Here’s what IDeaS was up to in London last week.
revolution /re-və-ˈlü-shən/ n. a sudden, radical, or complete change
On Tuesday, October 29, IDeaS hosted its Hospitality Revenue Summit at the May Fair Hotel in London. REVolution 2019 brought together a global community of industry experts to connect, challenge, and influence progressive change and kick off a new era of revenue management. It was an engaging, high-energy event with program content and panels showcasing unique perspectives and insights from a range of IDeaS clients, partners, and guest speakers.
Throughout history, a series of industrial revolutions has continuously disrupted how we live, work, and interact in profound ways. The first industrial revolution introduced groundbreaking manufacturing processes. The second revolution enabled globalization through air travel and telecommunication. The third revolution launched the computer and took us to the moon, and the fourth revolution has interconnected people and things via innovations like the cloud and smart devices.
Now we find ourselves teetering on the edge of an exciting new revenue (r)evolution, and the worldwide hospitality industry as we know it is undergoing a significant transformation.
Welcome to the REVolution
But what exactly does revenue management in 2020 and beyond look like? And what should hotel organizations do now to prepare? At REVolution 2019, IDeaS gathered the field’s top minds—from visionary revenue executives to brilliant data scientists—to provide answers to those very questions, help us drive the industry forward, and invent the best possible future we can imagine.
Automation, artificial intelligence, and analytical decision empowerment have already proven their invaluableness to revenue management, but now for hotels to remain agile and competitive, it’s time to challenge the status quo and blaze a trail toward total revenue performance and total profit optimization.
The time is now for hoteliers to adapt their perceptions about how they invest in and align their technologies, and revenue leaders must shift their focus to building the right talent pipeline for this rapidly changing industry.
Technology has created an entirely new playing field for hotel businesses, and guest expectations have forever changed as a result. The new breed of revenue manager looks beyond the guest room to holistically view the entire guest experience and spend. And the rest of the organization needs to follow suit. From commercial leadership to sales & catering, business units that work together and leverage a comprehensive, fully integrated technology ecosystem will capture the most profitable business across all revenue streams and guest interactions.
We’re Just Getting Started
The REVolution Summit gave us a lot to talk about, so watch for more to come from IDeaS in the weeks and months ahead. And for those who missed out, we’re sorry we couldn’t squeeze you in this time, but worry not because the 2020 Hospitality Revenue Summit will be here before you know it.
Mark your calendars and save the date for June 29-30. IDeaS’ 2020 Summit will be held at the luxurious Lotte Palace Hotel in New York City.
Get the details and register now at https://go.rev.ideas.com/2020Summit
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