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Revenue management endured a strange year in 2020. Last March, the terabytes of historical demand data that drove many revenue management system (RMS) algorithms became useless overnight. Someday it will return, but hotels can’t wait. In the meantime, many hotels have rethought their approach to revenue management in ways that will result in permanent as well as temporary changes.
In early 2020 in celebration of Aspire's 25th Anniversary, I wrote a book called Sh*t I Wish I Knew, 25 Lessons over 25 Years. When we decided to make it a "limited edition," we had no idea how profound that decision would be!
What a difference a year makes. After hotel occupancy peaked at 62.2 percent last January, the onset of COVID-19 led to seven months of consecutive drops, bottoming out at 24.5 percent in April before stabilizing around 48 percent in October. Hotels have largely remained in operation during this bumpy ride thanks in part to investments made in new technology such as contactless communications, data analytics, and automated systems. Hotels are increasingly embracing innovation like never before as they search for new ways to operate, shedding outdated strategies in favor of what works.
In the chaos of an epidemic, we have never longed more for peace. Peace of mind. Peace between each other. Peace on earth.
2020 is now thankfully almost behind us. With the arrival of vaccines, the hospitality industry is starting to regain some optimism about the future. The pandemic facilitated technology adoption, as hotel managers were forced to implement technologies that they previously rejected – and often found some of them very effective. This experience should reduce the resistance to adopting new technologies in hotels in coming years, at least a bit.
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Book4Time: @Book4Time's CEO @rsholanki saw more hotels endorsing the cloud as the platform of choice for most systems with the exception of PMS. #HITEC
Eleven Wireless: Grow your guest Internet revenue (even when you offer a free plan); learn how in @ElevenBiz blog series: http://bit.ly/MonetizeYourInternet
Enseo: @Enseo introduced its advanced Guest Carried Device and Guest Enabled Media technology featuring Netflix, Pandora, and more! Contact us today at sales@enseo.com!
FCS Computer Systems: Shine a light on #hospitality efficiency & guest satisfaction using FCS Rainbow solutions: http://goo.gl/nqIbUI
Flip.to: Who do your guests trust more, ads or their friends? If you think their friends, well you're right, so go talk to Flip.to #MassiveROI #4real
Guest-tek: Heavy foot traffic, record demos and mobile everything - #HITEC 2014 may have ended, but @Guesttek our booth is always open
iTesso: Score a FREE pinball machine for your property when you implement Itesso's Cloud-native integrated PMS/CRS Solution: http://ites.so/Pnbl2014
Kaba: Mobility across all solutions was the #HITECtakeaway. Many demoed @KabaLodging’s new Mobile Key Access http://tinyurl.com/n5whkju #Saflok #ILCO
Knowcross: For a true hospitality upgrade use Knowcross: http://www.knowcross.com/products.htm Follow us @KNOWACROSS
Merchant Link: EMV is coming, are you ready for it? Do you know what EMV is? @MerchantLink #SecurityandFraud
NAVIS: Knowing guest preferences & behaviors to speak with them in a unique message. @NavisNow #HITECtakeaway http://tinyurl.com/mjocz49 #NAVISReach
NEC: Running your business on outdated tech isn’t safe. Don't avoid an upgrade. #UC offers an affordable solution. http://blog.necam.com/bid/198680/Is-Your-Business-at-Risk-Running-an-Outdated-PBX via @NEC
Nor1: Great seeing friends and colleagues at HITEC/ROC - Nor1's engaging travelers in real time for incremental revenue was a hit!
Rainmaker: @RainmakerGroup proven profit optimization at #HITEC reveals fit revenues for hoteliers. Get your revenues in shape! http://bit.ly/TV8ysM
Shift4: @Shift4Corp #HITEC takeaway: EMV is not the answer to stop breaches. #P2PE and #tokenization are. http://ow.ly/z9ErT
Sonifi: Thank you @HospUpgrade, #SiegelSez and cool vid crew! Great @HITEC video w/ our CEO Mike Ribero in @SONIFI booth. Up next - SONIFI Silicon Valley Innovation Lab!
VingCard Elsafe: Why sacrifice #security for design & convenience? Take guest safety and #hotel style one step further with Allure by VingCard: http://bit.ly/1qXh1c0
ZDirect: Featured at #HITEC - Boost profits & increase Loyalty at your hotel with Marketing Automation tools by @ZDirect. Learn more at Zdirect.com.