Space and revenue management has been the forte of hotels and airlines for a long time now. Apart from top-of-the-line food and beverage offerings, there is a renewed focus on key performance indicators like average realisation per square meter and GOP (Gross Operating Profit) per square meter, for all the food and beverage spaces.
Vinesh Gupta, General Manager, The Den, Bengaluru, says, “It is not only about multiple turnarounds but also about maximising revenue and profitability in a restaurant. A lot of new start ups have mushroomed in table management and restaurant revenue management spaces. Today, when guests prefer making online reservations, it becomes easy to configure automatic table and seat allocation algorithms to maximise seating with minimal disruption or waiting time. Furthermore, we have seen that effective utilization of table management software can increase the yield and revenue up to 25 %, wherein we are using revenue management techniques such as discounts by meal period, variable discounts in the same meal period, and help push spare capacity in off-peak hours.”
“The future as we see is all about dynamic price points in restaurants that are something like airline pricing, and preferred location charges in restaurants and based on these initiatives or futuristic thoughts dining is an experiential affair, where AI (Artifical Intelligence) and IOT(Internet Of Things) can be embedded into the table management software to understand ‘the purpose of dining’ and customise the guest experience to a next level and monetize it.”
