The clearer the picture you have of upcoming demand, the better you can prepare accordingly in many phases of operation, from staffing to marketing to pricing. Forecasting is a complex discipline and can be overwhelming at first, but it can be broken down into simple steps.
With the addition of multiple OTAs with various pricing and commission models, as well as a shrinking booking window, having an accurate demand forecast is the first step to better pricing and more profits.
In this whitepaper you can read 8 tips for improving your hotel demand forecasting.
Whitepaper - Beginner's Guide to Hotel Revenue ManagementDuetto
Revenue management has become synonymous with managing rates, but it is really much more and the first step to a comprehensive revenue strategy.
If you don’t know who your customers are and when they’re coming, it’s hard to properly manage your property and set rates to maximize profits. By using basic approaches to segment, forecast and price, operators can run their hotels more efficiently and profitably.
In this whitepaper you can read how you can get started with revenue management today by taking a few simple steps.
Whitepaper - Four Keys to a Profitable Hotel Distribution StrategyDuetto
As the distribution landscape continues to evolve and complexities and costs grow, effective distribution and pricing strategies are more important than ever.
A successful distribution strategy must begin with a more acute understanding of customer acquisition costs by channel. From there, hotels must focus on driving and converting more direct bookings and maximizing revenue on every transaction across all channels
In this whitepaper you can learn four strategies to develop a profitable room distribution strategy for your hotel.
This presentation illustrates a comprehensive analysis of Le Corail Suites Hotel dynamic pricing model. Based on both reservation information and competitor’s occupancy data, a revenue management tool has been developed in order to estimate the daily occupancy rate.
One of the biggest challenges for hotels is pricing since they are not only required to set prices for current dates, but they must also quote rates for up-coming dates and communicate them to the different distribution channels. We develop a predictive model of dynamic pricing using a multiple regression algorithm. The estimated statistical model presents accurate predictions of the actual daily occupancy rates of our hotel. Le Corail Suites Hotel occupancy rate co-move strongly with its competitors’ occupancy rates and we reveal that a price based on forecasted occupancy rates can significantly increase the revenues.
You can find more details by watching this video: https://youtu.be/IlLlFAl81W0
Tutorial introduction to revenue management for hotels hospitality seminar w...TOMEU PONS
New version: https://es.slideshare.net/tomeupons/advanced-revenue-management-for-hotels-1-lisbon-2016-english
The main objective of this seminar is to understand the purpose of revenue management in both technological and commercial terms.
With this information, a hotel can evaluate, develop and optimize its pricing strategy with the goal of maximizing profits.
Revenue Management is a method of managing sales of hotel inventory by applying yield management techniques.
Basic elements of Revenue Management used to manage inventory:
Historical data – statistics, demand and trends
Forecasts
Price management tools
Overall strategy
Pricing policies
The main factors in setting prices are:
Production costs
Market
Competition
Demand
Product positioning
tutorial Introduction to Revenue Management for Hotels Hospitality seminar- what is revenue management in hotel industry course
Whitepaper - Beginner's Guide to Hotel Revenue ManagementDuetto
Revenue management has become synonymous with managing rates, but it is really much more and the first step to a comprehensive revenue strategy.
If you don’t know who your customers are and when they’re coming, it’s hard to properly manage your property and set rates to maximize profits. By using basic approaches to segment, forecast and price, operators can run their hotels more efficiently and profitably.
In this whitepaper you can read how you can get started with revenue management today by taking a few simple steps.
Whitepaper - Four Keys to a Profitable Hotel Distribution StrategyDuetto
As the distribution landscape continues to evolve and complexities and costs grow, effective distribution and pricing strategies are more important than ever.
A successful distribution strategy must begin with a more acute understanding of customer acquisition costs by channel. From there, hotels must focus on driving and converting more direct bookings and maximizing revenue on every transaction across all channels
In this whitepaper you can learn four strategies to develop a profitable room distribution strategy for your hotel.
This presentation illustrates a comprehensive analysis of Le Corail Suites Hotel dynamic pricing model. Based on both reservation information and competitor’s occupancy data, a revenue management tool has been developed in order to estimate the daily occupancy rate.
One of the biggest challenges for hotels is pricing since they are not only required to set prices for current dates, but they must also quote rates for up-coming dates and communicate them to the different distribution channels. We develop a predictive model of dynamic pricing using a multiple regression algorithm. The estimated statistical model presents accurate predictions of the actual daily occupancy rates of our hotel. Le Corail Suites Hotel occupancy rate co-move strongly with its competitors’ occupancy rates and we reveal that a price based on forecasted occupancy rates can significantly increase the revenues.
You can find more details by watching this video: https://youtu.be/IlLlFAl81W0
Tutorial introduction to revenue management for hotels hospitality seminar w...TOMEU PONS
New version: https://es.slideshare.net/tomeupons/advanced-revenue-management-for-hotels-1-lisbon-2016-english
The main objective of this seminar is to understand the purpose of revenue management in both technological and commercial terms.
With this information, a hotel can evaluate, develop and optimize its pricing strategy with the goal of maximizing profits.
Revenue Management is a method of managing sales of hotel inventory by applying yield management techniques.
Basic elements of Revenue Management used to manage inventory:
Historical data – statistics, demand and trends
Forecasts
Price management tools
Overall strategy
Pricing policies
The main factors in setting prices are:
Production costs
Market
Competition
Demand
Product positioning
tutorial Introduction to Revenue Management for Hotels Hospitality seminar- what is revenue management in hotel industry course
Introduction to Reservations Department
Role of Reservations
Modes of Reservation
Sources of Reservation
Types of Reservation
Amendment Policy
Cancellation Policy
COVID-19 Impact on Hospitality Industry And How to Recover From this Pandemic?RateGain®
Gathering market insights from US, Europe, and China of hotel bookings and flight activity seen on a daily basis to help in navigating the uncharted waters of COVID 19, insights highlighting major cities of European regions like Italy, France, Iberia, Baltic, etc and showcasing the new reservation volumes of top cities in the USA using data from RateGain. In this joint webinar, It is emphasized that although times have been tough during this crisis, Current searches for within drive destinations have increased Y-O-Y and future searches for the second half of 2020 has increased as per the research done by Sojern.
Hope for a #bettertomorrow with smart distribution and strategize social media marketing for effective communication because the road to recovery will heavily depend on the next big trend that will be seen in the travel and hospitality industry worldwide.
To download the research, visit : https://bit.ly/3ayYmOl
Everything you need to know about Hospitality Revenue Management – and how to select the right solution and/or services for your organization.
Key takeaways from this Guide:
* KEY CONCEPTS
Need-to-know concepts, terminology and emerging trends
* MUST-ASK QUESTIONS
for solution providers and consultants that really matter
* BUYING CONSIDERATIONS & CHECKLISTS
Factors in the purchase decision, plus a framework
for assessing the options
* ROADMAP & RECOMMENDATIONS
Important tips for maximizing the value of your investment
Read the complete guide to know more.
Visit our website: https://rategain.com/
Webinar - The Secrets to Hotel Demand ForecastingDuetto
Predicting the future isn’t easy, but it’s the key to effective revenue strategy. The clearer the picture you have of upcoming demand, the better you can prepare in many phases of operation, from staffing to marketing to pricing.
This webinar will provide a tutorial on how to get started with forecasting and move to more advanced topics from there. Understand the difference between constrained demand and unconstrained demand and how using different sources of data can provide more visibility into the future. By breaking down this complex discipline into simple steps, you can become more precise in your forecasts and more profitable with your pricing.
WEBINAR AGENDA:
Why demand forecasting is crucial for hotels
Understanding the basics (constrained demand, unconstrained demand, etc.)
How different data sources can help you in the process
Real life examples of the impact of forecasting on hotel profitability
Introduction to Reservations Department
Role of Reservations
Modes of Reservation
Sources of Reservation
Types of Reservation
Amendment Policy
Cancellation Policy
COVID-19 Impact on Hospitality Industry And How to Recover From this Pandemic?RateGain®
Gathering market insights from US, Europe, and China of hotel bookings and flight activity seen on a daily basis to help in navigating the uncharted waters of COVID 19, insights highlighting major cities of European regions like Italy, France, Iberia, Baltic, etc and showcasing the new reservation volumes of top cities in the USA using data from RateGain. In this joint webinar, It is emphasized that although times have been tough during this crisis, Current searches for within drive destinations have increased Y-O-Y and future searches for the second half of 2020 has increased as per the research done by Sojern.
Hope for a #bettertomorrow with smart distribution and strategize social media marketing for effective communication because the road to recovery will heavily depend on the next big trend that will be seen in the travel and hospitality industry worldwide.
To download the research, visit : https://bit.ly/3ayYmOl
Everything you need to know about Hospitality Revenue Management – and how to select the right solution and/or services for your organization.
Key takeaways from this Guide:
* KEY CONCEPTS
Need-to-know concepts, terminology and emerging trends
* MUST-ASK QUESTIONS
for solution providers and consultants that really matter
* BUYING CONSIDERATIONS & CHECKLISTS
Factors in the purchase decision, plus a framework
for assessing the options
* ROADMAP & RECOMMENDATIONS
Important tips for maximizing the value of your investment
Read the complete guide to know more.
Visit our website: https://rategain.com/
Webinar - The Secrets to Hotel Demand ForecastingDuetto
Predicting the future isn’t easy, but it’s the key to effective revenue strategy. The clearer the picture you have of upcoming demand, the better you can prepare in many phases of operation, from staffing to marketing to pricing.
This webinar will provide a tutorial on how to get started with forecasting and move to more advanced topics from there. Understand the difference between constrained demand and unconstrained demand and how using different sources of data can provide more visibility into the future. By breaking down this complex discipline into simple steps, you can become more precise in your forecasts and more profitable with your pricing.
WEBINAR AGENDA:
Why demand forecasting is crucial for hotels
Understanding the basics (constrained demand, unconstrained demand, etc.)
How different data sources can help you in the process
Real life examples of the impact of forecasting on hotel profitability
Actionable Metrics at Production Scale - LSPE Meetup June 27, 2012SOASTA
Presentation to Large Scale Production Engineering meetup at Yahoo campus on June 27, 2012. Dan Bartow, VP Product Management at SOASTA discussed critical performance metrics.
Dita Metrics in Production: How, When, Where, and Why (and How Much) ReduxKeith Schengili-Roberts
An update to an earlier presentation that talks about DITA Metrics looking at my experiences while at AMD, and looking at production metrics as well as ROI.
Carlson Rezidor Hotel Group and JDA: Creating Next Generation Revenue Optimiz...JDA Software
Innovation distinguishes a leader from a follower. Carlson Rezidor Hotel Group stands out as an innovator that’s setting new industry standards with its next-generation pricing and revenue management approach. Accordingly, Carlson was named as a finalist for the 2012 Franz Edelman Award for its exemplary achievement in leveraging both operations research and analytics to improve the real performance of its business. Carlson partnered with JDA Software to create Stay Night Automated Pricing (SNAP), a next-generation revenue management approach that maximizes revenue by recommending optimal prices based on real-time competitor rates and customers’ willingness to pay. The company’s one-two punch resulted in a consistent revenue premium of 2-4 percent for U.S. properties.
Forecasting Accurately with Salesforce ForecastingDreamforce
Learn how Salesforce Collaborative Forecasting can give sales leaders visibility into future sales booking or sales revenue. Hear from two customers, Pure Storage and Nitro, on how they leverage forecasting and the benefits they've realized so far. You'll also learn how matrix sales organizations can track splits by revenue or overlay and the additional capability of forecasting by custom field.
Watch the session video: http://bit.ly/1MnI5Z0
Using Key Metrics to Supercharge Your Demand Management and S&OP ProcessSteelwedge
Forecast accuracy is the single most important metric for demand planning, and quite possibly for the entire sales and operations planning (S&OP) process. If you start with an accurate forecast, the rest of the process is a lot easier. Improvements in forecast accuracy have a cascade effect, leading to reductions in inventory, improvements in customer service/reductions in stock outs, and eventually to increases in gross revenues and/or margins. But do you really understand forecast accuracy, and how to properly leverage it for results?
In this webinar, we will focus on explaining the foundations of forecast accuracy metrics:
How to measure forecast accuracy
Selecting the most meaningful offset or lag period
Units vs. revenue
Aggregation levels
Time buckets: Weeks, months or quarters
Impacts to functional groups: Sales, Marketing, Demand Planning
Strategies for transparent and effective tracking for improved results
Revenue Management is the application of disciplined analytics that predict consumer behavior at the micro-market level and optimize product availability and price to maximize revenue growth. The primary aim of Revenue Management is selling the right product to the right customer at the right time for the right price and with the right pack. The essence of this discipline is in understanding customers' perception of product value and accurately aligning product prices, placement and availability with each customer segment
Product Management by Numbers: Using Metrics To Optimize Your Product by Dan ...Dan Olsen
Best practices in using metrics to optimize your web product. I gave this webinar on Dec 17, 2008, as part of FeaturePlan's series "The Product Management View".
Whitepaper - The 7 Most Common Room Pricing MistakesDuetto
The hotel industry is a street corner business and there’s more competition than ever. It’s not just from the hotels next door and on the other side of the road anymore. Now there are online travel agencies like Priceline and Expedia and newer and even mobile booking sites selling rooms on your street corner and at your hotel.
If you’re wondering where your profits have gone, it might be time to explore how you’re pricing your hotel rooms. For example, selling out your hotel sounds like the ultimate goal, but if you do it too early, it can be one of the costliest mistakes you can make.
In this whitepaper you will see the seven most common room pricing mistakes that could cost your hotel big money.
Top 5 Benefits of Data Analytics for Managers & Hotel Owners.pdfRevnomixSolutions
Data Analytics for managers helps in studying demand & customer behavior to boost revenue. Revnomix is a leading Hotel Data Analytics & Revenue Management Company. Visit https://www.revnomix.com/top-5-benefits-of-data-analytics-for-managers-hotel-owners/ to know more.
8 hotel distribution metrics you cannot ignore when choosing channelsSTAAH
If you want a winning distribution strategy you need to keep on top of the data. Unfortunately, it can become a rabbit hole of information very quickly. We’ve narrowed down eight data points you must look at to stay on top the game.
6 Ways to Use Your Booking Engine Data to Boost Direct BookingsNet Affinity
The data in your booking engine data should be used to build confidence in your property.
Your booking engine is just one piece of the puzzle.
However, it is more than just a source of bookings. The data it provides should be a central part of your conversion strategy, with its ability to highlight guest’s patterns and as a strategic tool in your sales strategy.
If you’re looking to grow your conversions, data is your friend. OTAs are mining the data from their booking engine, and you have access to equally rich data. Use it, and get that competitive edge.
11 Things to Look For in a Hotel Booking Engine ProviderNet Affinity
What should you be getting from your hotel booking engine provider? Which features are most important to your hotel, and which can you live without?
From our perspective, your hotel booking engine provider should be giving you a highly flexible, fully controllable, feature-rich solution, along with in-depth reporting and a team to support you.
5 Ways to Boost Hotel Value with Revenue Management Strategies.docx.pdfRevnomixSolutions
Revenue management strategies by Revnomix can maximize asset value for new hotels as it helps you attract the right business, boosts your bottom line & more. Visit https://www.revnomix.com/5-ways-to-boost-hotel-value-with-revenue-management-strategies/ to know more.
WEBINAR - How to Select a Hotel Revenue Management SystemDuetto
Hospitality revenue management has gone from being an evolving practice with uncertain financial upside potential to being a strategic imperative with predictable revenue outcomes. Indeed, when properly executed, it can deliver surprisingly large increases in revenue growth and profitability for practically any hotel property, regardless of size or category. Given all that, it’s no wonder that hotels and resorts across the board are coming to embrace the technology solutions that enable next-generation revenue management with unprecedented zeal. Yet, implementation of the right solution is only half the battle, and getting from here to there can be a daunting task for even the largest, most sophisticated hoteliers.
Webinar - The 7 Layers of Data that Will Improve your PricingDuetto
From historical booking information to newer consumer-centric data sets like web shopping behaviors and guest reviews, this webinar will help you understand future demand more accurately and how different data sets can affect pricing.
In this exclusive presentation for WorldHotels, learn how Duetto’s GameChanger application helps improve operations, accurately forecasts demand and optimizes the price of your hotel rooms. Understand how Open Pricing goes beyond traditional BAR pricing to provide precision pricing control and more profitability. We will take an in-depth look at the booking curve, reports, alerts, room type yielding, pricing rules and more.
In this live demo you'll learn how using Duetto’s GameChanger platform helps improving operations, accurately forecasting demand and optimizing the price of your hotel rooms. We will take a in-depth look at booking curve, reports, alerts, room type yielding, pricing rules and more.
Use Revenue Management to Boost Profit at your Independent HotelDuetto
Revenue management is a critical component to running an efficient and profitable hotel today. It is especially important for independent hotels, who don't benefit from the resources and negotiating power that come with a big brand. This webinar will take you from basic practices to advanced pricing strategies that will allow you to better manage distribution complexity and drive more profitability.
WEBINAR AGENDA:
Learn the basics of revenue management
Understanding customer acquisition costs and the dynamic digital landscape
Common pricing mistakes to avoid
Use Open Pricing to better manage distribution
Automate functions with alerts and price rules
Webinar - Understanding the Basics of Casino Revenue ManagementDuetto
The practice of revenue management is helping casino managers market their casino to the right audience and price their product to boost bottom-line revenue.
In this webinar you will learn the fundamental concepts behind casino revenue management (segmenting, forecasting, pricing etc) and how to get started in a few simple steps.
WEBINAR AGENDA:
- Introduction to casino revenue management
- Getting started with segmentation
- How to accurately forecast upcoming demand
- Reinvestment decisions and revenue management
Webinar - Leverage Integrated Hotel Systems to Boost Revenue Per GuestDuetto
Choosing the right technology can be one of the most difficult decisions for a hotel but also one of the most important. Increased collaboration among system providers is making it possible for hotels to adopt best-in-breed strategies that provide a strong lift to the bottom line. More connected systems can deliver the ability to optimize each booking, reducing both distribution and acquisition costs, and drive more revenue. In addition, as more vendors adopt standard protocols, hotel IT departments have more flexibility, less risk and fewer security gaps.
Transitioning from Excel to a Revenue Management SystemDuetto
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.
Webinar - Advanced Tips from Revenue Management ProfessonalsDuetto
Revenue strategy experts with decades of experience at some of the biggest hotel brands will share best practices and other revenue management lessons learned from their careers. Find out the one thing they wish they knew when they started out in the field and a few mistakes they could have avoided. In this webinar, you will be able to learn from a panel of pros and take advantage of an extended opportunity to ask questions at the conclusion of the presentations.
Webinar - The Science Behind Hotel Room PricingDuetto
In today’s challenging distribution environment with rising costs and complexities, there’s little room for error. If you’ve properly segmented your customers and are more accurately forecasting demand, you’re ready to take the next step with more advanced pricing strategies that will boost your bottom line.
This webinar will take you from basic strategies to advanced pricing concepts and arm you with the information you need to begin optimizing your revenue.
Segmentation is the critical first step to hotel revenue management. Before you can accurately forecast your business and price your rooms, you have to understand and define the types of customers booking your property. This webinar will provide a tutorial on how to get started with segmentation and then go beyond the basics so you can better forecast demand, price inventory and ultimately increase your revenue per available room.
Chatty Kathy - UNC Bootcamp Final Project Presentation - Final Version - 5.23...John Andrews
SlideShare Description for "Chatty Kathy - UNC Bootcamp Final Project Presentation"
Title: Chatty Kathy: Enhancing Physical Activity Among Older Adults
Description:
Discover how Chatty Kathy, an innovative project developed at the UNC Bootcamp, aims to tackle the challenge of low physical activity among older adults. Our AI-driven solution uses peer interaction to boost and sustain exercise levels, significantly improving health outcomes. This presentation covers our problem statement, the rationale behind Chatty Kathy, synthetic data and persona creation, model performance metrics, a visual demonstration of the project, and potential future developments. Join us for an insightful Q&A session to explore the potential of this groundbreaking project.
Project Team: Jay Requarth, Jana Avery, John Andrews, Dr. Dick Davis II, Nee Buntoum, Nam Yeongjin & Mat Nicholas
Show drafts
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Empowering the Data Analytics Ecosystem: A Laser Focus on Value
The data analytics ecosystem thrives when every component functions at its peak, unlocking the true potential of data. Here's a laser focus on key areas for an empowered ecosystem:
1. Democratize Access, Not Data:
Granular Access Controls: Provide users with self-service tools tailored to their specific needs, preventing data overload and misuse.
Data Catalogs: Implement robust data catalogs for easy discovery and understanding of available data sources.
2. Foster Collaboration with Clear Roles:
Data Mesh Architecture: Break down data silos by creating a distributed data ownership model with clear ownership and responsibilities.
Collaborative Workspaces: Utilize interactive platforms where data scientists, analysts, and domain experts can work seamlessly together.
3. Leverage Advanced Analytics Strategically:
AI-powered Automation: Automate repetitive tasks like data cleaning and feature engineering, freeing up data talent for higher-level analysis.
Right-Tool Selection: Strategically choose the most effective advanced analytics techniques (e.g., AI, ML) based on specific business problems.
4. Prioritize Data Quality with Automation:
Automated Data Validation: Implement automated data quality checks to identify and rectify errors at the source, minimizing downstream issues.
Data Lineage Tracking: Track the flow of data throughout the ecosystem, ensuring transparency and facilitating root cause analysis for errors.
5. Cultivate a Data-Driven Mindset:
Metrics-Driven Performance Management: Align KPIs and performance metrics with data-driven insights to ensure actionable decision making.
Data Storytelling Workshops: Equip stakeholders with the skills to translate complex data findings into compelling narratives that drive action.
Benefits of a Precise Ecosystem:
Sharpened Focus: Precise access and clear roles ensure everyone works with the most relevant data, maximizing efficiency.
Actionable Insights: Strategic analytics and automated quality checks lead to more reliable and actionable data insights.
Continuous Improvement: Data-driven performance management fosters a culture of learning and continuous improvement.
Sustainable Growth: Empowered by data, organizations can make informed decisions to drive sustainable growth and innovation.
By focusing on these precise actions, organizations can create an empowered data analytics ecosystem that delivers real value by driving data-driven decisions and maximizing the return on their data investment.
As Europe's leading economic powerhouse and the fourth-largest hashtag#economy globally, Germany stands at the forefront of innovation and industrial might. Renowned for its precision engineering and high-tech sectors, Germany's economic structure is heavily supported by a robust service industry, accounting for approximately 68% of its GDP. This economic clout and strategic geopolitical stance position Germany as a focal point in the global cyber threat landscape.
In the face of escalating global tensions, particularly those emanating from geopolitical disputes with nations like hashtag#Russia and hashtag#China, hashtag#Germany has witnessed a significant uptick in targeted cyber operations. Our analysis indicates a marked increase in hashtag#cyberattack sophistication aimed at critical infrastructure and key industrial sectors. These attacks range from ransomware campaigns to hashtag#AdvancedPersistentThreats (hashtag#APTs), threatening national security and business integrity.
🔑 Key findings include:
🔍 Increased frequency and complexity of cyber threats.
🔍 Escalation of state-sponsored and criminally motivated cyber operations.
🔍 Active dark web exchanges of malicious tools and tactics.
Our comprehensive report delves into these challenges, using a blend of open-source and proprietary data collection techniques. By monitoring activity on critical networks and analyzing attack patterns, our team provides a detailed overview of the threats facing German entities.
This report aims to equip stakeholders across public and private sectors with the knowledge to enhance their defensive strategies, reduce exposure to cyber risks, and reinforce Germany's resilience against cyber threats.
Techniques to optimize the pagerank algorithm usually fall in two categories. One is to try reducing the work per iteration, and the other is to try reducing the number of iterations. These goals are often at odds with one another. Skipping computation on vertices which have already converged has the potential to save iteration time. Skipping in-identical vertices, with the same in-links, helps reduce duplicate computations and thus could help reduce iteration time. Road networks often have chains which can be short-circuited before pagerank computation to improve performance. Final ranks of chain nodes can be easily calculated. This could reduce both the iteration time, and the number of iterations. If a graph has no dangling nodes, pagerank of each strongly connected component can be computed in topological order. This could help reduce the iteration time, no. of iterations, and also enable multi-iteration concurrency in pagerank computation. The combination of all of the above methods is the STICD algorithm. [sticd] For dynamic graphs, unchanged components whose ranks are unaffected can be skipped altogether.
Opendatabay - Open Data Marketplace.pptxOpendatabay
Opendatabay.com unlocks the power of data for everyone. Open Data Marketplace fosters a collaborative hub for data enthusiasts to explore, share, and contribute to a vast collection of datasets.
First ever open hub for data enthusiasts to collaborate and innovate. A platform to explore, share, and contribute to a vast collection of datasets. Through robust quality control and innovative technologies like blockchain verification, opendatabay ensures the authenticity and reliability of datasets, empowering users to make data-driven decisions with confidence. Leverage cutting-edge AI technologies to enhance the data exploration, analysis, and discovery experience.
From intelligent search and recommendations to automated data productisation and quotation, Opendatabay AI-driven features streamline the data workflow. Finding the data you need shouldn't be a complex. Opendatabay simplifies the data acquisition process with an intuitive interface and robust search tools. Effortlessly explore, discover, and access the data you need, allowing you to focus on extracting valuable insights. Opendatabay breaks new ground with a dedicated, AI-generated, synthetic datasets.
Leverage these privacy-preserving datasets for training and testing AI models without compromising sensitive information. Opendatabay prioritizes transparency by providing detailed metadata, provenance information, and usage guidelines for each dataset, ensuring users have a comprehensive understanding of the data they're working with. By leveraging a powerful combination of distributed ledger technology and rigorous third-party audits Opendatabay ensures the authenticity and reliability of every dataset. Security is at the core of Opendatabay. Marketplace implements stringent security measures, including encryption, access controls, and regular vulnerability assessments, to safeguard your data and protect your privacy.
StarCompliance is a leading firm specializing in the recovery of stolen cryptocurrency. Our comprehensive services are designed to assist individuals and organizations in navigating the complex process of fraud reporting, investigation, and fund recovery. We combine cutting-edge technology with expert legal support to provide a robust solution for victims of crypto theft.
Our Services Include:
Reporting to Tracking Authorities:
We immediately notify all relevant centralized exchanges (CEX), decentralized exchanges (DEX), and wallet providers about the stolen cryptocurrency. This ensures that the stolen assets are flagged as scam transactions, making it impossible for the thief to use them.
Assistance with Filing Police Reports:
We guide you through the process of filing a valid police report. Our support team provides detailed instructions on which police department to contact and helps you complete the necessary paperwork within the critical 72-hour window.
Launching the Refund Process:
Our team of experienced lawyers can initiate lawsuits on your behalf and represent you in various jurisdictions around the world. They work diligently to recover your stolen funds and ensure that justice is served.
At StarCompliance, we understand the urgency and stress involved in dealing with cryptocurrency theft. Our dedicated team works quickly and efficiently to provide you with the support and expertise needed to recover your assets. Trust us to be your partner in navigating the complexities of the crypto world and safeguarding your investments.
Whitepaper - 8 Steps to Improve Hotel Demand Forecasting
1. WHITE PAPER
8 Steps to Improving Hotel
Demand Forecasts
An Accurate Forecast Is the
First Step to Better Pricing and
More Profitability
2. 2
8 Steps to Improving Hotel Demand Forecasts
8 Steps to Improving
Hotel Demand Forecasts
An Accurate Forecast Is the First Step
to Better Pricing and More Profitability
Summary
Because hotel rooms are perishable goods with a shelf life of one day, it’s important for hoteliers
to maximize their value. The clearer the picture you have of upcoming demand, the better you
can prepare accordingly in many phases of operation, from staffing to marketing to pricing.
Forecasting upcoming demand allows you to identify needs and build a strategy based on
projected occupancy. Forecasting is a complex discipline and can be overwhelming at first, but it
can be broken down into simple steps.
However, it’s critical for hotel management to have a good understanding of their performance
goals in terms of occupancy, rate and ultimately revenue. For example, if a popular event in the
area brings a number of new guests to the door, forecasting helps hoteliers understand how
to price to maximize revenue. In addition, it’s the first step to understanding when it may be
necessary to lower rates to boost occupancy on days with lower demand.
Simply put: A forecast is a basic tool used to run a hotel more effectively and profitably.
Hoteliers can begin building daily forecasts by segment rather easily. The following are eight
tips for improving demand forecasts:
3. 3
8 Steps to Improving Hotel Demand Forecasts
1. Use the right data
A basic forecast can be as simple as some notes on pen and paper, and as complex as computing
algorithms that produce precise and accurate projections. But a forecast is only as good as the
numbers that go into building it.
Some hoteliers often make the mistake of
biting off more than they can chew.
Some hoteliers often make the mistake of biting off more than they can chew. While the amount
of data available can be exciting, it’s important to include only what is going to truly make a
forecast more accurate.
Beginners start by exporting Excel spreadsheets from their property management system.
The first step is to look at historical data from a hotel’s own system that shows occupancy, rate
and revenue figures from prior years. The further back a hotel has data, the more accurate a
forecast will be. A hotel that has been open just one week will not have as good a base for a
forecast as a hotel that has been open for a decade. Three years of historical data provides
a great look at business and helps project a more accurate forecast, but even a year or two’s
worth of data is helpful.
The most important data to include is booking date, rate code, arrival date, departure date and
revenue by day. Once historical data is present in Excel, hoteliers can add, tweak or manipulate
the data to make forecasts more accurate. The first numbers to incorporate are upcoming
reservations that are already on the books. The more business on the books, the more accurate
a demand forecast will be.
Market-level data, such as future flight demand, weather reports and geographical data, such as
where guests are coming from, is yet another important source for more complex forecasts.
4. 4
8 Steps to Improving Hotel Demand Forecasts
2. Segment your forecasts
When forecasting, it’s important to segment different parts of your business from the get go.
Historical data should be extracted for both group and transient separately, as well as any
business that is currently on the books for each. Build a forecast for both group and transient
business and analyze them separately before overlapping them further down the line.
Identify group business on the books first
because that tends to be booked earlier, takes
up large chunks of rooms and is often times
more dependable.
In forecasting both group and transient business, looking at prior-year booking pace can give
you a good idea of what to expect and how much anticipated demand will actually materialize.
New calendar events like conventions may lead a hotel to expect added group demand over
prior years.
You can improve the accuracy of forecasts by taking length-of-stay into account. It’s important
to measure demand by both arrival day and length-of-stay. Sophisticated managers will prepare
multiple forecasts per reservation day based on predicting whether guests will be arriving for
one or multiple nights.
If you can further segment your business into clearly defined groups that share booking
behaviors, your forecasts will be more accurate and actionable. When possible, break down the
transient segment into further subsets of customers and channels with similar behaviors. Do
customers pay a similar price when booking through a collection of channels? Do they tend to
book at around the same time in a booking window?
For example, customers shopping opaque online travel agencies may shop well in advance and
be more price conscious than those booking directly. Forecasting them separately is the first
step to yielding them independently of each other.
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8 Steps to Improving Hotel Demand Forecasts
3. Monitor your hotel website
There are many more complex factors that can determine the accuracy of a forecast. One
simplified way of determining the popularity of your hotel on a certain day is by monitoring your
hotel’s website traffic.
Tracking web-shopping behavior can get
highly complex, but it can provide valuable
insight on current and even future demand.
Tracking web-shopping behavior can get highly complex, but it can provide valuable insight on
current and even future demand. It can shed light on how many people are visiting the website,
which can help gauge the frequency of last-minute arrivals.
If you can track how many people are visiting the site versus how many are booking for future
dates, you can see a much clearer picture of true demand. If you can see at what prices those
customers are booking, and more importantly, when they are abandoning the site, you can gain
incredible insight into the price sensitivity of those customers.
Getting an idea of how many potential guests are looking at your website is another dataset
that can be worked into the forecast.
4. Monitor upcoming events calendar
The next influencer to take into consideration when forecasting is upcoming events near the
hotel. The obvious events that will boost demand at your property are holidays, such as New
Year’s Eve and Thanksgiving weekend. Map out the days of major sporting events in your
area, as well as any local community events that will attract a crowd. Take note of the nearby
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8 Steps to Improving Hotel Demand Forecasts
convention calendar and inquire about events that may draw a big business attendance.
Concerts and nightclub activities may have certain nights that will attract more people than
others.
The key here is to best understand how these events will affect your market and assign a
number value to them. Use historical data to get a clearer picture of annual events; new events
may be harder to predict. When looking at past events, pay attention to booking pace, or how
far in advance guests typically booked their rooms, and chart the booking patterns. This will give
you a more accurate picture of when to expect a surge in demand.
5. Get to know your competitors
Along with collecting and analyzing your hotel’s internal data, key insight for an accurate
forecast can be gleaned from keeping a close eye on the competition.
Build a competitive set by identifying hotels
nearby that are of similar size, operate in
an equivalent segment and are
priced comparably.
Build a competitive set by identifying hotels nearby that are of similar size, operate in an
equivalent segment and are priced comparably. Much can be gleaned about competitors’
demand by their pricing. There are many third parties that provide tools to analyze the room
rates of a competitive set, but remember, it’s a street-corner business.
Looking deeper at competitors’ pricing across various channels, such as brand.com websites,
OTAs and the global distribution systems, can give you a better picture of what kind of demand
the competition is expecting.
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8 Steps to Improving Hotel Demand Forecasts
While the Internet makes competitive analysis easier, building relationships with nearby
hoteliers can also be extremely beneficial. Talk to the neighbors about demand patterns, but
avoid discussions about pricing and rate strategy.
6. Partner with sales and marketing
Many hotels will have a marketing department or marketing manager to assist in promoting the
hotel and advertising in the right places to boost demand. Although pricing responsibilities may
fall in another department, it’s imperative the two work hand-in-hand.
When sales and marketing departments work
in tandem with those pricing the hotel, the
two departments can share data and other
insights into future demand that can lead to a
more accurate forecast.
Sales, marketing and revenue management functions in hotels should integrate all of their
customer acquisition strategies. When sales and marketing departments work in tandem with
those pricing the hotel, the two departments can share data and other insights into future
demand that can lead to a more accurate forecast.
And those forecasts can give visibility to marketers on periods of high demand versus low
demand, and on what segments are coming each day, so promotions and specials can be used
more tactically.
7. Understand the Impact of Discounting
Before acting on your forecast, it’s important to understand that it’s not going to be
100-percent accurate. Predicting the future is not that easy. So, in advance, you’ve got to
prepare for events or shifts that may alter your forecast, whether slightly or by a wide margin.
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8 Steps to Improving Hotel Demand Forecasts
One thing that might alter your forecast is
a discount strategy, either by you or your
competitors.
One thing that might alter your forecast is a discount strategy, either by you or your
competitors. For example, if your forecast shows an upcoming day with limited demand, a
targeted promotion might boost business. But remember that rate will suffer. Work with the
sales and marketing team to ensure promotions aren’t being run on high-demand days and help
the team target days when there is little to no demand.
Short-term sales, such as a 24- or 48-hour sale, will often generate a good deal of business in
a very short window. Use your forecast to determine if and when they are needed, and then
adjust the forecast accordingly. Once the promotion is run, you might find you increased your
base business to a level that allows you to increase rates.
8. Check Your Forecast After the Fact
There are many more numbers and data sets that can help with the accuracy of a hotel’s
forecast. Some may become available as the day or week in question gets closer. Therefore, you
need to continue to monitor and adjust your forecasts accordingly and in real time.
Testing is the only way to know the accuracy
of your forecast and consistent errors must
be addressed and can often be corrected.
Just as important as the actual forecasting is the evaluation of it after the fact. Testing is the
only way to know the accuracy of your forecast and consistent errors must be addressed and
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8 Steps to Improving Hotel Demand Forecasts
can often be corrected.
Most hotels do not calculate forecast error and many that do are calculating their forecast error
by averaging the daily margin of error. For example, a hotel may forecast 100 rooms one day and
end up with 80 filled, hence a negative (-) 20 margin of error. The next day the forecast may be
for 100 again, and the result is 120, for a plus (+) 20 margin. If you average the two, the net error
is zero, but the reality is both days are 20% off.
The further out you’re forecasting, the harder it gets. A margin of error that high for dates
six months out wouldn’t necessarily be unexpected. There’s no right answer to what margin
of error is acceptable. It all depends on the amount and quality of data available and most
importantly the volatility of the data. The closer in dates obviously should and will have less
margin of error than those six, eight and 10 months out.
There is another factor that confounds a forecast that is often overlooked. Even if the demand
data is stable and robust, and the math is perfect, a forecast can be invalidated by changes
in strategy by the management team or changes in the market that deviate from historical
patterns.
For all these reasons, it’s is critical to continually check your forecasts so you can improve their
accuracy. If forecasts aren’t as accurate as expected, there are a number of ways to go about
fixing and retesting. Double-check the math, verify the data is correct and look for outliers that
may be skewing the forecast.
Conclusion
Revenue management is evolving into a critical tool that no hotel can ignore. With the addition
of multiple OTAs with various pricing and commission models, as well as a shrinking booking
window, having an accurate demand forecast is the first step to better pricing and more profits.