A look back on 2020... Lessons learned
— 12 C-Suite executives shared their view
Everyone agrees that 2020 has been the "annus horribilis" for the world and in particular the hotel industry. However, despite having to tackle unprecedented challenges, many companies grasped that the crisis also presented a unique opportunity to re-invent and re-imagine their business. In the long run, therefore, the pandemic may have some positive consequences as well as negative ones.
In response to the challenges of 2020, what is the single most important change that you implemented that you believe not only helped you get through the past year but that you also expect to maintain as part of your post-pandemic "new normal”?
While IDeaS has always had a close relationship with its 15,000+ global clients, the pandemic has forced us to align ourselves even closer with the hotels we support. In the initial stages, as demand evaporated and hotels closed, we needed to make the necessary changes to our revenue management and pricing systems to deal with the constantly evolving situation. Then we had to “teach” the system about all the changes that had taken place in the various markets and across hotel types.
To take into account the surge in demand for accurate and timely data, we re-prioritized our development roadmap, launching a COVID recovery dashboard for our clients, enhanced our budgeting and forecasting system, RevPlan, and developed a new hotel and enterprise multi-property reporting solution, Optix. Rather than cutting costs and reducing headcount, we doubled down, made a commitment not to lay off a single person for economic or pandemic related reasons, and significantly increased spending in client support and product development.
Our new hybrid client support infrastructure and enhanced tools are already proving to be much appreciated by the industry and will continue to serve our clients as the effects of the pandemic recede.