Shining Light on Tech and AI in Revenue Management

Hosted by Blake Reiter and Daniel Foreman, this webinar delves deep into the changing landscape of revenue management, AI’s increasing role and the impact of data complexity in the hospitality industry. Below are a few highlights from the discussion that shed light on where the industry is heading and why these shifts matter.

1. “In North America, the frequency of price changes is up by 50% since 2019. Major markets like Miami Beach have seen this rise by 90%.” – Blake Reiter

This massive uptick in rate change frequency signals a dramatic shift in how hotels react to market demand and competition. The rise of automated Revenue Management Systems (RMS) is allowing revenue managers to adjust prices dynamically, even outside traditional working hours. As Daniel explains, “An automated RMS system can make rate changes overnight when a revenue manager’s not awake,” underscoring the round-the-clock agility now accessible in the industry.

2. “The amount of short-term rentals on Booking.com’s top ten searches is up 36.7% in a year in North America.” – Blake Reiter

With the expansion of short-term rentals, the competitive landscape has shifted drastically since 2019. Daniel and Blake highlight how these rentals, now easier than ever to book, are directly affecting traditional hotels, especially on OTA searches. Revenue managers must increasingly monitor STRs when determining strategies.

3. “Lack of time to analyze data, data silos, and lack of data trust. Those are the top three challenges facing revenue managers today.” – Blake Reiter

Data complexity is more than just an inconvenience – it’s a major roadblock. Revenue managers need better tools to bring siloed data together and ensure it’s accurate. Daniel shares that “collating reports and running around from system to system” is wasting time that could be spent on strategic analysis. Lighthouse’s approach to unifying and simplifying data allows revenue managers to spend less time on manual tasks and more time driving growth.

4. “Using AI isn’t about replacing the human touch – it’s about giving people time back to focus on guests and strategy.” – Daniel Foreman

For those wary of AI, Daniel clarifies that AI is meant to support rather than replace staff, automating repetitive tasks and surfacing insights faster. This enables operators to spend more time connecting with guests and crafting strategies that impact the bottom line. This reassurance is vital as the industry balances the need for automation with the high-touch service that defines hospitality.

5. “89% of our audience agrees – data complexity has become a major challenge.” – Blake Reiter

A live poll conducted during the webinar revealed that nearly 90% of the audience recognizes the growing complexity of data as a challenge to their workflows. This insight makes clear that modern solutions, like those provided by Lighthouse, are key to helping revenue managers capture valuable insights from large data sets without getting overwhelmed.