The hotel industry is constantly evolving, and Revenue Management is one of the crucial areas for profit maximisation in the sector. In this context, we held our latest edition of the Revenue Breakfast Club in Madrid, an event that brought together experts and professionals to discuss educational innovation in Revenue Management and its impact on competitiveness. The main conclusions of the event highlight the importance of training in Revenue Management, its expansion to new sectors and the need to involve leading players in education.
Revenue Management as cross-training
Pilar Talón, director of Revenue Management programmes at the Rey Juan Carlos University, emphasised the need to turn Revenue Management into a transversal training that reaches all departments within a hotel organisation. Pilar highlighted the importance of commercial training for Revenue Managers and pointed out the key relationship with technology providers such as BEONx. She also remarked on the high employability of the master’s degree she is leading, with top companies in the sector, such as NH and Meliá, directly recruiting their graduates. This underlines the growing demand for trained Revenue Management professionals in the hospitality industry and beyond, as the discipline is expanding into other sectors, such as retail, ticketing and e-commerce.
The evolution of Revenue Management training
Esther Chávez-Miranda, professor, researcher and founder of the Revenue Management Diploma at the University of Seville, emphasised the evolution of training in Revenue Management. Previously, this training was traditional and disconnected from business reality. However, steps are being taken to make Revenue Management training available not only at Master’s level, but also at undergraduate level. Often, Master’s students are already in the industry, reflecting the lack of awareness that these studies exist among younger students. The research collaboration between BEONx and the University of Seville demonstrates a willingness to connect academia with industry.
Raising the profile of Revenue Management
Diego Fernández Pérez de Ponga, director of revenue and distribution at Palladium Hotel Group, and book author of The Art of Revenue, highlighted the importance of raising the profile of Revenue Management towards strategy. He argued that Revenue Management professionals must have a commercial profile that encompasses sales, big data and business. The combination of academic knowledge and professional experience is essential for success in this area. In addition, he suggested that Revenue Managers should move out of their offices and closer to universities, which could boost training in Revenue Management. The lack of leading figures, especially women, in this discipline is a challenge that needs to be addressed to attract the younger generation.
In-company Revenue Management training
Eugenia Pérez, Director of Revenue at Hotelatelier, highlighted the importance of applying Revenue Management transversally to all departments of a hotel organisation. Many Revenue Managers are being trained in-house due to the lack of strategic training in Revenue Management in their initial education.
In summary, the Revenue Breakfast Club organised by BEONx in Madrid emphasised the need for innovation in Revenue Management education to maintain competitiveness in the hotel industry. Cross-training, collaboration between academia and industry, increasing the strategic profile and the incorporation of reference figures are key aspects that must be addressed to train and retain Revenue Management professionals. The expansion of this discipline to other sectors demonstrates its growing relevance in today’s economy.