IDeaS, a SAS company, has released the report “Unlocking Hotel Performance: The Power of Revenue Management Technology Today,” which 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% 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% of surveyed investors saying revenue management technology has become more important over the past three years.
“This report confirms something we’ve observed in the market,” said Mike Chuma, VP, global marketing, IDeaS. “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.”
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.
