Revenue Technology Needs to Take Risks
The inherent nature of revenue management is mathematical and scientific. But while revenue management and specifically, the hospitality industry, might drive forward with advanced principles of science and math, its survival depends largely on its heart.
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.
Change Is Everywhere: How Is Your Hotel Managing It?
Hotels encounter change every single day, experiencing changes in guests, rates, menus, events and staff. At an even higher level, hotels experience changes in management, brands, job responsibilities, revenue strategy and guest expectations. Widespread changes in distribution, technology, analytics and industry mergers also affect the hospitality industry in nearly every region. Change management in revenue […]
6 Questions to Ask When Investing in a Revenue Management Solution
Having worked intimately with revenue management solutions, implementations and training at many different hotel portfolios such as InterContinental Hotels Group, Shangri-La Hotels, Pan Pacific Hotels and PARKROYAL for nearly two decades, I’ve experienced the effects of successful implementation and change management practices within different organizational ranks of the hotel structure. And having worked diligently with […]
From Tech Start-Up to Industry Leading Revenue Solutions Provider
When Ravi Mehrotra and Sanjay Nagalia launched IDeaS Revenue Solutions in 1989, the concept (and viability) of a start-up tech company wasn’t typically associated with the same dazzling, Silicon Valley-type startups we have come to know today. In fact, while Ravi and Sanjay held big dreams for transforming the hospitality industry with their ground-breaking, scientific […]
Decisions vs. Recommendations: It’s all in the Name
In today’s world of innovative technology, it’s interesting to think about the automated outputs of our industry’s revenue management systems. In fact, a recent conversation around a colleague’s experience with international airport security keeps replaying in my mind: Security: “What are you here for? “ Colleague: “Work meetings. “ Security: “Who do you work for? […]
Infographic: Increasing Your Bottom Line
One Is Fun but a Group Is a Profit Party
Technology has swiftly evolved over the years to continually provide revenue managers with better data, clearer insights, optimal pricing and increased productivity. Automated reports and distribution have replaced manual entries, uploads and errors; performance support has bolstered on-the-job system learning capabilities; and the right data, optimal prices and powerful forecasting have amplified revenue performance possibilities. […]
Turning Talent Turnover Into Revenue Retention
Today’s hotels face off in fiercely competitive markets to capture the best business at the best rates, often focusing strategically on building brand loyalty with their guests. The competition extends well beyond simply enticing guests to book reservations; hotel operation teams are working exponentially harder to deliver top notch service – from the industry’s top […]
The 12 Gifts of RMS: Confidence
For the twelfth gift of revenue management, my RMS gave to me ultimate confidence The pursuit of innovation Powerful analytics (The right) big data A Magic 8 Ball Group business management Optimal pricing Online reputation insights Remote accessibility Experienced client support teams On-demand performance support And a dashboard with revenue to oversee Your revenue management […]