With new Forecasting for Hospitality, hotels can efficiently create and share monthly segment-level forecasts for every property
Los Angeles – September 27, 2023 – FLYR, the pioneer of the Commercial Operating System for travel and transportation, today introduced Forecasting for Hospitality, furthering its investment in the hospitality industry since the acquisition of Pace Revenue (now FLYR for Hospitality). With the new Forecasting for Hospitality features, hotel revenue, finance, and operations teams can create, manage, and share forecasts with greater speed, ease, and accuracy.
“On the heels of introducing FLYR for Hospitality, we’re excited to share that FLYR is continuing its investment and expansion into hospitality with Forecasting for Hospitality,” said Jens Munch, CEO, FLYR for Hospitality. “The hospitality industry is growing at a tremendous rate but the adoption of technology remains behind. With FLYR, hotels are armed with the solutions they need to drive efficiency, deliver accurate forecasts, and grow their bottom line.”
“Being able to quickly and accurately craft forecasts and budgets is crucial to our business,” said Maurice Glatzhofer, Regional Head of Revenue, easyHotel. “With FLYR for Hospitality, forecasting is more straightforward than ever before. We’re excited to continue working with the FLYR team on product enhancements for the future.”
The global hospitality industry is a $4.7 trillion dollar industry that is slated to grow by another $1 trillion in the next four years. The industry investment in technology, however, remains behind – less than 10 percent of businesses use innovations like automated decision intelligence and fewer than 1-2 percent have a digital transformation strategy. This leaves hospitality businesses stuck exporting data sets from disparate sources, manually combing through previous forecast reports – and managing everything in multiple spreadsheets. All of these manual, disjointed tasks result in a struggle to forecast quickly, accurately, and granularly.
With Forecasting for Hospitality, organizations can streamline their budget and forecasting workflows, by reducing complexity, improving accuracy, and supporting the sharing of information throughout the organization. Forecasting for Hospitality includes a number of time-saving and accuracy-enhancing capabilities, including:
- AI-Powered Forecasting: FLYR combines integrations with data providers, research infrastructure, and machine learning to deliver forecasts that are unique to each room type or segment, and can be seamlessly integrated into new and existing budgeting and operation workflows.
- Smart Templates: Make it easy to build out forecasts by property, month, and segment leveraging automatic distribution to aid efficiency. Forecast by unit, ADR, occupancy, and revenue guided by AI system forecasts, and historical and live data to drive accuracy.
- Scenario Planning: Enables hospitality revenue managers to draft multiple versions of a forecast, while taking into account various scenarios – for example, a realistic versus optimistic scenario, or charging a low daily rate for higher occupancy versus a high daily rate for lower occupancy. Now, revenue managers can better assess and prepare for the future, while driving alignment with stakeholders.
- Reporting: Locked forecasts are on hand for easy comparison and reporting in the portfolio dashboard. Now, revenue managers can track on-the-books performance against forecasting and budget targets to ensure each property is on track to meet revenue goals.
Forecasting for Hospitality is generally available to all FLYR for Hospitality customers today.
FLYR is a technology company that is purpose-built for the travel industry. Leveraging deep learning, an advanced form of AI, FLYR is helping airlines, cargo, and hospitality businesses around the globe elevate their results. With FLYR, businesses are able to improve revenue performance and modernize the e-commerce experience through accurate forecasting, automation, and analytics. Learn more at flyr.com.
Join our team
FLYR is a team of industry experts passionate about improving the practice of Revenue Management.View roles
Subscribe for all the latest industry insights and updates from FLYR.