While there are still Excel spreadsheets out there, there has been a real push with most RMS to utilize the benefits of algorithms to speed up processes. Machine learning has been utilized to enable more advanced analysis, forecasting, and decision-making. As such, I believe that Artificial Intelligence will just add to the tools used by Revenue Managers to process vast amounts of data, supporting them with identifying patterns and giving insights for pricing optimization, demand forecasting, and dynamic inventory management.
This started out with Machine
Learning – patterns and processes – and has since transitioned in G3 to a more AI model. At OTA Insights, we use AI technology to enable us to drive our distribution strategies, and if you think back to trolling through numerous websites (yes, I am that old!), we were all keen and eager to embrace the data and analytics to optimize pricing and inventory.
I believe that as we move forward
How we analyze data, examine insights, and ensure revenue conversion will become more reliant on the speed of the process. GPT for Google Sheets and RMS – embrace the change. Revenue Management continues to evolve, and after all, it is a new kid on the block compared to a lot of other fields within hospitality, so we will continue to develop belgium email list new skills.” Heiko Rieder Heiko Rieder Senior Vice President Commercial & Distribution, Step Partners Europe GmbH “In a nutshell, Artificial Intelligence will lead to even greater automation and sophistication in Revenue Management, allowing Revenue Managers more time to focus on interpreting data insights, developing innovative strategies, and experimenting with data they may not have had the time to review thoroughly.
There are many examples where
As AI continues to evolve, Revenue Management roles may evolve as well.” Diego Fernández Pérez De Ponga Diego Fernández Pérez De Ponga CEO at Port Hotels “From my point of view, I believe that AI is here to stay, and we need to adapt to this new way of working. I am sure that this scenario leads us to greater productivity and allows Revenue Managers to spend more time making decisions. For me, decision-making has three parts: obtaining the data, analyzing the data, and making the decision itself.
Artificial Intelligence will help simplify
The first two parts significantly, leaving space for the revenue manager in decision-making. Ultimately, Chat GPT and are you dying of envy? similar programs have democratized the use and understanding of AI, but large companies were already using it. To be a bit more practical, I think a very simple use-case that we can implement in an RMS, for example, is for the RMS itself to prepare the basis of your next results presentation!”
Damiano Zennaro Damiano Zennaro Founder
DZ Consulting “Rather than shrinking, I would say that Artificial Intelligence is changing, modeling, and evolving roles, and this is happening in all industries. The question is how to stay relevant. To stay relevant, Revenue Managers will need to azb directory become much more strategic and work on developing their soft leadership skills like effective and clear communication, negotiation, empathy, problem-solving, adaptability, collaboration and team building, and explaining complex situations in a simple way. This is already changing our industry and will continue to do so in the future.
