Just like the engine is to a car – powering it and getting you where you need to be – your revenue management forecast powers your entire system and its outputs. Forecast accuracy translates into dollars and is crucial for your business success. Choosing an RMS with science-based forecasting capability helps you more effectively yield while preventing dilution during periods of high demand. It also prevents overpricing and guides you in developing targeted promotions during low demand. Hoteliers in turn can more effectively evaluate accuracy. And the more accurate your forecast, the better your revenue management system (RMS) recommendations, and therefore the greater your revenues will be.
Are you measuring forecast accuracy in ways that makes the most sense for your business?