Dr. Cindy Heo
How Hoteliers Are Using AI for Revenue Management
Dr Cindy Heo | October 2, 2023
By Dr. Cindy Heo Hotel revenue management is the process of optimizing revenue by predicting demand and setting prices accordingly, most commonly found in hotels to forecast occupancy in order to maximize their room rate, hotel marketing strategy, and overall property performance. It's a complex and ever-evolving field for a revenue manager to navigate, with many channels and tools to keep up-to-date with. But it is a key function for any hotel that wants to remain competitive in today's marketplace to get a firm handle on in order to welcome more guests through their doors. Today, Artificial Intelligence is making the job of data analysis...
Opportunities for Tourism Due to Post-Pandemic Travel Triggers
Dr Cindy Heo | January 30, 2023
By Dr. Cindy Heo Insights from a recent research project that analyzes the post-pandemic emotional triggers behind making travel decisions. The findings highlight how people today are deciding to travel due to a desire to make human connections, find a sense of belonging, create lasting memories and undertake affordable sustainable actions. These new values of travel are opening up important opportunities for hoteliers and DMOs to create innovative and engaging offers based on quality rather than quantity of travel demand. In brief, new opportunities for tourism abound thanks to very personal, human triggers. Impact of Covid-19 on perso...
3 Winning Revenue Management Strategies, Plus New Skills for Hoteliers
Dr Cindy Heo | November 24, 2021
By Dr. Cindy Heo Revenue management (RM) is concerned with maximizing the revenue performance of an asset by setting different prices and optimizing inventory availability according to the predicted demand. Therefore, one of the key principles of RM lies in the company’s ability to forecast demand, which has been greatly impaired as a result of COVID-19’s unprecedented impact on hotel occupancy and rates. Therefore, revenue managers will need a new set of skills, built on analytical thinking and cognitive flexibility, to maintain the effectiveness of their decision-making in light of greater industry volatility. ...
