The hotel industry is poised at the brink of an exciting age of revenue technology adoption
Blog Soundbites:
- Companies inevitably face projects that lose value, or technology needing a phase out
- Organizations are deciding whether to terminate or switch revenue technology to better fit their business strategy
- Minimizing risk is critical when implementing new revenue technology
When it came to making a tough call on a business decision, a former boss of mine used to favor the expression: “If the dog don’t hunt, shoot it.” Never mind its grammatical errors and lack of reverence to a fictitious, but beloved canine; in a business context, the adage provides us with some merit worth considering.
As a company, we all inevitably face projects that no longer pull their weight in value, or technology in desperate need of a phase out. However, when you’ve invested ample resources, time and money into a solution that once provided you with both opportunity and excitement, how can you confidently make the tough call to, well, take it out back and shoot it?
Hotels are at an exciting – and potentially scary — point in the arc of revenue technology adoption where some organizations have to make the tough decision to terminate an existing system, or switch technology providers in the pursuit of finding a better fit for their business strategy.
The problem may not necessarily be that the technology doesn’t work; it just may not work well enough. There could be a combination of many different reasons why a system is no longer pulling its weight in investment:
- No dedicated resources
- Lack buy-in from across the organization
- Budget constraints
- Not seeing the value
- All of the above
We understand just how important minimizing risk is when the time comes to implement a new revenue solution. And with decades of experience helping hotels do just that, we put an enormous focus on implementing our solutions in a way that ensures adoption and buy-in across the organization in the process. Revenue technology is a powerful tool that helps hotels find profitable success in a competitive industry, making it a competitive advantage that needs to be recognized and leveraged within all areas of an organization.
As a tech company, we are passionate about many things. At the top of that list is seeing our clients get the most out of their technology and exceed their profit goals. After all, revenue management is a journey – one we’re on with our clients every step of the way.
On the cusp of making a major decision with your own revenue technology? Here’s how other hotels have embarked with IDeaS technology to map out their own profitable journeys to success.
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