Forecast Module - An overview – Knowledge Base

Summary

Forecasting enables hotels and restaurants to detect discrepancies early, anticipate peak and slow periods, adjust strategies proactively, and enhance efficiency, resource allocation, and the overall guest experience. This article explores what forecasting is, how to import it, and how to effectively analyze your forecast reports.

Please note that the forecast is a separate module, not activated by default. To enable this module, please contact the Blent team at support@blent.io!

Forcast VS Budget

Some may be confused between the budget and the forecast approach, so here is the difference:

A budget details the financial goals to be achieved (it may be with a daily, monthly, yearly pace) during a specific period.
A forecast predicts how close the property is to achieving the budget.

While a budget should not change during the period it covers (as soon as it is approved), a forecast is regularly reassessed to provide the most accurate landing.

Why using forecast

Revenue Management: By forecasting demand, you can adjust projections based on current bookings, track daily and future pickups, and adapt pricing, sales, marketing, and revenue strategies to maximize revenue.

Operational Efficiency: Anticipating guest numbers helps plan staffing, housekeeping, and inventory effectively. This prevents over- or understaffing and reduces costs while maintaining service quality.

Scenario Planning: Blent allows you to model different scenarios, both for revenue and costs. You can assess how different strategies might impact overall revenue and profitability.

Cost Control: Identifying potential gaps between supply and demand or seasonal variations

Customer Experience: By predicting the number of guests, hotels can tailor the guest experience better, whether it's offering personalized services or avoiding overcrowding during peak times.

Projections automation: Blent minimizes the level of manual data you need to input. Do you want to stick to what was planned in the budget, to what was achieved last year, or to have the costs follow the same pattern as revenue? No need to do it yourself, Blent automatically adapts forecasts when one assumption evolves.

How to import your forecast

If you already know which figures you are expecting, you can directly import them from an Excel file or type them (monthly or daily figures) in the corresponding forecast element.

To reach the forecast area, you click on your name at the top right of the screen and select forecast.

Example 3 automatic calculation.png

If you are working with Duetto, we can recover their data daily, and you will see them directly in the Blent platform in your forecast report.

How to attach forecasts to your report lines

Each line of your report can be linked to a forecast. If you have updated your forecast settings as shown in the previous section, you will be able to attach them to your reports.

How to use forecast reports

Personalized views
Define your strategy based on revenue and cost projections. Choose between daily or monthly forecasting. Select specific reports and data for projections.
For instance, projecting pickup and on-the-books values, corresponding direct costs daily and overhead costs every month, and consolidating all information together.

Daily forecast with two forecast versions for revenue calculation by segment

Monthly view at P&L level
Automatic calculations
You know that some of your costs are linear during the year and already know the total amount? Then you can just import the data and it automatically impacts the forecast.
You want some expense to be attached to a revenue with a certain ratio? Just indicate the corresponding ratio in the report and expense will be updated as soon as the revenue changes.
The less you input manually, the better it is.

Calculation from other lines
In this printscreen, the line "Turnover accommodation" is projected as the number of Rooms Sold (line 310091) multiplied by the ADR (line 310095), both information being determined individually (potentially also via formulas). When the number of Rooms Sold or the ADR change, the total Accommodation revenue is recalculated as well.

Trend from actual figures
In this printscreen, the breakfast capture rate is determined as equal to the current year. The ratio is then used to calculate the total number of breakfasts, based on the total number of guests (this latest also being the result of a calculation and so on).