Features and Advice

21st Century Forecasting for the Travel & Hospitality Industry

May 20, 2021

Forecasting is a decision-making tool that helps businesses cope with the impact of the future’s uncertainty by examining historical data and trends. Businesses across every industry need to forecast components of their operations, and that is particularly important, and challenging, in times of uncertainty.

Actionable forecasts in the Travel and Hospitality industry bring particular value: how many guests will arrive and when, how to staff accordingly, adjusting inventory positions, modelling the impact of promotions/events on business performance, optimising pricing/revenue management, and projecting revenue/cash flow.

Forecast too high and the business will be inefficient with resources: likely buying too much product, facing potential spoilage or waste, while also missing opportunities to invest capital elsewhere.

Spotlight

Explorer X

It's about adventuring off into the unknown (both in the world and within ourselves) and learning new things from and about other people and places and cultures ... It’s about being inspired by the beauty and power of nature, connecting with new ideas and perspectives and beliefs and ways of being in the world ... Perhaps most importantly, travel is about reconnecting with ourselves so that we can live more meaningful, purposeful, and intentional lives that make a deep impact on the world and in the lives of others.

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