By Libbi Carlson, CRME, vice president of revenue strategy at Remington Hospitality, member of HSMAI's Revenue Optimization Advisory Board.
As we work on budgets, we look to the past and the future.
During the recent HSMAI Americas RM Board of Directors forum, members shared valuable insights and advice.
Advice we would give to our young people:
- Continuously learn and go beyond revenue management.
- Gain practical experience in various departments of the hotel.
- Establish boundaries and balance between personal and professional life.
- Seek out mentors early in your career.
What keeps us awake at night:
- Dealing with unrealistic expectations, especially during budgeting times.
- Manage heavy workloads without compromising team well-being.
- Retain qualified Revenue Management staff in a competitive market.
- Alignment of strategies between commercial and operational teams.
- Improve reporting and analysis to inform decision-making.
Our hopes for the future of revenue management:
- Embrace technology to achieve efficiency and streamlining.
- Expand revenue management to cover all hotel revenue streams.
- Advanced, integrated reporting for better insights.
- Stronger interdepartmental collaboration for holistic growth.
In general, the approach follows the tripod People + Processes + Technology.
And so goes the hotel strategy.
Here come the next chapters!