Rapid development of artificial intelligence makes revenue management technology an indispensable tool
IDeaS, a SAS, company, the world’s leading provider of hotel revenue management software and services, released a special report in line with industry budget season. The report “Unlocking Hotel Performance: The Power of Revenue Management Technology Today,” includes key insights into how investors view revenue technologies, the role of artificial intelligence in hospitality, and how technology is reshaping hospitality commercial organizations.
Key takeaways include:
Increasing reliance on revenue management tactics to drive profitability: Inflation and other economic pressures may naturally lead some hoteliers to pursue cost-cutting measures to improve profitability, but a plurality of survey respondents viewed revenue management technology as both the best and fastest way to drive improvement in net operating income.
High investor satisfaction with revenue management software: Hoteliers are largely happy with their revenue management software investments, with 83 percent of surveyed describing the ROI for revenue management technology as “high” or “very high.”
The importance of revenue technology is growing: The relatively turbulent recent past and the blistering pace of AI advancement are shifting revenue technology from a “nice to have” to an essential tool for success, with 71 percent of surveyed investors saying revenue management technology has become more important over the past three years.
Mike Chuma, vice president of global marketing, IDeaS, said: “This report confirms something we’ve observed in the market—for many investors, revenue management technology is shifting from being viewed as a way to get a leg up on the competition to more of a foundational tool needed to keep pace and maintain a healthy bottom line.”
Unlocking Hotel Performance: The Power of Revenue Management Technology Today – The report features data conducted in a 2023 Benchmark Research Partners survey of hotel ownership and investment firms representing approximately 1,500 independent and chain properties worldwide.
