the revenue management process begins with data collection. relevant data is paramount to a revenue management system's capability to provide accurate, actionable information. a system must collect and store historical data for inventory, prices, demand, and other causal factors. any data that reflects the details of products offered, their prices, competition, and customer behavior must be collected, stored, and analyzed. in some markets, specialized data collection methods have rapidly emerged to service their relevant sector, and sometimes have even become a norm. in the european union for example, the european commission makes sure businesses and governments stick to eu rules on fair competition, while still leaving space for innovation, unified standards, and the development of small businesses. to support this, third party sources are utilized to collect data and make only averages available for commercial purposes, such as is the case with the hotel sector – in europe and the middle east & north africa region, where key operating indicators are monitored, such as occupancy rate (or), average daily rate (adr) and revenue per available room (revpar). data is supplied directly by hotel chains and groups (as well as independent properties) and benchmark averages are produced by direct market (competitive set) or wider macro market. this data is also utilized for financial reporting, forecasting trends and development purposes. information about customer behavior is a valuable asset that can reveal consumer behavioral patterns, the impact of competitors' actions, and other important market information. this information is crucial to starting the revenue management process.