Laying the foundation for a connected technology ecosystem and total revenue performance.
Last October, IDeaS hosted REVolution 2019, a Hospitality Revenue Summit, in London. This event brought together a global community of industry experts to connect, challenge, and influence progressive change, kicking off a new era of revenue management. Today we are excited to share more of the illuminating discussions from the summit with a closer look at:
The Connected Technology Ecosystem
The explosion of software solutions, data, analytical tools, and artificial intelligence continues to give hoteliers a competitive advantage in revenue optimization while making the possibility of advances like pricing personalization an impending reality.
For many hoteliers, capitalizing on these disparate solutions and data sources is driving an urgency to create a more integrated technology ecosystem. But the process of building a truly integrated technology platform and expanded ecosystem can be daunting.
There is a seemingly endless number of tools, systems, and partners we all depend on to run our businesses. Pair that with limited IT budgets, competing priorities, and changing guest expectations and it becomes imperative to think strategically about how best to leverage technology and our partnerships to create a healthier ecosystem.
Building the right technology stack can be complicated. While these systems are critical, they’re often disconnected, operating in silos and preventing the right information from being shared across all systems, teams, and partners. Architecting the optimal connected technology ecosystem starts with laying the best foundation possible.
Choosing the Right Foundational Partners
When shopping for a new RMS, PMS, or CRS, hoteliers must seek out more than a fair price point and impressive feature set. More than selecting a vendor, it’s about taking the time to find the right partner for your hotel, a partner you can count on to align with your business goals and help drive your long-term strategy.
When evaluating technology and meeting with solution representatives, ask pointed questions about their product roadmap to A.) determine they actually have one, and B.) ensure their vision of the future is clear and will solve problems for your organization and grow your profitability. Fail to do this before you sign on the dotted line and you risk being stuck with another clunky legacy tool a few years down the road.
Ask how their system has been designed to help improve communications across other systems. Seek API-first technology providers who aim to break down barriers to better deliver the data users need—exactly when they need it.
With greater access to cleaner, more streamlined data at your fingertips, you’ll be empowered to execute on worthy goals like improved forecast accuracy and total revenue management.
Driving Revenue Beyond the Guest Room
A seamless, granular data integration between your RMS, PMS, CRS, CRM, booking engine systems, market and reputation data, S&C, F&B and other revenue streams is imperative to driving your hotel’s total profit optimization. How many acronyms can you fit in a sentence?
With increasing market and competitive pressures, we are seeing a shift away from optimizing room revenue to optimizing the total expected profit from a guest, considering all revenue generated and costs incurred (guest rooms, meeting rooms/function space, tables, golf, spa, and more).
Your hotel’s complete technology stack, despite being made up of multiple solutions, should operate as one well-oiled revenue machine. A sophisticated RMS should act as your central solution to this overall ecosystem with data flowing between all tools to enable total profit optimization across all revenue streams.
The REVolution Continues
Review our previous post out of the REVolution Summit on technological convergence and stay tuned for more.
Wish you could have been there in person? IDeaS’ next summit will be here before you know it. Mark your calendars and save the date for June 29-30. IDeaS’ 2020 Hospitality Revenue Summit will be held at the luxurious Lotte Palace Hotel in New York City.
Learn more and register now at https://go.rev.ideas.com/2020Summit