With experienced speakers representing Google.com/travel, Expedia and IDeaS, all agreed on the important potential associated with using big data and artificial intelligence in revenue management, and emphasized the need to adapt the revenue management discipline to new technologies that already exist in order to become competitive on the market and maximize returns. The role of AI, machine learning and data science cannot be underestimated if the savvy traveler is to make speedy decisions and if the smart hotelier wants to forecast market occupancy, send price optimization alerts and gain insights into clientele trends. Admittedly, certain human roles are affected: with tools such as Rev+, the post of a Revenue Manager is now changing into more of a Revenue Strategist, since machines cannot be outperformed but someone is still needed to look at the bigger picture and identify goals. The rise of AI cannot replace the need for human intelligence.
Regarding issue of how to improve revenue management education and training, panelists agreed that there is a growing demand for well-qualified revenue managers but that the skill sets of the job are changing, hence RM education has to evolve accordingly. While good analytical skills are important, good communication skills (for sharing valuable information based on data analysis among colleagues in the organization) are even more critical. To this effect, data visualization tools can be used productively in revenue management education.
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Ecole hôtelière de Lausanne (EHL)
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Phone: 41 21 785 1111
Dr. Cindy Y. Heo joined EHL as an Assistant Professor in 2014. Before joining EHL, she has taught at the Hong Kong Polytechnic University as an assistant professor since 2010 and at Temple University in the U.S. for two years. She also taught revenue management course at University of Angers in France as a visiting professor. She has been an editorial board member in Journal of Tourism Studies and International Journal of Tourism and Hospitality Research and is an ad-hoc reviewer for several international journals including International Journal of Hospitality Management and Cornell Hospitality Quarterly. Before joining academia, Dr. Heo worked in strategic marketing department of Samsung Everland in Korea for four years and has extensive experience within the tourism and hospitality industries including hotels, restaurants, and travel agencies.
Dr Isabella Blengini, is an Assistant Professor in Economics. Her research interests include exchange rate movements, expectations, international capital flows, financial crises optimal monetary policy and portfolio choices.Isabella teaches in the bachelor program the courses of microeconomics and hospitality economics. After taking her Ph.D. at Boston College, she did a post-doc at the University of Lausanne. She has been visiting fellow in the economics department at MIT and summer intern at the Boston Fed.
Ecole hôtelière de Lausanne
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