IDeaS Consulting Services takes to the blog to answer the top questions asked by hotels across the globe
Digna Martinez Kolar, IDeaS director, industry consulting, talks about when total revenue management is going to happen, how organizations need to roll it out, and why hotels need to facilitate organizational change to do so.
- Where is revenue management going next? Is ‘total revenue management’ going to happen?
The short answer is: yes. As we keep seeing revenue management introduced in other hotel departments and business industries; we realize the awareness of the benefits of a revenue management culture is growing—and hotels can certainly expect total revenue management for hospitality industry to become a reality sooner, rather than later.
- What would it take to roll out total revenue management in my organization?
To successfully roll out total revenue management, an established revenue management culture is needed. This is a journey all organizations trying to achieve total revenue management need to take, and it impacts their people, process and technology and/or tools. For many, the understanding of the revenue management principles is the easy part; it’s the “change” of perceptions and habits that becomes more complicated for hotel organizations.
- How can we facilitate “change” in our organizations? As revenue managers, we keep pushing but resistance is there.
A revenue manager’s role has and continues to change with the evolution of revenue management practices. Leadership is becoming a key revenue manager’s capability ; not only because we need to challenge the process, but also because we need to look for advocates that will follow our lead and help us adopt a strong revenue management culture.
Looking for even more industry articles? Here are two that landed at the top of our reading list:
- The Search Ranking Factor That Your Hotel’s Website Is Probably Missing
Revinate’s Carolyn Murphy blogs about the role that links play in proffering hotels higher search rankings
- Thinking Beyond the Ballroom
How are you differentiating your meeting & events space? Anna Ransom poses some considerations to think about on the Amadeus blog
- Organizational Transformation with Help from Our Global Consulting Services - May 26, 2022
- Facing Hospitality & Travel’s Greatest Challenges, Together - December 16, 2021
- Back to Work – Hotel Change Management in the Era of COVID - July 22, 2020