Amadeus Launches New Market Forecast Capability to Help Hoteliers Accurately Track Revenue and Manage Costs
The enhancement to Amadeus’ RevenueStrategy360TM business intelligence solution is the first of its kind, utilizing historical seasonality and trends alongside the industry’s broadest coverage of forward looking, on-the-books market insights to enable more accurate forecasting.
Refreshed daily, the forecasting capability allows hoteliers to gain the most accurate picture of market conditions to power more effective revenue management strategies and differentiate their offer.
The hospitality industry has faced over two years of uncertainty and volatility. Hotel teams and revenue managers are operating in challenging times, having to manage multiple properties with limited staff alongside rapidly growing occupancies as travel returns to pre-pandemic levels.
Based on insights from Amadeus’ business intelligence solutions, current market conditions show that more than half of hotel bookings are being made within a week of travel, proving why historical context alone is insufficient in building forecasting models. It has never been more important for hoteliers to have an up-to-date, accurate view of their market in the days, weeks, and months ahead to ensure they deliver optimal revenue management strategies, staff are deployed in the most efficient way, and that all costs are closely managed as the sector gets back on its feet.
The new market forecasting capabilities of Amadeus’ industry leading RevenueStrategy360TM solution will help revenue managers address these challenges. The best in class forecasting model leverages historical actuals, pacing, and forward-looking on-the-books market level data, learning from the most recent history and the future data to understand short term demand for hotels in their market. The model also considers historical context and seasonality with algorithms that are re-run daily, providing insights that account for nuanced changes that otherwise may have been missed by human forecasting.
Joe Ahmed-Youssef, Executive Vice President for Business Intelligence and Data Solutions, Hospitality, Amadeus comments: “We’re proud to be able to offer technology that the industry needs now more than ever. RevenueStrategy360™ allows revenue managers to establish better pricing and distribution models based on actual forward-looking, on-the-books data. The solution also empowers users to increase process efficiencies and control costs based on its high degree of accuracy.”