Adapting to a landscape driven by changing consumer preferences, digital and technology disruption, labor shortage, and economic uncertainty, are among the biggest challenges that hoteliers will face in the year ahead, but what’s the solution?
According to Jeongwuk SUH (Jeong), Assistant Vice President, Revenue Optimisation and Business Intelligence at Dusit International, one of Thailand’s leading hotel and property development companies, automation will be one way in which hoteliers can adapt to these increased market dynamics.
Why automation is inevitable
According to Jeong, automated processes in revenue management are essential to keep your hotel business moving forward.
“Automation is inevitable as it automates tasks in a smart, efficient, sustainable, and profitable way,” he explains. “But it will not replace an entire job role. With the successful adoption of auto-pricing, our responsibility is focusing on a continuous process of monitoring, learning, and strategizing in line with business objectives,” Jeong adds.
Looking ahead, Jeong believes that more can still be done to further encourage the digitalization of the hospitality industry and understanding it’s an ongoing process rather than a one-time effort.
“It’s about cultivating an innovation culture, embracing and adopting the technology to enhance the guest experience, to optimize operations, and to drive revenue while addressing labor shortages with automation,” he explains.
Group business investment
When asked about the importance of managing contracted and group business for Dusit International in the coming year, Jeong says: “It’s pivotal to manage these segments by investing with clear objectives and leveraging technology to utilize data and analytics to optimize revenue potential with higher Total RevPAR, to build long-term customer relationship and to maintain brand reputation.”
Looking ahead at how he plans to optimize Dusit’s business mix with Duetto’s revenue management system, Jeong adds: “With a realistic and rational approach, we will steer the mix of all business channels to optimize Total Net RevPAR and continuously measure achievement of commercial and financial objectives.”
In terms of channel management, Jeong intends to focus efforts on establishing a direct connection with guests without relying on third-party intermediaries.
To conclude, we asked Jeong what he believes will be the most important trends in revenue management in 2024. He says, “The role of revenue management is evolving to connect with all commercial disciplines as this role will be the core of our advanced analytics and decision-making.”
Dusit International is one of Thailand’s leading hotel and property development companies and has partnered with Duetto since 2022.
- Discover what other industry experts believe are the revenue trends to look out for in 2024. Download our latest special report ‘Trends & Predictions to Advance Your Hotel Revenue Strategy in 2024’: https://www.duettocloud.com/special-reports/advance-your-revenue-strategy-in-2024.