By the end of 2019, many of the thought leaders in revenue management had begun echoing a common theme, basically that the Revenue Management discipline was stuck in a rut. Industry-wide, Total Hotel Revenue Management was starting the become a joke.
The global hospitality industry has been through every perceivable calamity over the past decades: earthquakes, tsunamis, tornados, major floods, terrorist attracts like 9/11, SARS, global recessions, epidemics and pandemics like SARS, MERSA, ZIKA, swine flu and now COVID-19.
Robert Cross, the de facto Godfather of Revenue Management, stated "…everything starts with a day by day, segment by segment forecast", yet many hoteliers no longer produce one as part of their strategic process.
Recently the question has been asked at events, in social media posts and industry articles if revenue management is stuck in a rut. The authors assert that revenue management has not really advanced in the last 10 years and revenue managers are not doing anything differently than in the past.
Hospitality Net's World Panel is a thought-leadership platform where hospitality-industry opinion leaders share insights, views, ideas and reactions on important issues and events currently affecting the hospitality business. Each panel is made up of a select group of experts, and industry leaders who, by invitation, contribute succinct commentary on viewpoints which are suggested by panel-champs.