Revenue Management

We have come a long way in this field from the simple yield management system. RM has evolved in to a science all of it's own. It was quite simple in the infancy days, now it has learned to walk. When it learns to run Watch out... We have created a revenue monster that has consumed the analytical world of numbers along with consumer thinking algorithms. Some properties have their own RM team already in place along with support staff to confront the next wave of analytical data coming down the pike. The process will become larger and more precise since it will encompass all departments. Owners will be looking to hire new GM'S that have a background in RM as opposed to Operations.
The hotel world is about to get a new direction in who is steering the ship. By the way the hospitality industry is not the only business using RM as a tool to increase profit. In all of this the consumer is the ultimate warrior for he alone must decide if the price equals the perceived value for service rendered. We can have all of the best analytical data at our hands, however if the consumer does not see value for him in it he will not buy it. Then what happens do we go back to square one. RM is a very useful tool just don't abuse it for if you do it will work against
you, and not for you.

Good holidays to all

A C