Keynotes
The Extension of Science-Based Data Analytics
Tuesday, Nov. 11
9-9:45 a.m.
During the past several years, the Walt Disney Co. has evolved in how it applies the science of Revenue Management. With ever-advancing technological capabilities, pursuing science based-data analytics is attainable now more than ever. Learn how the science of Revenue Management transcends across a wide range of businesses within the Disney Company. Get insight on how science driven analytics grows profits through better decision-making.
Mark Shafer
Senior Vice President of Revenue & Profit Management
Disney
Leveraging Revenue Management Throughout an Economic Cycle
Tuesday, Nov. 11
9:45-10:30a.m
Revenue Management has proven to be just as critical during a downturn as it is when demand is strong. Decisions made now will have an immediate impact on financial performance as well as lay the foundation for future performance. At Marriott, we recognize continual improvement in Revenue Management is essential to managing economic fluctuations. Learn how we are strengthening our efforts to work across disciplines, objectively assess the future, and develop revenue strategies according to a realistic forecast.
Dave Roberts
Senior Vice President of Global Revenue Management
Marriott
Driving Pricing Improvement: Communicating a Simple Process to Spur Action
Tuesday, Nov. 11
4-4:45p.m.
Process improvement and exceptional execution have always been linchpins to GE's success. Six Sigma, Lean, and other productivity improvement processes are bearing fruit, but pricing processes had to improve if margins were to continue to grow. Learn how the creation of clear metrics and a corporate-wide pricing framework helped managers measure their pricing capability and have a clearly defined path to success. Investments in Pricing Resources and technology are accelerating as managers become more confident in their ability to drive price and realize returns.
Brad Thompson
Chief Pricing Leader
GE Corporate
Panels
Are You Kidding Me?—Driving Revenue Growth in a Slowing Economy for B2C Companies
Panel Session A (B2C focus)
Tuesday, Nov. 11
11 a.m.-12:15 p.m.
Revenue Management and Price Optimization are often seen as tools to extract the greatest value from a booming economy. How do savvy companies use these techniques in an uncertain environment with very little pricing power? Our panel of experts discusses various ways to leverage technology and process.
Chair: Donald Davidoff
Group Vice President, Pricing & Revenue Management
Archstone
Karen Cardwell
Senior Revenue Manager
Keystone Lodging & Golf
Brian Dicker
Vice President, Revenue Analysis & Decision Technology
Avis Budget Group
Revenue Optimization Leader
Carlson Hotels Worldwide
Beyond the Technology—Evolving Software Solutions into Corporate Capabilities
Panel Session B (B2B focus)
Tuesday, Nov. 11
11 a.m.-12:15 p.m.
Many initiatives start with the implementation of new technology. However, the most successful firms evolve from merely developing a software solution to establishing lasting corporate capabilities. Gain insights on this journey from experts in a wide variety of industries who have effectively made this transition.
Chair: Mark Rudel
Director of Marketing
UPS
John Breen
Senior Pricing Manager
Coca-Cola Enterprises
Sharon Hormby
Senior Director, Total Yield Systems
Marriott International
Strategic Pricing Manager
GE Energy
Putting the Customer First—Customer Centric Pricing and Revenue Management
Panel Session C (B2C focus)
Tuesday, Nov. 11
2:15-3:30 p.m.
Revenue Management and Price Optimization are often considered practices which we do to our customers instead of for our customers. Forward looking companies need to grow and develop customers based on their individual buying behavior and lifetime value in a manner that can enhance customer allegiance while generating near-term profits. Our panel of experts explores how to accomplish this type of customer centric thinking.
Chair: Bob Cross
Chairman & CEO
Revenue Analytics
Michael Bentley
Director of Analytics
InterContinental Hotels Group
Senior Vice President
Trump Entertainment Resorts
Gina Morello
Manager, Cargo Revenue Management
American Airlines Cargo
Vice President of Revenue Management
Avis Budget Group
Bulk Sales and Negotiated Deals—Winning at the Highest Margins
Panel Session D (B2B focus)
Tuesday, Nov. 11
2:15-3:30 p.m.
In many respects, Revenue Management and Price Optimization are more important in B2B transactions than B2C since errors are significantly more costly. This panel of experts will address measuring customer’s willingness-to-pay, incorporating costs of service into decision-making and new performance metrics to track deal success.
Chair: Mark Ferguson
Conference Co-Chair
Steven A. Denning Professor of Technology and Management
Georgia Institute of Technology
Jack Easdale
Corporate Director of Revenue Management
Gaylord Hotels & Resort
Greg Preuer
Director, Pricing
Cooper Industries
Pricing Manager
Siemens
Breakouts
What's Your Game Plan?
Breakout Speaker A (B2C Track)
Tuesday, Nov. 11
1:30-2:15 p.m.
If you don't know where you are going, you'll never get there. Businesses that tackle price initiatives need to start with a game plan. Metrics must be defined, measurement tools created, and resources put in place and empowered. Building a process from scratch in an established culture poses numerous operational, technical, change management and financial challenges. This talk will highlight some of the key lessons learned at The Home Depot, as well as obstacles and accomplishments from the perspective of a new team in a demanding retail business.
Kristin Hubbard
Manager, Pricing Analytics
The Home Depot
Tactical Price Management in a Zero Growth Environment
Breakout Speaker B (B2B Track)
Tuesday, Nov. 11
1:30-2:15 p.m.
Every period has its economic challenges. The environment today is dominated by unpredictable input costs and weakening demand. While solid pricing practices do not offer a “cure for gravity,” well-executed promotions can minimize costs and enhance gains even in a tough environment. Learn how Parker Hannifin has used price as one of the tools to manage share profitably as well as link price management to other strategies to grow sales and margins in a period of demand destruction.
Dick Braun
Vice President, Pricing
Parker Hannifin
Workshops
Principles for Revenue Management and Price Optimization Success
Workshop A: The Basics
Wednesday, Nov. 12
9 a.m.-Noon
For some, Revenue Management and Price Optimization have generated millions of dollars. For others, the gains have been elusive.
This “Back to Basics” workshop, taken from a series of M.B.A. lectures, will introduce Revenue Management and Price Optimization, as well as provide a fresh survey of the principles which help companies drive profitable growth.
Examine the fundamentals of using rigorous analysis and advanced technology to increase revenue productivity from existing assets through this interactive session. Review and reinforce the secrets to success in a wide variety of industries and challenge conventional thinking.
In this workshop using case studies and practical examples, you will learn:
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A Stepwise Approach to Revenue Management and Price Optimization
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The Respective Roles of People and Technology
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How to Think like a Customer
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What CEOs Want
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Ah-ha Moments in the Evolution of Pricing and Revenue Management
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Creating a Revenue Driven Organization
Robert G. Cross
Chairman and CEO
Revenue Analytics
Is Bigger Really Better? Bulk Pricing & Negotiated Deals
Workshop B: Advanced Topics
Wednesday, Nov. 12
9 a.m.-Noon
Do large, bulk transactions that are individually negotiated fit within the Revenue Management paradigm? Review Revenue Management & Pricing concepts as they are applied to large transactions and negotiated business, provide examples of best practices and proven approaches and share new ideas among industries.
Traditional Revenue Management optimally allocates inventory at established price points. What happens to these concepts when price is negotiated as part of the transaction? Explore examples from multiple industries through hands-on exercises and discussion to share best practices. Get a better idea of how to extend traditional Revenue Management concepts to bulk and negotiated deals.
In this workshop, you will learn:
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Existing Revenue Management practice is for pricing to be a separate, manual process. Large negotiated deals do not fit the traditional concepts or software systems built for high-volume transactions
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Traditional approaches to bulk deals for travel, commodities and manufactured goods
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Discussion—the sacred cows of big deals
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Using contribution as the objective for optimization
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Exercise−rethinking customer segmentation to better price large deals
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What parts of the deal are negotiated & who is negotiating?
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Engineering negotiated deals to proactively shift demand
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Success metrics for big deals—whose success is measured and what “levers” can those metrics influence?
Sharon Hormby
Senior Director, Total Yield Systems
Marriott International
Manager, Operations Research
Marriott International
Implementing Pricing and Optimization Algorithms
Workshop C: Experimental Thinking
Wednesday, Nov. 12
9 a.m.-Noon
Sophisticated Pricing and Revenue Management systems contain mathematical algorithms that balance tradeoffs to determine the “optimal” price or inventory availability for each product and customer segment. These algorithms must realistically model the business environment if they are to be of practical value.
Learn how to construct Price Optimization algorithms for a selection of problems using R, an open source environment for statistical analysis and modeling. Hear about different model formulations, the pros and cons of each and how the resolution of certain issues might impact revenue and profitability.
Obtain a deep understanding of Price Optimization algorithms and how they work. Become familiar with the installation of R and with R programming by implementing critical Revenue Management algorithms.
In this workshop, you will learn:
Installation of R on the participant’s PC
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Familiarization with the R programming environment
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Implementing a probabilistic model for setting the availability of discounts
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Implementing an algorithm for estimating elasticity of demand for a price-volume model
Participants should bring a Windows™-based PC and have a basic understanding of some Price Optimization algorithms. By the conclusion of this workshop, participants will know how to download and install the R environment and will have implemented pricing and capacity allocation algorithms using R.
Jon Higbie
Senior Vice President and Chief Scientist
Revenue Analytics
Operations Research Consultant
Revenue Analytics
Introduction to The Science Of Revenue Management and Price Analytics
Workshop D: The Basics
Wednesday, Nov. 12
1:30-4:30 p.m.
Do you ever wonder what the mathematical algorithms are that play such an important role in determining your companies’ revenue performance? Take a step behind the curtains of the pricing and Revenue Management software solutions and examine the fundamental modeling concepts that make them work.
Get “hands-on” practice with using some of most common Price Optimization models which are typically treated as a “black box” solution by the leading software providers. By gaining a better understanding of the science behind the software solutions, you will be better positioned to make a knowledgeable selection between software providers, or, if you own a software solution, to gain the full benefit of its capabilities.
In this workshop, you will learn:
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The basics of forecasting historical sales data and measuring price effects
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What to do when you do not have a full history of customer demand
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What the fundamental trade-offs are in Revenue Management capacity allocation decisions and the science behind how they are made
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How to use price elasticity measures to optimize prices
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What is the science behind markdown management and customized bid responses
Mark Ferguson
Conference Co-Chair
Steven A. Denning Professor of Technology and Management
Georgia Institute of Technology
Analytically Driven Pricing Strategies
Workshop E: Advanced Topics
Wednesday, Nov. 12
1:30-4:30 p.m.
Most companies understand the critical importance of a sound pricing strategy. The process of formulating a pricing strategy, however, is often based on intuition and business judgment rather than customer behavior data.
Today, industry leaders are beginning to inform strategic pricing decisions with robust behavioral analytics like segmentation analysis and price elasticity. This approach of focusing on customer behavior to drive strategy ensures that strategies are targeted to the most responsive customer segments.
Real-world examples and hands-on exercises guide participants through the steps required to develop an analytically driven pricing strategy. By leveraging sophisticated analytics, companies can identify strategic growth opportunities while driving bottom line profitability.
In this workshop using case studies and practical examples, you will learn:
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Understanding which potential strategies best fit your business
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Key elements of a winning pricing strategy
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How customer segmentation analysis can inform pricing strategy
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Utilizing price elasticity to drive price strategies
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Incorporating competitive insights into pricing strategies
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Combining analytics, competitive insights and intuition to create targeted, winning strategies
Dax Cross
President
Revenue Analytics
Zach Cross
Vice President, Revenue Management Strategy
Revenue Analytics
Discrete Choice Modeling with Applications to the Travel Industry |
Workshop F: Experimental Thinking
Wednesday, Nov. 12
1:30-4:30 p.m.
Discrete choice models have been used for more than 30 years in marketing, economics, transportation, and other fields to understand how much customers are willing to pay for different product attributes.
Get an introduction to the estimation and application of discrete choice models. Start with fundamental concepts of the multinomial logit (MNL) and nested logit (NL) models—two of the most common models used in practice. Participate in a hands-on lab based on “real world” data from the travel industry in which you learn how to estimate MNL and NL models and interpret model coefficients.
In this workshop, you will learn:
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How to estimate MNL and NL models and to interpret parameters from MNL and NL models and select a "preferred" model for implementation
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To identify estimation problems that occur due to data coding errors and/or incorrectly specifying models
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Examples of successful implementations of discrete choice models
A 30-day trial version of estimation software for MNL and NL models is provided as part of the registration fee. You should plan to bring a laptop to the tutorial. Instructions for how to download the software will be distributed approximately one week prior to the course.
Assistant Professor
Georgia Tech
| Keynotes | |
| › | The Extension of Science-Based Data Analytics |
| › | Leveraging Revenue Management Throughout an Economic Cycle |
| › | Driving Pricing Improvement: Communicating a Simple Process to Spur Action |
| Breakouts | |
| › | Breakout Session A: What's Your Game Plan? |
| › | Breakout Session B: Tactical Price Management in a Zero Growth Environment |