Hospitality Revenue Management Leaders Weigh In on Industry Issues at the IDeaS Client Summit
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Hospitality Revenue Management Leaders Weigh In on Industry Issues at the IDeaS Client Summit
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Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2009-09-11
IDeaS Revenue Optimization, the leading provider of pricing, forecasting and optimization solutions and services, today released results from a survey of hospitality industry revenue management professionals conducted at its recent IDeaS Client Summit 2009, held at the Maritim proArte Hotel in Berlin, Germany. Revenue management leaders from some of the world’s most prestigious hotels attended the two day event, which was designed to bring IDeaS’ clients together to share best practice and enhance their use of the IDeaS V5i Software as a Service (SaaS) Revenue Management solution.
To achieve a deeper understanding of the organizational culture surrounding its clients, IDeaS conducted a special global revenue management forum, where delegates at the IDeaS Client Summit 2009 were joined online by qualified virtual attendees to give their opinions surrounding key industry and economic issues.
“Our clients drive the success and evolution of the IDeaS V5i solution, and we are committed to maintaining a direct line to their input,” said Linda Hatfield, vice president of product management, IDeaS. “Hosting the Client Summit was an opportunity for our valued clients not only to share their knowledge with one another, but also to communicate individual stories of how our technology and services positively impacts their business.”
More than 90 revenue management professionals from across the globe attended the global revenue management forum and provided a wealth of opinions. Key survey findings include:
* 51 percent believe that the clear signs of an end to the recession, for the global hotel industry, will begin to show towards the end of the second half of 2010.
* 81 percent believe that the Revenue Manager role in a hotel should report directly to the General Manager.
* 80 percent believe that as a revenue management professional in the hospitality industry, they have the skills to work in other vertical market sectors.
* 55 percent believe that China will be the country that will see the biggest hotel industry growth over the next 5 years, closely followed by India.
* 53 percent believe that online distribution channels will be the area of their business to focus on over the next 6 months; however, 65 percent believe that higher commissions to third party distributers will NOT lead to increased profits from these channels.
* 51 percent currently manage 6 – 15 third party channels.
* 56 percent believe that heavy discounting during tough economic times was only ever an acceptable practice if those offers were limited and fenced as being fixed and non-refundable, as blanket discounting overall threatens a hotel brand’s reputation.
* 48 percent believe that a distinct lack of in-house knowledge is the key reason for hotels to outsource their revenue management functions during the current economic climate.
IDeaS will be checking the opinions of Revenue Management professionals from across the globe again next year during the IDeaS Client Summit 2010, which will be held in New York City.
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