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Can I Get That Revenue Strategy to Go?

IDeaS Blog 14 February 2018
It only takes a few taps of a finger to learn a new language, virtually redesign your living room or order a personal driver—who can also bring you dinner. We are one generation away from having to explain the concept of a desktop computer to a child, and with every passing day, technology continues to push the boundaries of what is possible.
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Why rate management is not revenue strategy

IDeaS Blog 7 February 2018
The practice of revenue management encompasses several activities that revenue managers can use to help steer their hotel’s profitability and performance. These responsibilities are vast and varied—they can range from refining and deploying hotel rates, to weekly forecasting, to surviving a seemingly endless budget season, and more.
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Distribution Channel Strategy: The Path to Profitability

IDeaS Blog 24 January 2018
If attaining guests through loyalty programs, personalization and the provision of choice is the hospitality industry’s Holy Grail, then profitability is the infinite abundance it promises. When it comes to achieving higher degrees of hotel profitability, nothing provides more opportunities for the incorporation of these elements than an intelligent revenue strategy.
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Best Available Rate: 'Rumors of my death have been greatly exaggerated!'

IDeaS Blog 10 January 2018
According to some, the concept of the Best Available Rate (BAR) is a thing of the past. Yet, in nearly every hotel I encounter, they still offer a best available rate—especially global chains. Has BAR gone the way of the “rack rate” or have they both slowly evolved from a one-dimensional element of a pricing strategy into a multifaceted component of superior business optimization? How exactly has BAR been affected by the changing industry and is it time for its moment of silence?
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Leveraging New RM Methodologies and Capabilities in 2018

IDeaS Blog 3 January 2018
Since IDeaS’ early beginnings in 1989, our timeline of product and service evolution is a great barometer of the fast-paced changes in hospitality revenue management over the decades. And now, we’re seeing expansion into other industries, such as parking and function/meeting space, and providers are keen to leverage the power of automated revenue optimization.
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The Future of Revenue Management Series: Total Hotel Revenue Management

IDeaS Blog 20 December 2017
The function of revenue management within a hotel organization has evolved significantly since its inception. The proliferation of industry data and channels only solidifies what we’ve already realized: revenue management is in the midst of an analytical tsunami.
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To Book or To Stay: That is the Question

IDeaS Blog 12 December 2017
Whether 'tis nobler in revenue strategy to suffer the reservations and upgrades of outrageous fortune, or to take arms against a sea of data, and by opposing, better optimize them. Booked data represents transactional data that indicates which room type a guest booked Stayed data represents transactional data that specifies which room type a guest The post To Book or To Stay: That is the Question appeared first on IDeaS.
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Bridging the Industry With Digna M. Kolar

IDeaS Blog 6 December 2017
Advisory Services answers recent client questions about hotel revenue management Digna M. Kolar, IDeaS senior advisor, talks about what revenue management culture is and how to achieve it. In one of my previous blogs, I spoke about the need of a revenue management (RM) culture and the questions continue to keep rolling in… how do we develop a revenue management culture in our organization? And what does it mean?
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Component Rooms: Another Step toward Personalizing the Guest Experience

IDeaS Blog 29 November 2017
Pricing guest rooms for all guest types Component rooms is a mix of guest rooms that can be converted into various combinations to form larger accommodations for guests Little has evolved in terms of an automated strategy for component rooms until now IDeaS G3 RMS understands demand at a granular level, down to the room The post Component Rooms: Another Step toward Personalizing the Guest Experience appeared first on IDeaS.
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The Future of Revenue Management Series: Pricing

IDeaS Blog 21 November 2017
This is the fourth in a series of five videos about the future of revenue management, as moderated by Sherri Kimes, professor of operations management at Cornell's School of Hotel Administration. The function of revenue management within a hotel organization has evolved significantly since its inception. The proliferation of industry data and channels only solidifies The post The Future of Revenue Management Series: Pricing appeared first on IDeaS.
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A Quick Guide to Important Meetings & Events KPIs

IDeaS Blog 15 November 2017
The discipline of revenue management continues to evolve and expand into more revenue-generating areas of a hotel. As hotels start to think about some of these key areas where revenue management can have a major impact — meetings & events (M&E) is often at the top of that list. Hotels have ADR, occupancy, RevPAR and even more profit-focused metrics like GOPPAR to evaluate the success of their guest room strategy. When building a strategy for M&E, here are the key performance indicators (KPIs) that can help your next great revenue management strategy take flight.
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Meet IDeaS New Chief Evangelist

IDeaS Blog 13 November 2017
Discover what this new role for IDeaS entails and how it impacts the industry It is important to listen and distill the information into themes that can be easily communicated. IDeaS is leading by investing in someone to think and elevate the conversation. Consumers want to be communicated to and engaged in an authentic, one-on-one The post Meet IDeaS New Chief Evangelist appeared first on IDeaS.
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The Future of Revenue Management Series: Performance Measurement

IDeaS Blog 7 November 2017
The function of revenue management within a hotel organization has evolved significantly since its inception. The proliferation of industry data and channels only solidifies what we’ve already realized: revenue management is in the midst of an analytical tsunami. So what’s next for performance measurement?
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The Future of Revenue Management Series: Revenue Managers

IDeaS Blog 18 October 2017
The function of revenue management within a hotel organization has evolved significantly since its inception. The proliferation of industry data and channels only solidifies what we’ve already realized: revenue management is in the midst of an analytical tsunami.
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Which came first: the forecast or the price?

IDeaS Blog 11 October 2017
This is right up there with the philosophical riddle, “which came first, the chicken or the egg”. As a metaphor it provides lively conversation and debate, even when the answer may not be as straight-forward or absolute as one would hope.
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The Future of Revenue Management Series: Distribution

IDeaS Blog 5 October 2017
The function of revenue management within a hotel organization has evolved significantly since its inception. The proliferation of industry data and channels only solidifies what we’ve already realized: revenue management is in the midst of an analytical tsunami. So what’s next on the distribution horizon?
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5 Signs Your Revenue Strategy is Behind the Times

IDeaS Blog 3 October 2017
Technology moves fast—no, make that really fast. Technology today analyzes higher volumes of data, outputs purer insights and offers up more opportunities than ever before. An omnipresent IoT ecosystem finds new ways to connect personal devices with pretty much anything possible, not-so-subtlety encouraging those of us with a pulse to stay on the grid. Permanently.
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Revenue Technology: Are You Doing It Wrong?

IDeaS Blog 21 September 2017
Recently, I read an article describing the right way to pack liquor in your luggage. And I have to be honest with you…I didn’t know there was a wrong way to pack away booze. Apparently, using a couple of t-shirts and sending up an audible prayer during baggage check-in isn’t everyone else’s go-to strategy.
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Is This Group Business Good Business?

IDeaS Blog 19 September 2017
Back in my revenue management days I frequently heard the following when it came to group business discussions: “We need the baseline occupancy.” “Let’s quote higher and raise our public rates.” Or my personal favorite, “We’ll be oversold if we take this group but there is always wash.”
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Using Hotel Demand for a Blue Ribbon Strategy

IDeaS Blog 13 September 2017
I recently caught a pie-baking competition at a local county fair. (No judgements; it’s the Midwest. And because, pie.) While admiring the pies vying for the blue ribbon, I naturally started thinking about how pies and hotel demand actually have something in common: their sampling size. I mean, think about it: Would one enter a small slice of pie into a competition? Or would they enter the whole pie for the win?
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Technology Don't Work? Shoot It.

IDeaS Blog 7 September 2017
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.

Manual vs Automatic: Journey to Success with Confidence

IDeaS Blog 29 August 2017
It's easy to develop manual technology that's one step above the work already being done by property management systems. But the problem remains that the manual rules they rely on still keep you boxed in, limiting your hotel's potential. The post Manual vs Automatic: Journey to Success with Confidence appeared first on IDeaS.
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So Happy Together: Pricing & Inventory Controls

IDeaS Blog 17 August 2017
Milk & cookies, bacon & eggs and peanut butter & jelly are notoriously classic food combinations. As individual food components, each one is a workhorse worthy of a tasty and singular snack.
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Don't Let a Special Event Eclipse Your Profits

IDeaS Blog 16 August 2017
The nearing eclipse may darken the U.S. skies, but it doesn’t have to darken your hotel’s profit potential
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Know When to Break the Rules

IDeaS Blog 9 August 2017
I have a confession. I appreciate a good oxymoron: “Jumbo shrimp,” “living dead,” “genuine imitation,” etc. And in the universe of revenue management, I recently saw a new industry oxymoron that caught my attention: “flexible rules.” “Flexible rules” are supposed to help revenue managers adjust their pricing by room type when conditions have been met, such as a certain number of days prior to arrival, occupancy percentage or remaining inventory for a particular room type. But rules—even those as descriptive as “flexible”—don’t hold a candle to the profits and power an automated, analytics-based pricing approach by room type can deliver.
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What Craft Beer Teaches Hotels

IDeaS Blog 27 July 2017
We talk a lot about the evolution of hospitality and revenue management as a whole. Changing industry dynamics and newly-tapped data sources have more so turned this evolution of ours into a revolution — shaking up hotel technology, profit performance and organizational structures in the process.

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