Author
Author

Ira Vouk

Revenue Management and Pricing consultant

Ira  Vouk

Ira is a hospitality Revenue Management professional, software entrepreneur, author of “Revenue Management Made Easy, for Midscale and Limited-Service Hotels”, and the creator of the Adjusted RevPAR (ARPAR) hospitality performance metric for profit maximization, which was first introduced in her article “Things you didn’t know about RevPAR, or ARPAR as a better performance indicator” in 2014 and has since been widely adopted by revenue management professionals worldwide. In 2012, Ira Vouk co-founded iRatesLLC, a software company that pioneered automated revenue management for midscale and lower-end hotels, an automated tool for profit maximization based on the revenue management best practices combined with machine learning algorithms. iRates LLC was acquired by iQware Inc in January 2019 and the product was renamed to xcelerates. In 2013, Ira Vouk was selected as Top 5 revenue managers in the US by Hospitality Sales & Marketing Association International (HSMAI) and was added to the board of directors member/Director of Technology at the HSMAI San Diego chapter. In 2018, she published her book “Revenue Management Made Easy, for Midscale and Limited-Service Hotels”. In 2018, joined Cloudbeds, a leading provider of hospitality management software to oversee the production and launch of PIE (pricing intelligence engine), which as of 2019 was the fastest growing Revenue Management System in the history of the hospitality industry, according to Skift research from April 2019. In 2020, Ira Vouk was recognized as “top 17 Technology professionals inspiring innovation in the US Hotel Industry” by Advanced Hospitality Technologies. Ira is now part of Duetto (the largest independent RMS company in the hospitality industry) overseeing product management for Data & Analytics. Ira is also a contributing writer for various hospitality publications and platforms.

Insights by Ira Vouk (18)

What are the best technology solutions for optimizing revenue?

To me, it's not a question of whether technology (and AI/ML in particular) is good or not for the Revenue Management discipline. The question is: why are we, as an industry, so far behind other sectors when it comes to the adoption of automated tools and especially Machine Learning in our decision making process? We interact with AI everywhere in our daily lives: Facebook shows you targeted ads based on vast amounts of information digested by their ML algorithms, your smartphone uses AI-based face recognition software to unlock, Netflix offers you suggested list of movies to watch using your previous viewing history, Alexa and Google control nearly everything in your house.

Benchmarking: Moving beyond traditional comp sets and year over year comparison

It has always been crucial to know your competitors and to be aware of their pricing strategy in order to have a clear understanding of what is happening in the market and how your property is positioned in it.

How can hotels correctly calculate their costs per acquisition?

While cost optimization (or rather, profit measurement in general) is crucial for hotel operators, just like for any other business, our current reality is that hoteliers are offered a very minimal amount of technical functionality that would make profit maximization a user-friendly task.

Focus On Productivity: How COVID taught us to do more with less resources...

Three words: Automation. Automation. Automation. (And here you thought a Revenue Management expert would know how to count...) Travel industry has been hit hard. But surprisingly, travel tech companies did relatively well in the recent year and most are still floating (except for the ones that were relying on hotel transaction fees in their business model).

Is Rate Parity Obsolete?

The concept of Rate Parity was invented by hospitality companies whose business model revolves around generating revenues through commissions, margins or fees on hotel bookings without actually owning or operating hotels (such as OTA's, franchisors, etc.
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