For any hospitality business, it’s critical to have a way to predict upcoming guest demand. A demand forecast looks at historical sales data to determine future demand. Knowing how many guests you’ll have over the course of a given sales period ensures there is enough inventory and helps avoid unnecessarily high operational costs or poor guest service. It also allows operators to create staff schedules that best accommodates guests once they arrive. Even online businesses need to be able to predict customer demand in order to be prepared.
The Rainmaker Group, a revenue management solution provider and established partner to Agilysys, has prepared a few ways to improve your business’s demand forecasting efforts. In a recent blog post, Rainmaker shares five things that can break a demand forecast.