As a new era unfolds anticipating a post-COVID world, we at Infor are empowering our customers to approach revenue management and pricing strategy in an adaptable and resilient way. In addition to supporting that mission in the light of the pandemic, we're continuing to develop the Infor EzRMS revenue management platform and Infor Hospitality Price Optimizer (HPO) to help organizations build their approach to disrupted markets and a changing industry, to make the most of their inventory, give them tools to find new revenue sources, and to shore up profitability.

Our customers understand that their strategies must be in line with changing times and expectations. They acknowledge how technology like deep learning impacts the industry landscape. As we continue to work with long-time customers and with new customers too, our focus is not only on what organizations face right now, but what they will face in the coming year and beyond. What's the best way forward?

Conditions have changed, but the goal has not

The competitive landscape as enabled by multiple channels to market is diverse and has speeded things up considerably. Organizations must adapt to that cadence and adjust accordingly, multiple times a day in most cases. As the pace has quickened and the competitive environments demand frequent adjustments during pandemic conditions, the object of selling and pricing strategies hasn't changed - to profitably sell rooms at an attractive price relative to direct competition for the remaining perishable inventory.

Accomplishing this goal isn't necessarily about cutting rates, which right now may be a temptation. It's about continuing to build competitive momentum to serve a target market and an ideal guest profile. A focused and profit-driven strategy means matching that focus to the right prospects on the right channels at the right time and at the right price. From there, success is determined by sustainable gains through earned and nurtured relationships with loyal guests. But to gain that momentum and keep it going, you need data and an integrated technology platform to get the clarity needed to turn data analysis into action right when it counts.

AI plays an integral role

AI functionality plays an integral part to making that happen. This functionality isn't a replacement to the strategic experience of revenue managers. It is a necessary addition to their toolbox, dynamically updating pricing and selling strategies as is required by quickly changing markets. Deep learning technology enables forecasting based on data-driven factors and provides a key means to anticipate what is likely to happen in specific markets.

Speed and precision are essential to responding to the forces that have so drastically impacted the industry during the pandemic. And there's also this to consider: the industry will eventually rebound. Anticipating that curve and being ready to respond in good time with confidence will be a make or break factor to success. Having that intelligence and the means to respond to it dynamically is the future of revenue management and the hospitality industry. In that, deep learning functionality and revenue and pricing management must go hand in hand.

Revenue management beyond 2020

Having the intelligence, speed, and precision to respond in good time relative to what the market will bear and in relation to direct competition is the key to resilience in the coming decade. We've written about what the 2020s will require of hospitality organizations in our 8 Ways Hotels, Resorts, and Casinos Can Achieve Resilience in the 2020s eBook.

In the meantime, the pandemic has been a disruptive force in the industry to say the least. But in efforts to compensate, our customers are also looking beyond our present times, using current challenges to inform the basis of a more sustainable future. That is all about being smarter, more integrated, and more adaptive to sudden changes in the landscape. We're dedicated to working with industry leaders to help them be resilient as revenue management and pricing strategy continues to play an integral role in creating strategic clarity day to day, while also helping to create an effective basis for anticipating what's to come.

About Infor

Infor is a global leader in business cloud software specialized by industry. We develop complete solutions for our focus industries. Infor's mission-critical enterprise applications and services are designed to deliver sustainable operational advantages with security and faster time to value. Over 60,000 organizations in more than 175 countries rely on Infor's 17,000 employees to help achieve their business goals. As a Koch company, our financial strength, ownership structure, and long-term view empower us to foster enduring, mutually beneficial relationships with our customers. Visit www.infor.com.

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