BOB Full Form in Hotel is Business On Books. Fixed and confirmed reservations are referred to as such which are officially recorded or “confirmed business” means hotel reservations that have already been entered into the books.
In forecasting, the key number is frequently employed. For a certain time frame, it details the current booking condition. That includes the daily reservations, current occupancy rate, average room rate, current valuation, and current market value.
These figures are examined when analyzing the hotel’s revenue and occupancy rates.
The present pre-booking state for a future time period can be viewed using this. Any hotel would be interested in the shift in this pre-booking status.
It can then be viewed and analyzed alongside external data to more effectively aid in revenue management and forecasting of a hotel.
OTB was very important for hotel sales teams before the pandemic. Forecasting, pricing, and group quotes, as well as decision making and strategy, benefited greatly from the availability of historical data and OTB.
As travel limitations and resulting demand shifts evolved throughout the pandemic, the forecasting value of both historical information as well as OTB data diminished.