Data must integrate, both technically and visually, in order to be of use in rate determinations. For the purposes of revenue management, hotels have at their disposal PMS data and CRM data. Then there is reputation data, which comes from a number of sources (Google, TripAdvisor, Yelp, property website, and so forth). For tech-wise properties, some of that reputation data is derived from social media, but social media also offers many other clues to guest behavior that can be integrated into revenue decisions. Web analytics, mobile analytics, and geo-location data should be considered. Competitive data is a no brainer, but hotels must be clear about their competitors in order for the data to be relevant. Many hotels are still casting their net in the wrong direction, either aiming at properties they wish were true competitors or simply casting it too wide. Just as the goal is to turn revenue projections on a dime, competitive data will also be shifting with lightening speed as more hotels adopt more nuanced strategies. Technology must keep up. That said more data isn’t necessarily better data. Each property must decide which data is most relevant in making proper strategic forecasts. And the data should serve the property by “improving price-elasticity estimations, recommending better competitive pricing decisions, changing the objective (profitability vs. revenue) used by optimization algorithms, and adding the user-centric information that guests actually use in selecting hotels,” according to Paul van Meerendonk of IDeaS Revenue Solutions (Hotel Executive). Get the full story at SnapShot