Key predictions include:
The continued breakdown of hospitality data silos: At IDeaS’ Hospitality Revenue Summit, ‘Converge 2023’, Shane O’Flaherty, Microsoft Global Director of Travel, Transportation and Hospitality, highlighted the roadblocks caused by data silos.“This is one of our biggest challenges – how do we move past the ‘spaghetti mess’ of legacy systems that we have today?” he said.
The hotel sector is making significant progress in breaking down some of the barriers between systems, intensifying integration partnerships among vendors.
In 2024, IDeaS anticipates further advancements in this direction, leading to a more comprehensive understanding of guests’ total profit potential and highlighting the importance of cross-departmental decision making.
AI is set to redefine the guest experience: 2023 was the world’s introduction to generative AI, with tools like ChatGPT and DALL-E capturing the public’s imagination. Over the coming year, IDeaS believes the hospitality industry will begin harnessing the transformative power of AI, significantly impacting the evolution of the “typical” guest experience in the future.
Revenue management is leaving the confines of hotel walls: Extending to campsites, “glamp-sites”, various outdoor accommodations, and cruise lines, revenue management technology is set to expand beyond its traditional hotel room base.
IDeaS expects that the discipline of revenue management will significantly expand into new environments in 2024, driven by the enhance flexibility offered by cloud computing technology and mobile applications, allowing revenue managers more versatility in how and where they conduct their business.
Meetings & events to become a focal point: Predictions highlight that Meetings & Events (M&E) business is expected to recover 135% of pre-pandemic spending levels in 2024. With up to 60 percent of some hotels’ revenue originating from M&E business, forward-thinking hoteliers are becoming increasingly aware they must focus on maximising revenue from this segment.
IDeaS forecasts that in the coming year, M&E will be become a focal point for hoteliers, as properties aim to maximise the revenue-generating potential of every square foot or meter of event space.
“Throughout 2023, IDeaS engaged with some of the greatest minds in our industry through informative webinars, a successful client summit, and our ongoing commitment to supporting innovation and industry events. It’s clear to all of us that 2024 is shaping up to be a year of substantial and exciting change—and the best way for hoteliers to take advantage of that change is to start thinking now about what’s likely to come in the year ahead,” said Mike Chuma, Vice President of Global Marketing, IDeaS.
- How automation and AI are poised to reshape business as usual in hospitality.
- How forward-thinking hoteliers are building the commercial org structure of the future.
- Where the discipline of revenue management is headed next.
- How hotel investors can and will adjust to tighter financial circumstances.
- Why meetings and events optimization will grow in importance for achieving revenue goals.
IDeaS, a SAS company, is the world’s leading revenue management software and services provider. Combining industry knowledge with innovative data analytics technology, IDeaS creates sophisticated yet simple ways to empower revenue leaders with precise, automated decisions they can trust. With more than 30 years of expertise, IDeaS delivers revenue science to more than 30,000 properties in 154 countries. Results delivered. Revenue transformed.