The revenue strategies hotels are using today
For investors, revenue management technology is transitioning from a competitive edge to a fundamental necessity for staying profitable
IDeaS has recently published a report titled "Unleashing Hotel Performance: Harnessing the Potential of Revenue Management Technology Today." This comprehensive report delves into several crucial aspects, such as the perspectives of investors regarding revenue technologies, the role of artificial intelligence in the hospitality industry, and the transformation of commercial organizations within the hospitality sector.
Key takeaways
- Escalating dependence on revenue management strategies for enhanced profitability: While economic pressures, including inflation, may naturally drive some hoteliers towards cost-cutting measures to boost profitability, a significant portion of survey respondents perceive revenue management technology as the most effective and expedient avenue to enhance net operating income.
- High levels of investor satisfaction with revenue management software: The satisfaction levels among hoteliers regarding their investments in revenue management software are notably high, with 83% of those surveyed characterizing the return on investment (ROI) for revenue management technology as "high" or "very high."
- Growing significance of revenue technology: Recent turbulence in the industry and the rapid advancements in artificial intelligence have collectively propelled revenue technology from being a mere luxury to a crucial tool for achieving success. In fact, 71% of surveyed investors affirm that revenue management technology has gained increased importance over the past three years.
Download the report at IDeaS