Until recently revenue managers had to collect, review and analyze numerous data sets each time a room rate needed to be updated and then calculate the ideal rate based on those variables.
Until recently most hotel bookings, transactions and administrative tasks were conducted manually. In this context revenue managers had to collect, review and analyze numerous data sets each time a room rate needed to be updated and then calculate the ideal rate based on those variables. This presented a time consuming task that meant that rates could not be updated as often as they should. Meanwhile, the creation of Online Travel Agencies otherwise known as OTAs meant that large quantities of data became available and the task of manually executing pricing decisions became impossible.
Transformative innovations in technology combined with the advent of multi-party platforms have enabled completely new models to disrupt the fine casual dining industry. Digital technology is the key driver for the transition to a participatory culture where the traditional barriers between sectors of the hospitality business such as chefs and guests drop and the customer is offered much more personalized experiences. What is otherwise known as sharing economy is in fact not so much about sharing products or services but about breaking down the wall between buyer and seller.