The budgeting process in any organization can be fraught with best guesses, gut feel and drawn out negotiation between top down and bottom up approaches to arrive at a topline number that no one is happy with, but most accept.
Imagine using data can cut through the guesses and gut to hone in on a highly accurate prediction. With this view of predicted revenue, you can make insight informed financial and operational decisions to manage your cost base or invest with foresight.
Introducing Dexibit’s Revenue Outlook
Dexibit’s proprietary Revenue Outlook machine learning model uses a range of data sources and deep knowledge of the visitor attraction industry to predict revenue down to the day and up to a year ahead to manage the bottom line and drive commercial outcomes.
Where the Visitation Outlook model gave an indication of commercial performance, this addition to the suite of Forecast models available from Dexibit takes into account the other elements of the visitor experience that affect revenue (where data is present and configured);
- merchandise or gift shop sales,
- onsite food and beverage, and
- special activities such as events, exhibitions or experience.
With this insight, your venue can manage budgets for variable costs such as staffing levels, stock purchasing and marketing investment for the year ahead as well as updating these by month or even day.
With at least twelve months of historic revenue data on the Dexibit platform, the machine learning model will automatically forecast total revenue as well as revenue for the lines of business you have configured such as ticketing, stores or cafes. The Revenue Outlook model presents a monthly forecast for the year ahead, a weekly forecast for the next six months, and a daily forecast for the next three months. In addition, the model shows the key factors contributing to the result showing the key levers to impact growth.