Save Millions Of Dollars
Finance department of a hotel group was asked how to save a million dollars. One of their top ideas was to look at the biggest wastage – unbooked rooms. And one of the biggest reasons for unbooked rooms, is of cause the room pricing. For most shoppers, price is a major factor, and we would definitely compare room rates across hotels before deciding which hotel to stay.
Data analysts are able to forecast room rates based on many data sources. They have been doing it but we manage almost 5000 hotels worldwide. Apart from setting the rates for individual hotels, how can we ensure that each hotel owner to be notified to update the room rates competitively.
I was appointed to design a solution for the clearly defined problem. Gathered and documented detailed requirements from stakeholders and users. Pitch to business partners on its viability. Discussed with tech directors and head in HQ for its feasibility. The toughest part of it, is to get the algorithm right, while making it flexible enough to be edited by user. I worked with a vendor to develop, test, and pilot. We went through several rounds of testings and changes, before rolling out the solution.
Quoting the finance head, the solution easily save us millions of dollars per year.
What I did
- Product Management
- Interface Design
- User Experience Design
- Vendor Management