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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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Back to the Futurecasting

IDeaS Blog 25 July 2017
“Roads? Where we’re going, we don’t need roads!” Those famous words were spoken by a confident Doc Brown as his time-travelling DeLorean careened into the future. Doc and Marty McFly were quite the dynamic duo and, thanks to some seriously cool inventions and a great deal of intuition, these two always achieved their desired outcome in the end.
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Positive Profit Performance Through Revenue Culture

IDeaS Blog 19 July 2017
As hotels concern themselves more with rising reservation acquisition costs and the need to competitively differentiate through loyalty programs, unique stay experiences and personalized offers, a sound revenue strategy is even more prevalent. They need to provide strong earnings results each quarter that demonstrates their ability to enact a disciplined and agile revenue strategy that increases net income. The post Positive Profit Performance Through Revenue Culture appeared first on IDeaS.
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3 Lessons to Learn From 'Hidden Figures'

IDeaS Blog 11 July 2017
or many hotels, the movie, “Hidden Figures,” provides three valuable, hidden business lessons. Human inputs and system configuration are vital for optimal results. Technology provides hotel with an opportunity to evolve job roles in tandem with innovation. Hotels shouldn’t be afraid to ask their tech partners for additional validation.
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Taking in Toronto at Your Bleisure

IDeaS Blog 22 June 2017
If our industry has learned anything from the emergence of the “bleisure traveler,” it’s the invaluable quality of life that injecting some personal fun into our business travel opportunities can bring us. And this doesn’t ring more true than for those of us attending HSMAI or ROC in Toronto this month.
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Free Sell or Free Fall?

IDeaS Blog 14 June 2017
Contrary to any widespread belief, hotel meetings and events space does more than just sell guestrooms. In fact, for many hotels, the profit potential of this revenue stream is so significant that it can contribute 40-60% of their total profits. When it comes to leveraging this event space strategically, however, it’s often one of the most overlooked opportunities for substantial revenue generation.
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Machine Learning: Buzz Phrase or the Real Deal?

IDeaS Blog 8 June 2017
IDeaS first introduced automated decisions to the world of hotel revenue management nearly 30 years ago. At the time, many hoteliers had concerns about letting revenue management software implement their rate and inventory decisions automatically within their various booking systems. Over time, however, they quickly recognized the significant benefits this provided, in addition to the value of better consistency, reliability and profitable revenue optimization. After all, why not use the power of analytics to take care of the tactical and time-consuming routines around forecasting, optimization and decision making? By doing so, it allowed hoteliers and their teams to focus more of their time and energy on strategic aspects.
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Bridging the Industry With Neil Corr

IDeaS Blog 1 June 2017
IDeaS Advisory Services answers some of the commonly-asked questions from hotels across the globe Neil Corr, IDeaS senior advisor in EMEA, discusses the different ways today’s hotels can achieve intelligent revenue strategies in a Big Data-driven world. With the growing sources of data today—especially with new demand, market and travel intelligence data—what’s the best way to ensure we have a smart revenue strategy?
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When It Comes to Hotel Marketing, Revenue Is in the Details

IDeaS Blog 30 May 2017
For a lot of hotels, summer is anxiously peeking around the corner. Along with the anticipation of rising temps, poolside parties and sun-drenched days, hotel marketing and revenue strategies are also heating up for the year. With group blocks fairly solidified for upcoming months, marketing and revenue departments are actively trying to fill potential valleys and extend those summer travelers with attractive promotions and offers.
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A Partnership Providing Better Hotel Pricing

IDeaS Blog 25 May 2017
IDeaS and OTA Insight partnered together to give hoteliers an edge over their competitors by providing them with industry-leading revenue management solutions. CEO and co-founder of OTA Insight, Adriaan Coppens, was recently recognised by HSMAI as being one of Europe’s Top 20 Extraordinary Contributors to the Industry for his leadership and as a leading innovator at the IDeaS Global Partner Ecosystem Awards. Vivek Bhogaraju, director of global strategic alliances and initiatives at IDeaS, had the opportunity to sit down with Coppens to discuss how mutual clients are benefiting from the IDeaS and OTA Insight partnership.
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Revenue Technology Needs to Take Risks

IDeaS Blog 23 May 2017
The inherent nature of revenue management is mathematical and scientific. We tout complex formulas, data modeling, machine learning, predictive analytics, prescriptive analytics, and the list goes on. The marketing department likes to tell me we literally have algorithms that could go for days. (I’m concerned they don’t know what “literally” means.)
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Why Cancelling & Re-Booking is Killing Your Revenue

IDeaS Blog 16 May 2017
Why do guests cancel and re-book hotel reservations? Well, that’s easy: Because they can, and because it makes economic sense—people don’t want to spend more money than they have to. In the eye of the traveler, freeing up money on a hotel stay frees up money to spend on other enjoyable aspects of a trip
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Sunday Night Fever

IDeaS Blog 9 May 2017
With the 40th anniversary of “Saturday Night Fever” upon us, Vanity Fair recently described the pop culture movie as a “fun 70s curiosity with pitch-blackness.” The special anniversary release of this iconic film not only elicits nostalgic memories of obnoxious white suits and slick dance moves, but it also leaves me thinking about hotels and their Sunday night pricing. You see, Sunday nights can also be considered a fun curiosity with a bit of pitch-blackness.
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Bridging the Industry With Digna Martinez

IDeaS Blog 28 April 2017
Digna Martinez, IDeaS senior advisor, talks about when total revenue management is going to happen, how organizations need to roll it out, and why hotels need to facilitate organizational change to do so.

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