Our Revenue Breakfast Club landed this month in Mexico City. A real success for this new edition, with an enthusiastic attendance of 35 people and a range of experts sharing ideas and insights into the future of the industry. From the evolution of Artificial Intelligence to the integration of online reputation and the transformation of the Revenue Management culture, this event was a valuable source of information for industry professionals and stakeholders.
Read on! We’ll tell you all the details.
The Artificial Intelligence Revolution in Revenue Management
One of the highlights of the event was the discussion around Artificial Intelligence and its role in the Revenue Management decision-making process. Speakers Alejandro Zamudio and Gerardo Villavicencio shed light on how Artificial Intelligence is transforming the way data is managed and strategic decisions are made in Revenue Management. According to Zamudio, “We have a thousand times more information that is processed much faster than manually”, which highlights the importance of this technology in optimising processes.
Evolution of Revenue Management: A New Post-Pandemic Approach
Gerardo Villavicencio shared his perspective on the evolution of Revenue Management in the context of the pandemic. He highlighted how the crisis forced to rethink and abandon old approaches, stating: “Everything I had learned before the pandemic… I grabbed it out of my brain, took it out and threw it away and we are going to learn again, why? because everything changed”. This reflection underlines the need to adapt and embrace new strategies in a constantly changing environment.
The Importance of Online Reputation in Revenue Management
The relationship between online reputation and revenue management was another key topic of discussion at the event. Gerardo Villavicencio highlighted how a higher online reputation translates into higher conversion and the ability to increase average rates without customer resistance. In addition, shocking statistics were shared, such as the fact that 85% of customers trust online reviews. This data underlines the significant influence that online reputation has on the decision-making and financial performance of hotels.
Total Profit Management: A New Perspective
The notion of “Total Profit Management” was another fascinating concept discussed at the event. Miguel Angel Arellano explained how this approach involves considering all revenue and cost lines to get a more holistic and profitable view of profit as a whole. This idea challenges the traditional mindset and highlights the importance of a broader perspective in Revenue Management.
Integral Communication in Revenue Management
The experts also explored effective communication within a Revenue Management team and its relationship with the rest of the organisation. The importance of changing the traditional mindset and working together to achieve a common goal was emphasised. Tamara Razo shared how the change of mindset starts with the Revenue team and how this culture must be transmitted throughout the organisation.
The Revenue Breakfast Club in CDMX proved to be an inspiring and educational milestone for all attendees. From the Artificial Intelligence revolution to the integration of online reputation and the evolving approach to Revenue Management, every aspect of the meeting contributed to a deeper understanding of the industry. Collaboration, adaptability and the constant search for knowledge were central themes that resonated throughout the discussions. Ultimately, the debate highlighted the importance of embracing innovation and transformation to achieve continued success in the exciting world of revenue management.
