2022 Admissions Open | Hospitality Management, Culinary Arts, Design, and Business Management
2022 Admissions Open | Hospitality Management, Culinary Arts, Design, and Business Management

Workshop on Revenue Management Fundamentals & Data Analytics

february, 2022

22feb11:00 am4:00 pmVirtual EventWorkshop on Revenue Management Fundamentals & Data AnalyticsA workshop for undergraduate learners11:00 am - 4:00 pm

Event Details

ABOUT THE WORKSHOP

DATE: 22nd February 2022
TIME: 11:00 am – 4:00 pm

‘Basics of Revenue Management and Profit Management’ & ‘Data Analytics-Driven F & B Revenue Management’ training workshop being offered to our industry partners based on our ongoing research and deployment of the approach at Vedatya.

Workshop in Basics of Revenue and Profit Management

The range of workshops shared below are offered to Undergraduate learners to introduce them to contemporary themes that have the potential to build career paths in the services sector, and as a minimum provide value in terms of knowledge shared on aspects of significance for a range of professional careers.

a. Revenue Management and Pricing Strategies

The workshop session will give participants essential insights into the science of pricing and revenue management. Having considered ways of developing price mixes, the groups will have an understanding of rate fences and their contribution in to the success of your variable price plan.

Expected learning outcomes are as follows
1. Recognize core concepts of Revenue Management
2. Understand the price setting approach.
3. Able to position the organization’s pricing strategy.
4. Introduction to various kinds of fences.
5. Apply rates and restrictions to a given case.

Workshop Duration: 45 minutes

b. Profit Analysis

Financial analysis and evaluation is an essential skill for Hospitality sales professionals and this session provides an introduction to finance for aspiring sales professionals in the hospitality sector.

Expected learning outcomes are as follows
1. Understand the key features of management accounts and statements
2. Able to perform basic financial analysis so that you can interpret operational performance

Session Duration: 45 minutes

 

F&B Cost Management | Overview

The training workshop is designed to enable an F & B business’s leadership and operating executives (managers, chefs, purchase executives, etc.) to recognize the competitive advantage of cost reduction and revenue optimization that a data-driven approach brings towards operational decisions.
Regardless of the format (multi-unit restaurants, standalone restaurants, hotel F& B outlets, etc.), most professionally run F&B operations rely on a point of sale (POS) management application. However, the sheer amount of data/reports generated by the POS remains largely underutilized, at best.

The reason is that output from the POS, for the most part, doesn’t answer operations-specific questions that professionals may have from time to time. In In other words, it is quite limited in scope from the perspective of practical use by the F&B teams.

Key Workshop Objectives

a. Introduce ‘Zoho Analytics’, a Business Analytics Tool

The workshop will deploy live data from Vedatya’s F&B operations generated by a POS called Rista. It, therefore, uses actual data to demonstrate business analytics through a tool called Zoho Analytics to generate reports that answer key questions. Correct data from the POS system is a key prerequisite for any system to provide meaningful information. Data that has errors or is incomplete, i.e. ‘dirty data’, is not use worthy and therefore needs to be fixed first.

b. Cost Management Implications through a Three-Tier Approach

The training will focus on strengthening cost management efficiencies for an F & B operation from three aspects Purchase Management Efficiency, Inventory Management Efficiency, and Production Management Efficiency. Live data through a range of reports will be discussed to establish the massive opportunity for businesses to save cost by following a data-driven approach.

The critical role of end-users is to ask relevant questions and make valid decisions based on the outcomes. The array of business analytics
reports will provide the trainees a perspective on how their specific questions can be answered effectively through the appropriate use of
data. This real-time ability to conduct a diagnosis of the issues or challenges and then take corrective actions as a dynamic process is a key take
away of this workshop.

c. Dynamic F & B Revenue Management

This section of the workshop is focused on reviewing performance data (sales trend, covers, revenue per cover, etc.) to identify opportunities to improve revenue performance. The approach is likely to make ‘menu engineering’ a dynamic activity with routine actions to push the agenda for revenue optimization for higher profitability.

The workshop will introduce a strategic approach wherein data-driven tactics and strategies are drawn from three categories:
1) All-purpose strategies, (2) strategies to use when the restaurant is busy (hot), and (3) strategies to use when a restaurant is not busy (cold) – can be put in place based on the analysis of the current performance indices. A case study of the successful implementation of this approach will be shared as well.

Workshop duration: 1.5 hours

Fee & Process of Registration
The training workshop is being delivered complimentary. To register please fill the form below:

 

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