We were in Berlin recently for IHIF, the premier annual European hospitality financial conference. The event, a gathering place for 2,000 hospitality leaders, is where top executives meet each year to share ideas and make deals that will affect the global hotel industry for the next year. This year, one of the major conversations focused...Continue Reading
Deciphering the perfect revenue optimization formula is an ever more challenging feat. Shifting reservation channels and morphing consumer booking patterns continually conspire to make the right revenue mix a moving target. Additionally, customers no longer have static needs. They have different priorities per trip – meaning during each excursion, they’re more apt to be seduced...Continue Reading
Written by Glenn Haussman for LodgIQ. In London last week, the Business Travel Show became the focal point of the travel buyer community. The event featured more than 2,000 attendees, each of whom are charged with travel purchasing decisions for the road warriors within their respective companies. As LodgIQ is a company dedicated to helping...Continue Reading
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...Continue Reading
In a previous post, we focused on the intertwined connection between pricing rooms and forecasting rate thresholds. How they’ve become linked in our new digitally driven era. It’s an important realization needing to be made before it becomes possible to fully capitalize on revenue optimization opportunity. In this post, we’re discussing how to leverage this influential...Continue Reading
In this smart hotel pricing series, we interview Fabian Bartnick, vice president of Asia-Pacific for LodgIQ. We know this for sure, he is passionate about pricing and brings new perspective to old revenue management concepts. In this podcast Fabian discusses the dual impact of evolving consumers and advancements in travel technologies, and how revenue managers can...Continue Reading
This is part 2 of our smart hotel pricing series where we interview Fabian Bartnick, vice president of Asia-Pacific for LodgIQ. In this podcast Fabian discusses the effectiveness of older pricing strategies in modern revenue management. We also learn an interesting fact about ADR and sentiment pricing. Listen to Part 1. Prefer your news all at once?...Continue Reading
No matter a hotel’s size, a strong revenue management program is essential. Without one, it’s like playing a game of darts in the dark. You know the bullseye is out there somewhere, but finding it becomes near impossible. Yet, we still hear the same old excuses from hoteliers resistant to change. But while excuses feel...Continue Reading
To successfully compete, revenue management systems (RMSs) are an essential tool for effective and efficient room pricing. It’s no longer an issue of whether one is needed, but in which one will you invest. Yet, not all RMSs are created equal, especially in terms of forecasting. That’s because many products on the market are rooted...Continue Reading
Welcome back to part 2 of our Machine Learning in Revenue Management podcast. In this interview, Somnath Banerjee, CTO of LodgIQ, reveals the many applications of machine learning that are already in use all around us, even in places we may not expect. You can revisit part one here. Got a question about machine learning? Ask...Continue Reading
