per week ▍ Time saved during analysis and implementation stage ▍ Spend more time being strategic
- 28. Exploring the ROI of a revenue management system The effect on business ▍ Open Pricing ▍ Lost Business (Regrets & Denials) ▍ Event Management ▍ Air Travel & Weather ▍ Group Displacement ▍ Smart Alerts
- 29. Evolving Tech Partners 29 Regional Office Owner Hotel Brand Property Management Operations Sales & Marketing Distribution Revenue Management
- 30. Evaluating tech partners ▍ Create a partnership ▍ Benefits of a Customer Success team ▍ How important are integrations?
- 31. Next Webinar – September 30th – 9:00am PDT 31 Founded by Industry Leaders Committed to Customer Success Leverage Integrated Hotel Systems to Boost Revenue per Guest Julie Beas VP of Deployment Duetto Chris Donahue Dir. Product Management Springer-Miller Systems Danny Lopez Client Experience Mgr. SHR
- 32. Questions?
Notas do Editor
- Jason will hand it over to Tim … Tim can give a few minute background, mention sales and property-level experience
- Creative – Can we get an image of someone sorting through a stack of spreadsheets?
- T – this is an “in summary” page, highlighting the key points from the last four slides
- T - ONE PLATFORM Hotels are inundated with Data, there are too many data sets and tools that take time to review and are important for our decision making process, so by the time our team finish reviewing all of them, a lot of the data is no longer fresh or accurate.
- T – this is an “in summary” page, highlighting the key points from the last four slides
- C- Could we get an image of a bunch of people around a meeting table?
- T - (mention alerts to changes in demand, competitive pricing and other changes the system identifies)
- Creative – Can we get a screenshot of a page on the app where third-party data would be factored?
- Creative – Can we get a screenshot of what’s discussed here? T - AND immediately implement rate changes from that same page in the application
- Creative - possibly the same stock shot from before showing a bunch of people sitting around a meeting table
- C – this image could work here
- T – Let’s spend a good amount of time on this slide and touch on each of these--STR, Web Activity, Weather, Air Traffic, Reputation Management—expand on each of them a bit. If you need hypothetical examples of how each could affect demand at a hotel, I should have that.
- Creative – Need some type of image to explain ROI – Perhaps a bill or a briefcase full of money ;)
- Creative – can we get an image of a generic chart showing increases?
- Creative – can we get an image of a business person calm and under control, maybe looking at his watch? T- this is an important point, we should spend some time explaining it, perhaps with an example or two.
- T – Touch on each of these and explain what they are if you havent already, but most importantly note that a system allows you to do these things easily whereas with Excel it is almost impossible
- Creative – Do we have a slide showing how RMS fits into the grand scheme of hotel technology?
- Tim, to beef up this presentation a bit, let’s spend 3-5 minutes at the end discussing once you’ve made the decision to implement some RMS technology, how do you go about researching and choosing the right one?