Positive Profit Performance Through Revenue Culture
As hotels concern themselves more with rising reservation acquisition costs and the need to competitively differentiate through loyalty programs, unique stay experiences and personalized offers, a sound revenue strategy is even more prevalent. They need to provide strong earnings results each quarter that demonstrates their ability to enact a disciplined and agile revenue strategy that increases net income.
3 Lessons to Learn From “Hidden Figures”
As a proud hotel veteran, and as client relationship manager working with some of the most impressive and iconic hotels in the Americas, it never fails to surprise me how many similarities our industry has with other branches of life. The lessons I took from this movie, for example, were a clear indication of this worldly interconnection.
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?
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? […]