Accessible quality data, and knowing how to use it effectively, is at the core of successful revenue management and is one of the most powerful tools revenue managers can use to accurately manage demand and maximize revenue. While it was previously common to gather data manually, we are now in an era known as “big data”. Advances in technology, mobile booking platforms, and the variety of booking sources has caused the volume and complexity of hotel data collection to grow exponentially. This reality has made it close to impossible to manually crunch the numbers and keep track of numerous spread sheets. Such previous methods are slowly being replaced by automation and advanced software, which allow larger volumes of data to be gathered. Revenue management has evolved significantly throughout the years, however there are still areas that many hoteliers are not executing successfully. While data collection is easy with the right systems in place, it is not just the volume of data collected that is important. The quality of the data is crucial, as quality revenue management decisions cannot be made without quality data. Download the free white paper at Ideas