Bridging the Industry With Charles Wang

We answer burning questions about strategic revenue management from hoteliers around the world every single day—here are just a few from this week

Charles Wang, regional head of Advisory Services, explores how hoteliers in emerging markets can capitalize on strategic revenue management and attract the industry’s top talent Click to Tweet | IDeaS Twitter.

    • It’s difficult to recruit and keep qualified revenue managers in my emerging market. What can I do as a hotelier to attract and retain top talent?
      It’s very true that good revenue managers are a hot commodity in many markets. With so many new properties coming into the market every day, the need for qualified revenue professionals never seems satisfied. Why is this? If you think about it, a good revenue manager today need to be a strategic-thinking person, hands-on in accomplishing very detailed tasks, an organizational leader that can drive effective change and also be innovative in trying new strategies, data and technologies. There are a lot of requirements for today’s revenue managers, which means it’s important that hotel c-level executives invest time and money into this talent pool. From our experience in Asia and China, revenue management often starts with education.By educating the executive team and key stakeholders about what revenue management is—and what it entails—hotels can build a culture and environment for revenue managers that drives profitable change. The education and training programs for associate revenue management professionals should also be designed carefully. While we need to equip all revenue managers the right knowledge and skills, we also need to coach or provide mentorship in job responsibilities. An approach that combines standard training with on-the-job coaching is something we find to be very effective in nearly every market since it can help revenue managers excel in their abilities much more quickly.
    • As the hotel industry continues to face what could be described as a shortage of talent, how can the industry better prepare for the future?
      Education is an important area of contribution that IDeaS continues to address to help solve this challenge. As an organization, we put a large focus on our Academic Program, which is designed to not just help one hotel or hotel group, but the industry as a whole. This program gives university students studying the fields of hospitality and revenue management the opportunity to handle “real world” experiences within their college curriculum. For hotels or hotel groups looking to attract top talent, take time to design a clear career path for your incoming revenue managers. This is an important consideration for revenue professionals, and demonstrates to candidates that there is an opportunity to grow with your organization.
    • Will hotel groups centralize revenue management in the future?
      Yes. From an organizational structure perspective, more and more hotel groups are leveraging cluster or regional types of centralized revenue management approaches to make the most out of their limited resources. This structure also lends well to implementing corporate strategies efficiently. In some cases, this type of organizational design can help improve the positioning of different properties within the portfolio, better leverage the sales force and account management, and optimize inventory control.

Where there’s smoke, there’s fire. Here are a couple more red-hot articles turning up the heat these days:

  • Social? That’s for consumers. Deloitte and Facebook explore revelations on how today’s consumers view social media in relation to leisure travel. There’s even a comprehensive “Quick Facts on Travel” infographic you can share with your coworkers. One surprising takeaway? 83% of people are using the internet while vacationing—and the majority of them are using their smartphone to do so.
  • New research: How ready are consumers for emerging technology? Sabre’s Principal of Communications, Jess Mathias, takes readers back on a journey that started nearly 100 years before the birth of Apple’s influential iPhone to discuss just how ready consumers are for emerging technology—and what exactly is holding them back.
Charles Wang

Charles Wang

Regional Head of Advisory Services at IDeaS Revenue Solutions

Charles Wang is the Regional Head of Advisory Services, based in Beijing and working in Asia Pacific and Greater China for IDeaS. He leads a team of professional advisors to deliver trusted revenue management deployment services to hotels and selected industry clients across the Region. Charles has been working with a wide variety of international and local clients in different market, performing Revenue Management Opportunity Discovery, Data Analysis and Price Optimization, Improvement Strategy Planning and Execution, Virtue Revenue Management services, SOP development, Trainings and other tailor-made Revenue Management engagements based on customers' needs.

Graduated from Tourism Department, Nankai University in China, Charles has been devoted to the hospitality industry in 1997 from hotel owner representative office and has successfully accumulated wide experiences on hotel sales and marketing, operation and pre-opening. As Revenue Manager of St. Regis Hotel from year 2000, Charles managed a team to successfully establish a market leader position in three years in row in Beijing. As Director of Revenue Management from 2003, Charles provided support to different properties of Starwood in region from facilitate process improvement to professional talent development with tangible business result achieved and Revenue culture built up.

Worked as Six Sigma Black Belt at Starwood from 2005, Charles expanded his responsibility from Revenue Management to overall business process improvement and operational excellence which drives the whole organization continuous improvement.Prior to joining IDeaS in 2010, Charles worked as Master Black Belt, Director of Lean Six Sigma for Asia Pacific at Ingersoll Rand to drive operational excellence improvement for 12 sales subsidiaries and 4 manufactories in different Asian countries.

In IDeaS, Charles leads different team members to demonstrate capability of improve Revenue Performance and also build up data driven and process improvement Revenue Management Culture for different clients in Asia Pacific and Greater China Region. In the last 5 years, Charles leads team provided advisory services to hundreds of clients with overall satisfaction of 96% achieved and being recognized as trusted advisor for industry.
Charles Wang

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