Editorial Board   

Mr. Verma

Rohit Verma

Executive Director, Cornell Center for Hospitality Research

Rohit Verma, Ph.D., is Professor of Operations Management and Executive Director for The Cornell Center for Hospitality Research. Prior to joining Cornell faculty, Mr. Verma was the George Eccles Professor of Management, David Eccles School of Business at the University of Utah. He has also taught MBA and executive development classes at several universities around the world including DePaul University, Chicago, IL, University of Sydney, Australia, Norwegian School of Logistics, Norway, Helsinki School of Economics, Finland, and Indian School of Business, India. Mr. Verma's research interests include new product and service design, quality management and process improvement, and operations and marketing interrelated issues. He has published over 50 articles in prestigious business journals such as California Management Review, Cornell Hospitality Quarterly, Decision Sciences, MIT Sloan Management Review, and Production and Operations Management. Mr. Verma's research has been supported by numerous well-respected organizations around the world, such as Fairmont, Raffles, and Swissotel (Singapore); Hammerson and NCR Knowledge Lab (UK); Citycon (Finland); Siemens and Fraport (Germany); Wiener Konzerthaus (Austria); and, in the United States, American Express, Calvin Klein, CSFB, eBay, First Chicago, General Growth Properties, HSMAI, Neiman Marcus, and the U.S. Forest Service.

Mr. Verma can be contacted at 607-255-2688 or rv54@cornell.edu

Coming up in October 2020...

Revenue Management: Maximizing Profit

Hotel Revenue Management continues to evolve at a blistering pace. Driven by technological innovation and new distribution channels, there are some dynamic opportunities for expansion in this fast-growing field. The technology is primarily designed to help revenue managers further refine their operations and pricing models to maximize hotel profit. For example, hotels can't be all things to all people, so a key strategy is to precisely identify their target audience. By employing geo-targeting techniques and analyzing behavior such as previous bookings, on-property purchases and online shopping practices, there is an increased capability to define guest demographics. By segmenting customers in more specific ways, hotels are able to create more personalized experiences which, in turn, allow managers to optimize their room rates. It is also an effective way to fulfill the unique needs and preferences of the individual. Another methodology is to consistently monitor the competition's pricing strategies. There are software tools that analyze a competitor's current rates, and then allow a hotel to make its own pricing adjustments. It is also a useful means to conduct forecasting models. Other technologies that are being integrated into a revenue manager's toolkit include Artificial Intelligence in the form of automated algorithms, and Voice Recognition (VR) for data inquiries, rate changes, and booking behavior. Predictive and analytic software programs are also being leveraged to provide more forward-looking data, instead of the usual reliance on historical performance. These metrics allow managers to be more proactive - rather than reactive - with their revenue strategy. The October issue of the Hotel Business Review will examine these developments and report on how some leading hotels are executing their revenue management strategies.