SUPPLIER ARTICLE
Smart Space from IDeaS Revenue Solutions can help you optimise the potential of what are often underemployed and undervalued assets
GET MORE OUT OF YOUR HOTEL’S MEETINGS AND EVENTS SPACE
C
ontrary to widespread belief, hotel meet- ings and events spaces do more than just sell guestrooms. In fact, revenue from this area can contribute up to 60% of a hotel’s total profits. However, the potential of these spaces is
often overlooked. Like vacant rooms, empty meeting spaces are a missed opportunity – and as a valuable asset, their yield should be managed to drive revenue. As Warren Mandelbaum at IDeaS Revenue
Solutions explains below, innovative technol- ogy is now making it easier to identify and leverage the potential of this undervalued part of the hospitality business.
WHAT IS THE GREATEST OPPORTUNITY FOR MEETINGS AND EVENTS REVENUE STRATEGY? WM: I believe access to data that was previ- ously difficult or impossible to obtain will revolutionise the understanding of business opportunities. This will raise the focus on meetings management and allow for a much more sophisticated selling strategy, creating a new dimension for greater revenue and profit in this space. Meeting spaces can provide a significant contribution to total revenue, but in my expe- rience they are often sacrificed in the drive for improved metrics of guest room sales.
WHAT EXPERTISE DOES IDEAS HAVE IN EVENTS MANAGEMENT? WM: We now offer Smart Space by IDeaS,
14 | Technology Prospectus 2018
for many years, there are no industry-wide solutions for optimising revenue for meet- ings and events spaces. Smart Space is unique in that it encompasses the disciplines of sales, catering, marketing and revenue man- agement.
a cloud-based solution that provides unparal- leled views into data that has traditionally been lost within a sales and catering system. It was designed to help meetings managers better understand the demand for their space – and to sell it more effectively – by providing them with data on demand trends, effective selling strategies and performance measures, such as attendee density and conversion performance.
WHAT MAKES SMART SPACE UNIQUE IN THE MARKET? WM: While analytical tools have been widely available for managing guestrooms
It brings these areas together to improve strategy and sales focus by providing a simple application that puts the information necessary for better business strategy at the user’s fingertips.
IS SMART SPACE JUST FOR HOTELS OR CAN OTHER TYPES OF MEETINGS AND EVENTS SPACES USE IT? WM: Smart Space has been adopted at sporting venues in the UK with no bedroom accommodation. It was designed to focus entirely on the meetings and events space, so it is equally useful for any venue with event spaces – with or without bedrooms.
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