Editorial Board   

Mr. Wise

Daniel Wise

Founder and Chief Product Architect, revcaster

Daniel Wise is the founder and chief product architect of revcaster - a Rainmaker company. A former senior revenue manager with over 15 years of experience in the hospitality industry, he founded revcaster in 2012, after identifying a need in the marketplace for an automated rate shopping solution that would provide increased speed and efficiency in the process of profit optimization. The company quickly established itself as the industry's leading hotel rate shopping tool and was acquired by Rainmaker in 2015. Mr. Wise began his hospitality career behind the hotel front desk, working his way to the position of revenue manager, where he found his calling in the industry. The pricing tools available to him at the time lacked the robust features he felt would have liked to have seen, as a user, and he drew from that wish list when he began to develop his own software solution. Mr. Wise and his hand-picked team of hotel software experts created an innovative, web-based tool that collects market-specific comp-set hotel price information from hundreds of branded sites and online travel agencies. In less than three years of launching his company, Mr. Wise's commitment to technical excellence based on client needs propelled revcaster to reach an installed base of 5,000+ properties and achieve a 98% customer satisfaction rating. Mr. Wise holds a Masters in Business Administration from the University of Oregon - Charles Lundquist College of business, as well as a BS in Business Management from Arizona State University.

Please visit http://revcaster.com for more information.

Mr. Wise can be contacted at 888-870-3180 or info@revcaster.com

Coming up in October 2019...

Revenue Management: Focus On Profit

Revenue Management is still a relatively new profession within hotel operations and as such, it continues to evolve. One significant trend in this area is a shift away from using revenue as the foundation to generate key performance indicators (KPIs) and to instead place the emphasis on profit. Traditionally, revenue managers have relied on total revenue per available room (TrevPAR) and revenue per available room (RevPAR) as the basis of their KPIs. Now, some revenue managers are using gross operating profit per available room (GOPPAR) as their primary KPI. This puts profit at the center of revenue management strategy, and managers are increasingly searching for new ways to increase the profitability of their hotels. Return on Investment is the objective of any hotel investment, so it is only logical that profitability and ROI will be emphasized going forward. Another trend is an expanded focus on direct hotel bookings. Revenue managers know that one way to increase profitability is to steer guests away from online travel agencies (OTAs) and book directly with the hotel. This tactic also reinforces brand identity and loyalty, and encourages repeat business. In addition, it provides a valuable platform to market the hotel directly to the customer, and to upsell room upgrades or other services to them. Another trend for revenue managers involves automation in their software programs. Revenue management systems with automation are far more desirable than those without it. Automating data entry and logistics increases efficiency, allowing managers to spend more time on formulating strategy. As a bonus, an automated system helps with aggregating and interpreting data. The October issue of the Hotel Business Review will address these developments and document how some leading hotels are executing their revenue management strategies.