Happy Monday :).
Welcome back to our HIC NOTW, your hospitality news dealer.
This weeks topics are:
Using the Power of Data for Informed Decisions. Volume 1: Let us kick off by introducing ARIS.
18 Must-listen hospitality podcasts for industry pros
No, loyalty does not increase your ADR, but it’s still worth it
Enjoy reading and Happy week!
Laura and Jess
– by Hotellistat
Hotellistat introduces ARIS (Automated Revenue Intelligence System), a versatile AI designed to assist hoteliers with various tasks. ARIS leverages a wealth of data, observing over 1000 data features across multiple areas affecting hotel performance.
The key to ARIS’s effectiveness lies in the combination of quantity and quality of data. While quantity allows ARIS to identify patterns and trends, quality ensures that the data is accurate, reliable, and relevant to each hotel’s unique circumstances.
ARIS not only collects and analyzes data but also identifies correlations and cause-effect relationships swiftly. These insights into customer behavior, market trends, and operational efficiency uncover hidden revenue opportunities and give hotels a competitive edge. It empowers hotels with real-time data insights for flexible revenue management.
In today’s uncertain and dynamic economy, data is a reliable compass for making complex decisions. ARIS serves as a decision support tool, adding transparency to the decision-making process. It’s not a black box; users can comprehend the decision-making path. This transparency sets ARIS and Hotellistat’s Revenue Management System apart, making them innovative and user-friendly.
Stay tuned for Volume 2, where we explore data streams and influential factors like weather, vacation density, and events, harnessing data’s power for innovation and growth.
Read the full article here.
– by Oaky
Podcasts are gaining immense popularity, and with over 465 million predicted worldwide listeners in 2023, the hospitality industry has also embraced this medium to share valuable knowledge and industry insights. To help busy hospitality professionals stay updated on industry trends and strategies, we’ve compiled a list of the top 18 hospitality podcasts to tune into in 2023. These podcasts cover a wide range of topics, from event management to online reviews to generating media attention, featuring special guests who share their valuable experiences.
Key Takeaways:
Read the full article here.
– by Mirai
Many in the hotel industry believe that loyalty programs lead to an increase in Average Daily Rate (ADR). However, this article challenges that assumption, asserting that loyalty programs, particularly those offering discounts as rewards, can actually decrease ADR. The key point is that while loyal customers may book higher category rooms and exhibit higher ADR, this is due to seasonality and not loyalty itself.
The article breaks down various variables impacting ADR, such as room type mix, meal plans, occupancy, member discounts, booking windows, and length of stay. It reveals that loyalty programs can negatively impact ADR due to discounts, longer booking windows, and extended stays. When all these variables are considered, the net result is often a decrease in ADR.
However, the article emphasizes that loyalty programs still bring value by decreasing marketing costs and finance costs, making member bookings more profitable when considering the net ADR. By managing these costs effectively, hotels can make loyalty programs beneficial for profitability.
Key Takeaways:
Read the full article here.
HIC NEWS OF THE WEEK KW 38