The Lightning Round is a signature program at HSMAI’s ROC event — giving six revenue optimization executives just six minutes and 40 seconds each to share a best practice, strategic insight, or big idea. At ROC 2019, Paul Murray, vice president of the hospitality practice for Revenue Analytics, covered the good, the bad, and the ugly of revenue management in a Lightning Round session called … well, take a guess.
KEY TAKEAWAY: Murray said that while the industry has seen a decade of growth, it’s now going to be an uphill battle as supply is outpacing demand for the first time in those 10 years — which, on the positive side, will lead to a renewed reliance on revenue management. Owners and investors have recently been putting their money into technology that focuses on automation and efficiency, but Murray predicts the next investment focus will be on revenue management. And finally, consolidation and mergers have led to deeper loyalty power, but produced an environment in which the technology is overly homogeneous, creating a need for tailored and integrated solutions. Murray concluded: “We need to build strategies for long-term success in our industry.”