The Forecast trend chart provides a visual representation of forecast developments, current performance, and market trends. By comparing different data points, you can make strategic decisions to optimize your hotel’s performance.
The Forecast Trend chart in RevControl is a powerful tool that visualizes the trends of various key parameters at a glance. This chart displays the changes over time in automatic forecast, manual forecast, Business on the Books (BOB), historical figures, budget, and market demand.
Where to find it?
You can find the Forecast Trend chart under Reports > Forecast > Forecast Trend in RevControl.
What do you see in the Forecast Trend chart?
The chart displays several lines, each with its own color and symbol, representing different sets of data:
- Automatic forecast: This line shows the automatically calculated forecast by RevControl, based on the current BOB and historical trends.
- Manual forecast: If you have entered a manual forecast, it is displayed with green diamonds. This forecast is used for pricing recommendations when it is entered.
- BOB: This is the current status of bookings (Business on the Books).
- Actuals last year: This line shows the actual figures from the same date last year, allowing you to see how the current numbers compare to last year’s performance.
- BOB Last Year: This line indicates what was in the books at this time last year for the same arrival date.
- Budget: This line represents the budget for the selected period.
- Market Demand: This line visualizes market demand based on overall hotel availability in the local area, as calculated by our rate shopping provider.
How to use the Forecast Trend chart?
- Select Period: You can adjust the visualization by selecting a specific arrival date and adjusting the period you want to analyze.
- Trend Analysis: By comparing the lines, you can quickly identify changes in the forecast and market dynamics. This helps you make better-informed decisions regarding pricing strategies and occupancy management.
- Adjust Manual Forecast: If the automatic forecast does not align with your expectations, you can enter a manual forecast. This will be used for pricing recommendations and is displayed in the chart.