IDeaS Increases Investment in Education and Releases Revenue Management Online Learning to the Public

In Uncertain Times, IDeaS Opens Its Revenue Management Foundations Courses to all and Partners With Renowned Universities to Educate and Empower Tomorrow's Revenue Leaders

USA, Minneapolis, Minnesota. April 30, 2020

Maintaining an active role in empowering the industries it serves, IDeaS, the revenue science pioneer, announced today it has made its Revenue Management Foundations courses available to the global revenue management community, free of charge. Additionally, it has added the William F. Harrah College of Hospitality, University of Nevada, Las Vegas to its growing list of prestigious academic partners.

The hospitality and travel industry has been dramatically affected by the COVID-19 pandemic. In this time of solidarity, IDeaS continues to foster and support tomorrow's revenue and commercial leaders with educational opportunities.

· Delivering easy access to learning tools - To enable ongoing education in revenue management, IDeaS has ungated its online learning resources. IDeaS Revenue Management Foundations are interactive, self-paced courses that lay the foundation upon which hotels and parking businesses can build a solid commercial success framework. Designed for those refreshing their education through self-study and students in hospitality programs globally, topics include forecasting, inventory management, demand-based pricing and more.

· Partnering with leading schools of hospitality - In addition to IDeaS' participation on the advisory board of the Leland C. and Mary M. Pillsbury Institute for Hospitality Entrepreneurship at Cornell University's S.C. College of Business Hotel School, the company has partnered with UNLV's College of Hospitality to work toward building a new and innovative curriculum path for students focused on revenue management, commercial leadership and hotel technologies.

· Investing in future revenue and commercial leaders - Revenue management roles have increasingly become an essential part of strategic leadership. Revenue and commercial leaders can creatively guide organizations through difficult periods. They act as essential strategists for recovery efforts as the complexion of how they manage their revenue and total profit optimization becomes apparent in the months and years to come.

Stowe Shoemaker, dean and professor, William F. Harrah College of Hospitality, University of Nevada, Las Vegas, said: "As we looked at the future needs of our students and transitioning them into operational roles in hospitality, it became incredibly clear we needed to focus on enabling them to have a deep understanding of not just the impacts of revenue management and technology on hotel operations, but of the strategic impact revenue management and proper integrations and data have on the long-term profit and valuation of a hotel. To provide our students with the best and most up-to-date revenue management curriculum, we partnered with the global leader IDeaS."

Dr. Ravi Mehrotra, president, founder and chief scientist, IDeaS, said: "IDeaS is investing in the industries we serve with the best tools and resources possible to weather this storm and emerge on the other side stronger, smarter and with healthier business practices. In good times or in bad, our industry continues its transformation. How we respond to today's struggle will pave the way for future opportunity and innovation."

Tweet This: @IDeaS_RevOpt is now offering its Revenue Management Foundations courses to the global revenue management community free of charge. www.ideas.com/news


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About IDeaS - A SAS Company

Media Contact:

Kim Dearborn
Public Relations Manager
MFC Public Relations
T: 909-455-4316
E: kim@mfcpr.com
W: http://www.mfcpr.com

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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.