Overview on Forecasting Revenue in Thynk

Overview on Forecasting Revenue in Thynk

Learning Objectives:

  1. Understand why forecasting is important
  2. Discover how your teams can Forecast Revenue in Thynk

What is Forecasting? and Why is it important in the Hospitality industry?

Forecasting revenue in the hospitality industry involves predicting future income based on historical data, current market trends, and customer behaviors. This helps businesses estimate potential earnings for Guest Room revenue and Non-Guest Room revenue (such as food, beverages, events, and other services).

In North America, where forecasting is widely practiced, it is crucial for managing operations, optimizing pricing strategies, and ensuring resource allocation aligns with demand. Accurate forecasts enable hotels to enhance guest satisfaction, maximize profits, and stay competitive by anticipating occupancy levels and adjusting offerings accordingly.


Forecasting Revenue in Thynk

In Thynk, customers can forecast both Guest Room Revenue and Non-Guest Room Revenue.

Forecasting Guest Room Revenue

For those using the BETA version of the Enhanced Room Block Manager, there is an option to configure the system to display forecasting. This allows users to predict the total number of rooms expected, with the system automatically calculating Forecasted revenue by multiplying the Rorecasted room count by your Average Daily Rate (ADR). Read more about how this works here. 

Forecasting Non-Guest Room Revenue

Additionally, as of October 2024, we’ve introduced a new feature called 'Average Checks.' This helps teams forecast Non-Guest Room Revenue based on your Orgs Revenue Categories on the Booking Event Level. Read more about how this works here.


Resources

  1. Overview on the Average Checks feature
  2. How to set up Average Checks as an admin
  3. How to use Averages Checks as a user

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