The evolving discipline of ‘Revenue Management’ and its proven effectiveness in the current difficult trading conditions is one of the most important developments in hospitality finance today. Last week BAHA – the UK’s leading educational organisation for professionals involved in financial management, revenue management and IT within the hospitality industry – officially launched the ‘BAHA Hospitality Revenue Management Community’ (HRMC) to provide a major forum for debate, education, and generally raising the profile of ‘Revenue Management’ within the UK hospitality profession.
Over 140 hospitality industry finance, revenue management and IT specialists gathered in London to attend last Thursday’s HRMC launch at the Holiday Inn London Kensington Forum Hotel and learn more about BAHA’s major new initiative; and have the added bonus of presentations from two distinguished guest speakers – Sarah Duignan, Director of Account Management at STR Global, on current Hotel Market trends and future projections, taken from the latest STR Global quarterly report and Donna Taylor, Head of Accommodation at the London 2012 Olympic Organising Committee (LOCOG).
“The London 2012 Olympic and Paralympic Games is a huge opportunity for the hotel industry,” Donna Taylor told the BAHA HRMC launch audience. “LOCOG looks after what we call the Olympic family, which is made up of team officials, technical officials, National Olympic Committee executives and guests, international sporting federations, heads of Government or State and international media. They will all need hotel accommodation and we have secured over 53,000 hotel rooms in London. We are acquiring an efficient and effective central reservations system which will deliver a good end-to-end experience for all our clients to ensure they have an enjoyable stay in London. We are working with Visit Britain and Visit London to maximise the Games experience.”
The newly created BAHA Hospitality Revenue Management Community will be headed up by a newly appointed HRMC Steering Committee – chaired by Heather Hart, Director, Rev Excel – and comprising leading practitioners in the field: BAHA Council Member Warren Mandelbaum, Revenue Management Specialist who was formerly Head of Revenue Management, Whitbread Hotels & Restaurants; Patricia Griffin, Regional Revenue Manager – Provincial, Travelodge; Jennifer Keen, Director, Total Revenue Solutions; Christopher Cooper, Head of Commercial at City Inn; Moz Shigdar, Group Revenue Manager, BDL Management; Cheryl Hawksworth, Regional Sales Manager, IDeaS; Corinne Bellaby, Membership Secretary, AICR UK (The International Association for Deputy Managers and Front Office Managers of Luxury Hotels); Kate Varini, Senior Lecturer, Oxford Brookes University; and Debra Adams, Head of BAHA Education.
The BAHA HRMC and its Committee have been formed in response to industry demand and the growing importance of the developing practice of ‘Revenue Management’ within the UK hospitality industry. In straightforward terms, revenue management is a technique to optimise income revenue from a fixed, but perishable inventory. The challenge in hotels is to sell the right rooms to the right customer at the right time for the right price. The role of the revenue manager (RM) is evolving and developing. Basically the ‘RM’ is becoming more than being the link/middle-man, providing the relevant intelligence upon which intelligent decisions are made, between the finance and the sales and marketing departments – for instance, ‘RMs’ are also now becoming responsible for the accommodation revenue budget.
At the launch, Heather Hart and Jennifer Keen outlined the key aims of the BAHA HRMC:
· To promote and develop practical applications in Revenue Management
· To provide accredited educational programmes
· To support all individuals engaged in the discipline of Revenue Management within the hospitality industry at any level
· To become an industry voice for Revenue Management
· To raise the profile, understanding and importance of Revenue Management
· To create a community of knowledge, learning and experience
· To establish a forum for debate, sharing, learning and progression
Heather Hart explained that the new BAHA HRMC Committee had been created to offer support and advice to any professionals who are in some way involved in the practice of Revenue Management within the hospitality industry. “We will help you answer any questions on Revenue Management you may have,” she said. “We’ll connect you with the right people to assist; we’ll provide circulation of industry data, articles and viewpoints; and we’ll provide the opportunities to meet with colleagues and contacts across the industry.”
Commenting on the HRMC, BAHA Chief Executive Carl Weldon said: “We are delighted about the formation of the new BAHA HRMC and its managing Committee, which will be responsible for driving the Revenue Management agenda within BAHA. At this early fragile stage in the nation’s economic recovery, the introduction of this major BAHA initiative is especially timely – driving a BAHA priority objective of providing a community for discussion and education about ‘Revenue Management’, whilst raising its profile, within the UK hospitality industry.
“BAHA will support Revenue Management through specific events and forums – devised and organised by the new HRMC Committee – where BAHA members and non-members alike can learn more through enhancing their knowledge and technique, with regard to all aspects of ‘best practice’ revenue management, whilst additionally benefiting from the knowledge shared. These events will also give our hospitality IT members and community generally, involved in developing the latest hospitality revenue management-related technology, the opportunity to come together with Revenue Managers (RMs) and industry leaders to discuss the implications of the latest techniques and required technological advances.
Indeed, BAHA will be dedicating a major expert session and a number of educational workshops to Revenue Management at the 5th BAHA Annual Conference – to be held on Thursday, 25 November 2010, at the Sofitel Hotel, London Heathrow at Terminal 5. One of the highlights of the opening morning’s sessions will be ‘Revenue Management Question Time’ where the chairman’s hot seat will be taken by Michael Prager, Senior Vice President Sales Hilton Europe, Middle-East and Africa. He will present questions to a team of expert panellists – including: Heather Hart; Warren Mandelbaum; Moz Shigdar; Ciaran Fahy, Managing Director, The Cavendish London; and Fabian Specht, EMEA IDeaS.
It is BAHA’s aim to produce and promote introductory and other short courses and certification programmes for Revenue Management, while linking in with other educational sources. At the launch, a number of one- and two-day BAHA HRMC Training Modules, designed to build skills and confidence for Revenue Professionals, were announced – including: ‘Introduction to Revenue Management’ (2-day); ‘Introduction to Leadership (2-days); ‘Food and Beverage Revenue Management’ (2-day); ‘Presentation Skills for RMs’ (1-day); ‘Excel for Revenue Managers’ (1-day); and ‘Coaching Skills’ (1-day).
BAHA currently provides the only industry specific hospitality finance education programme; and the Association has decided to produce – in association with a range of partners, including universities – a new second- and third -route through its Education and Training Programme, specifically for ‘RMs’. Recognising, as a matter of priority, the need to ensure that future hospitality ‘RMs’ possess the skills and knowledge to meet the demands of this key management function, BAHA is to offer an 18-month, three-stage part-time Revenue Management Education Programme, accredited by Oxford Brookes University – scheduled to commence in 2011. BAHA is presently in consultation with the hospitality profession and key UK revenue management organisations about the delivery and programme of funding for this initiative.
The aims of the Revenue Management Education programme are:
- To develop a career path for ‘RMs’ and Directors in the hospitality industry
- To formalise and develop the discipline of revenue management in the hospitality industry
- To develop sustainable long-term relationships between industry, academia and a relevant trade body to develop and disseminate ‘best practice’ in revenue management
- To create official certification levels by which employers can judge candidates applying for revenue management positions
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