Can you feel it?
At IDeaS, we are still recovering from last week’s confluence of events and flurry of activities which took place in our hometown Minneapolis: HITEC—the hotel industry’s largest technology tradeshow, HSMAI’s Revenue Optimization Conference (ROC), and most importantly, IDeaS’ 30th anniversary.
While each of those events alone would typically mean a very busy schedule, having all three at the same time in our backyard meant an extra level of opportunities throughout the week to network and extend my dialogue with the industry.
My Monday was dedicated to start-ups in travel tech. The day kicked off with a speed-mentoring session for nine travel technology start-ups competing for the Entrepreneur 20X competition. I had the good fortune to listen to very passionate 10-minute pitches and provide guidance to some innovative new ideas.
The big 3-0 media interest was strong, and I spent most of my Tuesday together with the IDeaS team speaking about the IDeaS story with travel industry and technology publications (I’m pictured here with Ravi on camera for Hotel Business magazine).
People tend to really hit their stride and do great things in their 30s, and IDeaS is no different. We believe we’ve reached a tipping point where it is no longer a question of why revenue management is required. The question is now how to best automate the millions of decisions required to optimize profits across all revenue streams. I believe IDeaS is perfectly positioned to produce decisions hotels can trust to transform their revenues.
The day wrapped up with a 30-year look back to 1989 at an IDeaS networking event. Over 150 industry friends and partners joined us to celebrate in true ’80s style.
An Exciting Time to Be in Revenue Management
Wednesday was the largest revenue management conference in the world—ROC by HSMAI. This year over 650 revenue experts gathered for a day of passionate conversations about the current state and future. Dave Roberts, former SVP at Marriott and now professor at Virginia Tech expertly led the attendees throughout the day and provided insights into not just his thoughts on the future of revenue management but also the importance of building a personal brand to accelerate career progression.
It was impressive to see so many tracks and conversations around the three themes of leading revenue and pricing optimization, data & analytics and business acumen for revenue leaders. Especially notable was the relative absence of discussions around the threat of OTAs.
One of my favorite moments at ROC is the Revenue Professional of the Year awards— this year going to Sarah Kalin Churchill, CRME, CHDM, director of revenue strategy, Pasea Hotel & Spa and Ko’a Kea Hotel & Resort and Nicole Young, senior corporate director of global revenue management for the Rosewood Hotel Group. Two outstanding individuals showing the deep depth of talent which has started to emerge.
I had the opportunity to interview last year’s winner Derek Brewster for a new “Road to Revenue” video series I shot exclusively for ROC and which was released at the conference. Derek is a great guy and very smart. We had an amazing time navigating the traffic in NYC while talking about revenue management.
After a quick 45-minute panel moderation about the convergence of marketing, revenue management and loyalty together with IDeaS’ technology partners, the evening finished off with the traditional HSMAI chief revenue officer dinner where I was able to get in-depth views and thoughts on the state of revenue management from some of the key revenue and commercial decision-makers in the industry.
The last days of this hectic week were spent in follow-up meetings and deep dives with key technology and industry partners discussing future innovation initiatives. It is always fascinating to sit in a room full of passionate industry executives to discuss “the possible.”
We all know the industry is not standing still. New technologies are emerging all the time. Our clients expect and demand we help lead them on their journey to better business productivity and performance—and at IDeaS, we definitely expect to continue to lead the industry for the next 30 years and beyond, transforming revenue through revenue science.
A natural contrarian, Klaus has challenged the status quo for over 20 years. He re-joined IDeaS from TSA, where he led the company’s global commercial, operations and strategic partnership initiatives. During his previous stint with IDeaS, he started the company’s global consulting division -- leading a team that partnered with top hotel companies. Together they pioneered the industry’s first group price optimization and function space revenue management proof-of-concepts in a real-world environment.
Klaus developed his passion for the hotel industry at the Hotel Management and Catering School in Villach, Austria, where he received a Bachelor of Science in Hotel Management. An advocate of lifelong learning, he has since studied business at Henley Management College, real estate investment and asset management at Cornell University’s School of Hotel Administration; and finance and strategy at the Singapore Management University.
Klaus has been an active participant in various advisory boards, including HSMAI in Asia Pacific and the Americas, and the Cornell-Nanyang Institute of Hospitality Management, Singapore. He not only loves to challenge the status quo, but wholly welcomes being challenged in new ways of thinking.
Latest posts by Klaus Kohlmayr (see all)
- The Hospitality REVolution: Converge & Conquer - December 11, 2019
- The Roaring Twenties 2.0 – Revenue Management in the 2020s - November 19, 2019
- Economic Uncertainty? There’s an RMS for That - October 29, 2019