According to your yield opportunities, you may decide of a more or a less developed forecasting tool. You may also consider Computerized – Revenue Management System. Here some examples of hotel forecasting tools in exel.
Forecasts are not perfect. It is a strategic management tool. A basic Forecast is better than none. It is the path to market and customer knowledge. It reinforces your pro-activeness in terms of inventory and rate management.
Your forecast module can help to forecast the double occupancy, the number of arrivals and departures: useful for the front-desk and housekeeping. On the basis of your forecasted number of nights by segment, you can anticipate the number of guests: it helps housekeeping to forecast their costs, and the restuarant the number of breakfasts. The forecast can help you to prevent and identify challenges in reaching your objectives: it gives time to adapt strategies or work out additional actions.
The forecast can help to identify low demand period: you can develop it as a communication tool taken over by sales department to focus their efforts on sales.
As CEO and Founder of Xotels, Patrick Landman has made it his mission to turn independent hotels and resorts into local market leaders. Xotels´ diverse expertise and deep-knowledge across hotel management, hotel operator, asset management, hotel consulting, and revenue management services, enables them to drive results for independent boutique hotels, luxury eco-resorts, and innovative lodging concepts. Below you will find opinion articles written by Patrick Landman.