4Hoteliers
SEARCH
SHARE THIS PAGE
NEWSLETTERS
CONTACT US
SUBMIT CONTENT
ADVERTISING
Who Says Innovation Has to Happen in a Garage?
By Yeoh Siew Hoon
Monday, 23rd April 2012
 
Even though he himself developed his idea in one, Dr Ravi Mehrotra, president and co-founder of revenue solutions company IDeaS, believes it's a myth that innovation can only happen in a garage.

A passionate mathematician, his logic is – "one in 1,000 people are innovative. If you have an organization of 10,000 people, you're bound to have more innovators than if you have 3 people working in a garage."

4Hoteliers Image LibraryIn fact, Dr Ravi (right), who holds more than one dozen patents, believes the best innovation is yet to come for IDeaS to truly solve the problem of "how do you understand demand as a function of price in a stochastic environment".

The India-born professor, who was instrumental in leading the company to its acquisition by SAS, says he's now like a kid in a candy store with full access to resources, "tools that have been tested and perfected over time", to "build the house that I want".

And the house he wants to build is an enterprise solution that will crack the pricing problem for hospitality – how what you charge at a restaurant impacts on rooms, and what effect does selling function space have on room revenues, and so on.

"They are all inter-related – spa, ballroom, rooms, restaurants, car park. We want to find the right relationship between all these things that will make a hotel stand out against its competitors in whatever measure it wants – whether it's profitability or market share."

To Dr Ravi, revenue management is about increasing profitability while managing risks associated with the uncertain nature of demand. He co-founded IDeaS in 1989 as part of his ambition to develop practical solutions to difficult decision problems.

"Research shows that 40% of executives make decisions based on gut rather than analytics or science."

And as Google changed search and Facebook social media, he says IDeaS changed the way hotels looked at Bid Rates and opportunity cost. "It didn't exist before in distribution systems. Our customers, groups like Shangri-La and Hilton, had to force PMS vendors and GDS to build these factors into their system, and now it's an industry standard."

Full story:

www.webintravel.com//news/who-says-innovation-has-to-happen-in-a-garage_3138

Global Brand Awareness & Marketing Tools at 4Hoteliers.com ...[Click for More]
 Latest News  (Click title to read article)




 Latest Articles  (Click title to read)




 Most Read Articles  (Click title to read)




~ Important Notice ~
Articles appearing on 4Hoteliers contain copyright material. They are meant for your personal use and may not be reproduced or redistributed. While 4Hoteliers makes every effort to ensure accuracy, we can not be held responsible for the content nor the views expressed, which may not necessarily be those of either the original author or 4Hoteliers or its agents.
© Copyright 4Hoteliers 2001-2024 ~ unless stated otherwise, all rights reserved.
You can read more about 4Hoteliers and our company here
Use of this web site is subject to our
terms & conditions of service and privacy policy