Machine Learning: Buzz Phrase or the Real Deal?
Thanks to big data, machines have a lot more to learn from. The question is: Are they learning or are they causing hotels to work harder to decipher all that added data?
A Partnership Providing Better Hotel Pricing
IDeaS and OTA Insight partnered together to give hoteliers an edge over their competitors by providing them with industry-leading revenue management solutions. Vivek Bhogaraju, director of global strategic alliances and initiatives at IDeaS, had the opportunity to sit down with Adriaan Coppens to discuss how mutual clients are benefiting from the IDeaS and OTA Insight partnership.
Why Cancelling & Re-Booking is Killing Your Revenue
Why do guests cancel and re-book hotel reservations? Well, that’s easy: Because they can, and because it makes economic sense—people don’t want to spend more money than they have to. In the eye of the traveler, freeing up money on a hotel stay frees up money to spend on other enjoyable aspects of a trip.
Sunday Night Fever
With the 40th anniversary of “Saturday Night Fever” upon us, Vanity Fair recently described the pop culture movie as a “fun 70s curiosity with pitch-blackness.” The special anniversary release of this iconic film not only elicits nostalgic memories of obnoxious white suits and slick dance moves, but it also leaves me thinking about hotels and their Sunday night pricing. You see, Sunday nights can also be considered a fun curiosity with a bit of pitch-blackness.
Turned Down For What?
Today’s market environments have reached merciless levels of hotel competition. New and re-branded hotels are popping up on virtually every corner. Industry consolidation catapulted distribution giants like Expedia and Booking.com into online Goliaths. Airbnb and other sharing economy wunderkinds have progressed well beyond some kind of side hustle, posing a legitimate threat for stealing market share – especially over high compression time periods.
[WEBINAR] Is Your Organization Ready for the Future?
How far has revenue management come in the past six years? Where is it headed in the next six? Sheryl E. Kimes Ph.D., professor at Cornell University’s School of Hotel Administration, posed those questions to nearly 400 revenue management professionals from across the globe to get their thoughts on the future of the industry.
If I Knew Then What I Know Now
At 22 years old, I was finishing up my last year of college when I was named general manager of my first limited service hotel. In those days, a typical hotel day may have consisted of checking in a guest, refilling their coffee and jumping into the hotel van to give guests a ride to […]
How to Lose Revenue in 10 Ways
As the old saying goes: “There’s a fine line between love and hate.” The same could be said for your revenue strategy and its ability to positively impact your hotel’s profits. Play your cards strategically and insightfully, and your hotel reaps rich and profitable rewards. But take a turn toward lackadaisical revenue approaches, and you […]
Revenue Managers Succeed with a Series of Right Moves, at the Right Time
Chess is a well-known game of analysis. When playing for the first time, one often lacks the knowledge to think strategically. Over time, however, one begins to weigh possible outcomes for every decision, even when it’s their opponents turn. The ability to understand and analyze all potential scenarios and outcomes will lead to more wins. […]
Do You Want to Form an Alliance?
Do general managers and revenue managers need to form a hotel alliance? Absolutely they do. Revenue managers and general managers both drive their hotels toward achieving gilt-edge revenue performance. However, they may approach the goal of revenue management with varying strategies. While revenue managers make strategic and tactical decisions designed to capture the highest revenues, […]