IDeaS Blog · 10 Apr
And for fans of Game of Thrones, that means the beginning of the end for the beloved HBO series. This Sunday kicks off the final season of Game of Th
IDeaS · 7 Apr
The evolution of revenue management and success for the next generation of hotel managers are intertwined, not to say inextricably linked, writes Dr. Ravi Mehrotra, founder and president of IDeaS. Based on more than thirty years of experience in the space, he offers observations on how that is so—and where the future may lead.
IDeaS · 27 Feb
Class is in session. Welcome to Revenue Science 101. 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…
IDeaS Blog · 30 Jan
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 automate
IDeaS · 21 Dec
Booby traps and secret passages, solving puzzles and venturing into the unknown. The greater the goal, the harder the journey will be, and the pitfalls are aplenty as we chase the things everybody wants, but few can find. Whether our quests are personal or professional, aren't we all seeking a holy grail of sorts?
IDeaS · 26 Nov
An AI humanoid called Sophia has become the first robot citizen with feelings, preferences, and the capability to learn much faster than humans. Besides that, it turns out AI can even write pretty good songs. Researchers at Sony released the AI-generated song, "Daddy's Car," a catchy, sunny tune reminiscent of The Beatles. Last year, Facebook abandoned an experiment and shut down two AI robots after they started talking to each other in their own language, which remained mysterious to the scientists who were supposedly looking after them. It looks like robots are one step closer to taking over the world.
IDeaS · 6 Nov
Remember that whiz kid in reservations? He had grown up with computers and seemed able to fly around the property management system with natural ease and skill. Sure, his job was just to answer calls and make reservations, but he had a knack for finding cool reports buried deep in the system. Not only that, but he had also somehow mastered Excel and was able to create dazzling charts that seemed to bring the numbers to life. We knew we had to nurture his raw talent, so we signed him up for some revenue management 101. He would become our savior, finally getting our pricing in shape and enhancing our top-line revenues.
IDeaS · 2 Nov
The Asia-Pacific region has always had a special place in my heart. Before moving to IDeaS HQ in the US in 2010, I spent a number of years based in Singapore, first helping IHG grow their footprint in the region and then educating hoteliers across Asia Pacific about revenue management by launching and growing IDeaS' then new consulting services arm (now called IDeaS Advisory Services).
IDeaS · 29 Oct
Stop me if you've heard this before: In the age of OTAs and industry disruption, effectively managing a complex channel and distribution strategy is critical to a hotelier's bottom line. Yet archaic technology and a "this is how we've always done it" mindset are holding us back. Oh, you've heard it? Me too. For years, actually. So why are we still here? And more importantly, what are we doing to change? Because it feels like we're stuck in the same old rut.
IDeaS · 20 Sep
Low season; it's a term no hotelier likes to hear. In times of lower demand, some hoteliers adopt the 'busy hotel is a successful hotel' strategy, accepting lower-rated business and relying on the in-house spend in food and beverage, spa, ancillary and more, to top up revenue. However, guests paying significantly lower room rates are also typically less likely to spend on the spa, luxury dining or experiences needed to compensate for a cheap room rate.
IDeaS · 11 Sep
As is covered in so many articles, blogs and news items out there today, we live in a world of change, and a lot of this change is driven by technology. We are being bombarded by the next best thing for the industry, including voice, IoT, analytics and many other buzzwords and topics. Certainly, advances in technology open doors to new business opportunities, yet at the same time invite new challenges and costs associated with adapting your business to new ways of working. The approach you choose can propel you full steam ahead on a journey to revenue success or take you on a circuitous, side-tracking route that misses its target. Choosing the right path for your organization that aligns with your strategic objectives can be a daunting task.
IDeaS · 10 Sep
OTAs may help hotel-room shoppers find the best price, but at what cost? Sure, everyone loves a good deal, but let's not forget that people will pay more for the things they value. By instituting a personal, choice-driven approach to the sales process, hotels could see both guest satisfaction and their profits ascend to new heights.
IDeaS · 27 Jun
Sun-soaked days, vivacious nights, smiling faces at every turn, ninja-like service and all the drinks, eats, entertainment and adventure a heart could desire—we all crave it and will spend big bucks to make this dream a reality, if only for a fleeting moment. While the appeal of resorts and all-inclusives may be the ultimate carefree relaxation and indulgence for vacationers, the behind-the-scenes truth of managing and growing a successful resort business is anything but laid-back fun in the sun.
IDeaS · 3 Apr
I had the great pleasure to join some of the leading experts in travel technology at Cornell University to discuss disruption and transformation in the hospitality industry at their Hospitality Research Summit last October. Our conversations covered a wide range of subjects, from how to improve the guest experience to what the capabilities of artificial intelligence look like for hotels in the future.
IDeaS · 28 Mar
Who didn't love the '90s? We had pagers, Spice Girls, video rental stores and paid for our internet connection by the minute. Two decades ago, a household would temporarily sacrifice their only phone line just to connect one stationary device to the World Wide Web. Today, it's difficult to count the number of devices simultaneously connected to the internet in a single home. From TVs, thermostats, doorbells, cameras, lighting, voice-controlled assistants, tablets and mobile devices, a family of four could easily have upward of 20 connected "things"—hence we now have the Internet of Things (IoT).
IDeaS · 15 Nov
Data is the core of an intelligent business strategy, writes Mike Chuma, and it drives the decision-making process. Hotel organizations need to prioritize data that provides meaningful insights and action. The ability to understand, organize and track this data is essential, he says.
IDeaS · 30 Oct
The evolution of revenue management has taken hotels from dynamic pricing of transient rates to a holistic strategy of maximizing profitability across multiple revenue streams. Revenue management has moved far beyond the Microsoft Excel expert in a small back office and now involves multiple stakeholders from several departments, all influencing overall revenue strategy with each of their key areas of function.
IDeaS · 2 Oct
Technology helps hoteliers figure out if they've got their hotel revenue strategy just right—or all wrong. 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.
IDeaS · 5 Sep
Over the years, the pool of data sources hotels utilize within their business strategies has grown exponentially larger. The propagation of its importance within the development of short- and long-term vision and strategic planning has also become more commonplace than in years past. Innovative breakthroughs in technology and analytics mean organizations continue to see more opportunities to leverage data in meaningful ways. However, the alternative side is the steep volumes of data can be dauntingly large and intricately complex. Some organizations liken this complex data environment to needing a bigger boat for a sea of data. But when it comes to capitalizing on industry data, size isn't what matters. Organizations that focus on using thewith an infrastructure that can effcan confidently reach ambitious profit goals.