How can hospitality businesses optimize their pricing strategies through data collection?

Hospitality businesses can optimize pricing by understanding the role of accurate data collection, predicting demand using data analytics, and implementing dynamic pricing. By focusing on key data points like occupancy rates and considering external events, businesses can adjust prices effectively. Leveraging modern software aids in data analysis and automation, ensuring pricing remains competitive. However, while data-driven pricing offers numerous advantages, businesses must also be aware of challenges and balance automation with human insights.