With more than 30,000 partner hotels across 164 countries and a 98 % retention rate , IDeaS , which stands for Integrated Decisions and Systems , must be doing something right . The revenue management system was founded in 1989 with one clear mandate : to create a more impactful approach to revenue management and profit optimization . As one of the early adopters of the science of revenue management , it ’ s now looking forward , employing artificial intelligence and other tactics to optimize decisionmaking . “ Empowering a user |
Mike Chuma , VP , global marketing , IDeaS
to unlock the potential of vast data sets , make more accurate demand forecasts and refine pricing strategies has positively changed the reality for revenue managers and hotel organizations , alike ,”
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said Mike Chuma , VP of global marketing for IDeaS . “ The next AI-driven seismic shift in revenue management will be how revenue managers interact with their systems and data in a business conversation . |
Moving from ‘ access-based ’ to ‘ interaction-based ’ will allow the revenue manager to ask and answer businessspecific questions to help them execute more action-orientated strategies faster .” |
The Duetto story started in 2012 with the idea of simplifying distribution complexity and optimizing profitability through applications that increase conversion , guest loyalty , operational efficiency and revenue . Duetto ’ s suite of products seeks to generate and enhance a property ’ s revenue while also leading to higher profitability . It created Open Pricing to help hotels and casinos boost profitability by allowing dynamic rate adjustments . It created OpenSpace and pricing for Functions Space to analyze how multiple factors contribute |
David Woolenberg , CEO , Duetto
to overall profitability . “ We acknowledge that pricing transient , group and function space effectively and efficiently transmitting data across all of these areas within a single system significantly impacts
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total profitability ,” said David Woolenberg , CEO of Duetto . When purchasing a RMS , hoteliers typically prioritize three key goals : capturing more revenue , driving profitability and ensuring accurate forecasting . |
“ Our primary focus has always been on meeting the needs of our customers by exploring avenues to enhance their value , improve their performance , and generate increased revenue ,” Woolenberg said . |
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Oct / Nov 2024 hotelsmag . com 53 |