This is the first installment in a series exploring the principles, process and unparalleled power of REVENUE SCIENCE
Class is in session. Welcome to Revenue Science 101. Whether you’re a hotel revenue management pro or a novice in an industry on the cusp of automated, demand-based pricing disruption, revenue science will incite a transformational change to your company’s bottom line.
Today we’ll start with the basics: how do we define “revenue science” and how does it go beyond typical revenue management practices and revenue optimization strategies to deliver next-level profitability and productivity?
To answer that, let’s take a trip back in time…
The year is 1989. Shoulder pads are big, hair is bigger, and IDeaS’ data-science founders are busy at work testing and proving new theories of opportunity cost and quantitative data analysis. They’re boiling algorithms and complex equations down to simplified decision outputs and pioneering what would become the founding principles of IDeaS’ Revenue Science: the discipline of infusing sophisticated mathematics with industry expertise to transform data into accurate, automated, and actionable revenue-enhancing decisions.
And IDeaS has continued to blaze new trails ever since, from airlines to hotels to parking and beyond, our revenue science solutions of today are built upon decades of scientific innovation, discovery and trial-and-error refinement. All this history, industry leadership, and client success gives us full confidence in the ability of our solutions to provide our users with precise decisions they can trust instead of just hopeful recommendations and a roll of the dice.
The key word here is “science,” and we stake our claim on it. Our methods and applications have been tested and proven, time and again, and get better with each iteration to maintain the world’s most finely-tuned system of revenue optimization knowledge and decision empowerment.
The past 30 years have been a period of ceaseless evolution and reinvention at IDeaS, driven by curious minds and passionate people. From deep machine learning to artificial intelligence to world-renowned SAS analytics, we’ve introduced the most advanced technologies into our software to continuously push the limits and invent the future, one industry after the next.
Discover how IDeaS uses revenue science to deliver results and transform revenue across the planet.
Until next time, class dismissed.
Mike Chuma joined IDeaS in 2016, bringing more than 15 years of progressive experience in driving growth and strategy in enterprise SaaS technology, eCommerce platforms, brand management and marketing for companies ranging from start-ups to Fortune 500 organizations.
In his most recent role with Digital River, Inc. as Senior Director, Global Product Management & Strategy, Mike held responsibility for global SaaS based ecommerce and subscriptions product platforms serving the software, subscriptions and online gaming markets. Prior to Digital River, Mike held strategic roles in eCommerce, multi-channel marketing and brand management for organizations such as Albertsons, Inc., SuperValu and Trinity Springs. Mike received his Bachelor of Business Administration degrees in Marketing & Finance from Boise State University.
Latest posts by Mike Chuma (see all)
- Revenue Science 101: A Better Way to Revenue - January 30, 2019
- Smart Space Technology for a Smart Revenue Strategy - May 4, 2017