Editorial Board   Guest Author

Mr. Wood

Derek Wood

Managing Director, Derek Wood Associates Ltd.

Derek Wood is Managing Director of Derek Wood Associates Ltd. He has had his own Independent Hospitality IT Consultancy company since 1986, undertaking all aspects of telecommunication, in-room technology consultancy and project management within this highly specialized area. Mr. Wood is a very well known figure within the hospitality sector and has 35 years of experience within the telecommunications industry of which for the past 21 years he has been deeply involved with independent hotel technology consultancy, both within East and Western Europe as well as Africa and The Middle East. He is listed within the 'International Who's Who of Professionals', in recognition of the contribution his company has made to the hotel industry. Mr. Wood works predominately within the independent 4 & 5 star hotel sector, but also provides consultancy services to larger hotel groups as well as to the hospitality vendor market place. He specializes in in-room technology and has worked for some of the most prestigious 5 Star Hotels throughout Europe. In 2010 Mr. Wood was elected to the Board of Directors for HFTP. HFTP is the international professional association serving members working in hospitality. Since 1952, HFTP has been dedicated to providing members with extraordinary networking opportunities, industry-leading certification programs and events, and essential resources for professional growth. It is also responsible for HITEC the largest annual hotel technology conference in the world. Mr. Wood is also regularly asked to speak at Hotel Technology conferences throughout mainland Europe (Eurhotec, HOSTEC, IHTF, EHTEC and HOSPACE) and well as within the United States of America (HITEC). He has served on the Advisory Council for HITEC between 2003 - 2006, was on the HOSTEC-EURHOTEC Advisory board for 2005/6, and the EHTEC advisory board for 2007, 2008, 2009 and 2010 and is considered to be one of Europe's leading independent consultants within this highly specialized field.

Mr. Wood can be contacted at 441179612938 or Derek@derekwood.co.uk

Coming up in October 2020...

Revenue Management: Maximizing Profit

Hotel Revenue Management continues to evolve at a blistering pace. Driven by technological innovation and new distribution channels, there are some dynamic opportunities for expansion in this fast-growing field. The technology is primarily designed to help revenue managers further refine their operations and pricing models to maximize hotel profit. For example, hotels can't be all things to all people, so a key strategy is to precisely identify their target audience. By employing geo-targeting techniques and analyzing behavior such as previous bookings, on-property purchases and online shopping practices, there is an increased capability to define guest demographics. By segmenting customers in more specific ways, hotels are able to create more personalized experiences which, in turn, allow managers to optimize their room rates. It is also an effective way to fulfill the unique needs and preferences of the individual. Another methodology is to consistently monitor the competition's pricing strategies. There are software tools that analyze a competitor's current rates, and then allow a hotel to make its own pricing adjustments. It is also a useful means to conduct forecasting models. Other technologies that are being integrated into a revenue manager's toolkit include Artificial Intelligence in the form of automated algorithms, and Voice Recognition (VR) for data inquiries, rate changes, and booking behavior. Predictive and analytic software programs are also being leveraged to provide more forward-looking data, instead of the usual reliance on historical performance. These metrics allow managers to be more proactive - rather than reactive - with their revenue strategy. The October issue of the Hotel Business Review will examine these developments and report on how some leading hotels are executing their revenue management strategies.