New year, new insights

By January 26, 2017Blog

Disruption is everywhere and it’s forcing traditional businesses to reinvent themselves. Take Uber, for example, it’s forever altered how people travel around town, forcing traditional limousine and taxi companies to adapt, while peer to peer room rental sites are inexorably changing how customers think of the lodging experience, and how hoteliers think about their room product.

So, it shouldn’t be a surprise other areas within the hotel business are ripe for reinvention. Take revenue management, for example.  Traditional techniques have served the industry very well for a very long time. It’s made the industry in aggregate smarter about pricing rooms, and helping yield more profits from fixed assets.

Disruptors after all, well, they disrupt. For guestroom price forecasting, disruption is a major theme this year, changing the way we as an industry price hotel rooms on any given day. This is happening because of the rise of machine learning technology, that when combined with Big Data, reveals more insight and understanding than historical methods. Now, we can reveal previously hidden insights, and therefore, a better understanding of how to set the stage for perfect pricing.

It’s quite incredible, but also quite complicated. Here at LodgIQ, our mission for 2017 is educating hoteliers on this fascinating new way of leveraging the trillions of bits of data being created every day and turning that information into meaningful information.

We’ll take the complex and make it fun, all while turning conventional thinking on its head. Each week, expect us to peel back the layers of this exciting new discipline providing entrée into this amazing new world of price forecasting. Disruption can be scary and expensive, but with LodgIQ by your side it will be neither.

We look forward to turning our knowledge into your insight.

Written by Team LodgIQ.

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