It’s Pace’s birthday (almost)!
Pace was born on January 30, 2017 and this year we haven’t taken the time to celebrate properly yet. But hey, better late than never. We have so much to share about what we’ve accomplished in four short years but we also wanted to reveal our vision for the year ahead.
Fun metrics and achievements
Here are some metrics to give you a sense of the impact we’ve had over the last four years (or 217 weeks to be exact):
- We pushed a total of 77,360,206 price changes
- We processed 10,746,834 bookings worth €1,889,059,123
- Every day we push ~100,000 price updates to our PMS partners
- 70% of all customer properties are on 100% automation
- For the 30% that are not automated the acceptance rate is 96.3%
- We’ve interviewed 994 candidates for roles and hired 46 of them
Our mission and where we are going
Many outside the revenue management profession like to believe that the airline and hospitality industries have already solved the revenue conundrum but, with penetration of technology at 15 percent and a chronic shortage of attention and investment, the reality could not be more different. RM remains in its infancy and there is still a painfully large amount of money being left on the table by hoteliers.
Hence, we’ve got a bunch of exciting developments ahead of us:
Democratisation - The hospitality industry still operates in rigid and disconnected silos. We believe a property’s revenue platform needs to be accessible and understandable by multiple functions and departments and not just by the revenue management team alone. Good RM is not sorcery and should not be interpretable only by a handful of anointed revenue ‘shamans’ in your team! So we will be investing heavily in our product team and amazing UX.
Not just pricing - First, we solved the price optimization problem in our industry with Pace Pricing. Next, we need to confront the business mix optimisation issue that is endemic in revenue management. We’ll be making some exciting announcements in Q2 and beyond about new features and products that will tackle this lingering shortcoming.
Taking control of data - Pace Analytics is an important pillar in our strategy and it has really helped transform our platform. After all, reliable and accessible data is the foundation from which we can generate any repeatable improvement or innovation. We’re building a dedicated product team just for Analytics and Jesse Stanley recently joined us to head it up.
Enabling industry innovation - We believe that the industry is moving towards a future with many more products and a more holistic approach to revenue in general. In this regard, our friends at Mews have really taken the lead with their focus on spacetime and they see a future with much more flexible bundling/unbundling of hospitality products. We agree and that means revenue optimization will be more challenging than ever before. Technology partners like Pace will be rising to meet the challenge.