WP-Leveraging-RM-Uncertain-Economy.pdf (Objet application/pdf) The Business Intelligence Guide. Following deregulation of airline pricing in 1978, fare information provided to travel agents became more extensive.
Discount airlines and dynamically adjusted pricing became a common response strategy. Over time, the complexity and opaqueness of airline pricing has increased, driving the need for Yield Management Systems to ensure service profitability and airline economic viability. Using business intelligence software to drive-up revenue - 23 February 2006 - CatererSearch. As an increasing number of processes in the hospitality sector have become computerised, the industry has seen the emergence of software tools that use this data to feed back valuable information into the business.
This practice, known broadly as business intelligence (BI), uses a wide range of applications and technologies to gather, store analyse and provide access to data to help companies make better business decisions. BI applications include the activities of decision-support systems, query and reporting, online analytical processing (OLAP), statistical analysis, forecasting and data mining.
Revenue and yield managementOne area where BI is popular in the hospitality sector is in revenue and yield management - allowing companies to use existing and historical data to make decisions on how they price rooms and allowing them to judge better their upcoming inventory requirements. "We are making smarter decisions, which must lead to better results.
The Effect of Yield Management on Hotel Chains. Yield, or revenue management, is the process by which sales of a limited quantity of goods, such as hotel rooms, airline seats, apartment leasing, rental cars, or etc. are managed in order to maximize profits.
Successful yield management focuses on selling the product in such a manner that is timely, price competitive, and directed towards the right subset of customers. An economic concept first posited by Dr. Matt H. Analyse predictive.gif (Image GIF, 777x574 pixels)