Hospitality Industry Technology Exposition & Conference
June 18-21, 2018
Hospitality Industry Technology Exposition & Conference
December 5–6, 2018
IDeaS 16 May 2018
HSMAI Region Europe Awards recognises Smart Space by IDeaSIndustry's leading solution helps hoteliers make informed decisions about M&E businessLONDON -- Smart Space by IDeaS was honoured by HSMAI, the world's leading hospitality sales and marketing association, for its innovative role in allowing hoteliers to analyse the trends and performance of their meetings and events (M&E) space. April's HSMAI Europe's Best Tech Innovator of the Year awards recognised Smart Space, with the judging panel acknowledging the platform's role in connecting revenue managers and event sales managers with unprecedented visibility into M&E demand. Through its unique cloud-based technology, Smart Space leverages sales and catering data to better manage M&E pricing, allowing hoteliers to enhance strategic decisions and increase revenue growth. "Smart Space by IDeaS delivers an innovative solution to a long-established industry challenge--how to maximise revenue from M&E spaces," said Fabian Specht, EMEA managing director for IDeaS. "Contrary to widespread belief, M&E does more than just sell guest rooms--for many venues, this revenue stream can contribute up to 60% of their total revenue. It's often one of the most overlooked opportunities for substantial profit generation." Historically sales, catering, marketing and revenue management often worked in silos and haven't extended the same disciplined approach to managing revenue to M&E space. Typical obstacles include a lack of easy-to-consume data and reporting from sales and catering systems--and a lack of visibility into key performance measurements for M&E. "You can ask a hotel GM what their room occupancy was the previous night, and they most likely will know the answer or where to find it. But will they know their meeting space occupancy? Or better yet, would they even be able to find that answer," said Fabian Specht. "It's very pleasing that such a prestigious industry organisation as HSMAI Europe has recognised the impact Smart Space by IDeaS is having in allowing revenue management strategies to be folded into sales and catering processes." Users from around the world are now enjoying benefits such as double-digit growth in conversion revenue of inquiries into bookings, space utilisation and revenue per attendee thanks to Smart Space by IDeaS.
IDeaS 2 May 2018
Turin, Italy -- IDeaS Revenue Solutions, the leading provider of revenue management software and advisory services, is pleased to announce that Italy's Eden Hotels & Resorts has chosen IDeaS G3 Revenue Management System (IDeaS G3 RMS) to maximise its revenue growth and competitiveness.After conducting an extensive market review, the management company decided to implement IDeaS G3 RMS at the prestigious J Hotel.The hotel will not open until July 2018, but Eden Hotels & Resorts was able to proactively use IDeaS Limited Data Build functionality to enable IDeaS G3 RMS to more accurately forecast demand, set prices in the absence of historic data and enjoy results from day one of hotel operation."Throughout the selection process, we had a clear focus on finding a system that optimised profit and efficiency," said Enrico Feliciani, director of Eden Hotels & Resorts. "Once we'd completed our research, it was obvious there was clear water between IDeaS and the rest of the market.""We were really impressed by the automation capabilities and unique room class strategy of IDeaS G3 RMS," said Aizhana Zhantuarov, head of pricing and sales at Eden Hotels & Resorts. "While decisions such as price setting, restrictions and overbooking are fully automated, it also offers us the ability to manually override the system, enter real-time market data and seamlessly incorporate competitive set data and reputation data into our forecasts and strategy.""IDeaS brought to the table an industry-wide reputation for software excellence, together with support that is second-to-none. Their scientific approach to data analysis and decision making means we can forecast significantly further into the future with much more accuracy, allowing us to be more strategic in our approach," added Zhantuarov.Powered by SAS High Performance Analytics, with nearly three decades of innovation in hospitality technology, IDeaS' solutions equip clients with a clear view of their data through pricing, forecasting and optimisation strategies, giving them greater control over their business performance."We are excited to support Eden Hotels & Resorts and J-Hotel in their partnership with the advanced analytics supplied by IDeaS G3 RMS," said Fabian Specht, EMEA managing director for IDeaS. "This new relationship is part of an industry-wide trend where smaller, tech-savvy managing companies are using the best revenue technology available to compete against larger and better-known brands."
IDeaS 30 April 2018
IDeaS Revenue Solutions (IDeaS) is proud to announce that more than 100 Preferred Hotels & Resorts properties have installed IDeaS revenue management technology. With nearly three decades of innovation in hospitality technology, IDeaS' solutions equip this group of independent hotels worldwide with a clear view of their data across more than 100 word-wide hotels with 22,000 guest rooms. Through pricing, forecasting and optimization strategies, Preferred Hotels & Resorts' properties have leveraged IDeaS for greater control over their business performance to drive improved profits and productivity.In 2018, Preferred Hotels & Resorts is celebrating 50 years of providing travelers with unique, luxury independent hotel experiences. Select hotels within the brand's global portfolio utilize IDeaS' advanced analytics to confidently book the right room for the right guest at the right price at all times, enhancing their revenue performance. Properties within the Preferred brand also rely on IDeaS' powerful approach to pricing and inventory control by room class and length of stay, managing the tactical duties and allowing users to be more strategic."For over 10 years, IDeaS has been an integral member of the Preferred Hotels & Resorts Alliance Partner program," said Michael Osgood, vice president, Alliance Partnerships for Preferred Hotels & Resorts. "IDeaS has played a key role in the technology transformation of our properties, and we look forward to the continued expansion of our partnership.""We value our growing partnership with Preferred Hotels & Resorts and are honored to be the only revenue management provider within their alliance program," said Jane Stampe, managing director of the Americas for IDeaS. "All of us at IDeaS congratulate Preferred Hotels & Resorts for its successful 50-year anniversary as a leader within the hospitality industry. The trusted partnership that we have with the Preferred team invaluable. We are excited to continually delight the member hotels with improved profitability."In addition to increased revenue management opportunities for Preferred Hotels & Resorts, IDeaS also offers the assistance to better align its properties' people, processes and technology with IDeaS Advisory Services to ensure that everyone within the team is focused on revenue performance and has the tools to succeed. IDeaS Advisory Services employs a proven, three-phase process for smoothly moving clients from assessment, process optimization and coaching through permanently embedding revenue centricity into every individual action taken and collective decision made."We look forward to an enduring partnership and continued success in the future," added Stampe.About IDeaSWith more than 1.6 million rooms priced daily on its advanced systems, IDeaS Revenue Solutions leads the industry with the latest revenue management software solutions and advisory services. Powered by SAS and with nearly three decades of experience, IDeaS proudly supports over 10,000 clients in 124 countries and is relentless about providing hoteliers with insightful ways to manage the data behind hotel pricing.IDeaS empowers clients to build and maintain revenue management cultures-from single entities to world-renowned estates-by focusing on a simple promise: Driving Better Revenue.IDeaS has the knowledge, expertise and maturity to build upon proven revenue management principles with next-generation analytics for more user-friendly, insightful and profitable revenue opportunities-not just for rooms, but across the entire hotel enterprise. For more information, visit www.ideas.com. About Preferred Hotels & ResortsPreferred Hotels & Resorts is the world's largest independent hotel brand, representing more than 700 distinctive hotels, resorts, residences, and unique hotel groups across 85 countries. Through its five global collections, Preferred Hotels & Resorts connects discerning travelers to the singular luxury hospitality experience that meets their life and style preferences for each occasion. Every property within the portfolio maintains the high quality standards and unparalleled service levels required by the Preferred Hotels & Resorts Integrated Quality Assurance Program. The I Prefer Hotel Rewards program, Preferred Residences, Preferred Family, Preferred Pride, and Preferred Golf offer valuable benefits for travelers seeking a unique experience. For more information, visit PreferredHotels.com.
IDeaS 11 April 2018
LONDON -- IDeaS Revenue Solutions, the leading provider of revenue management software solutions and advisory services, is pleased to announce that Milan Apartment Rental has chosen IDeaS G3 Revenue Management System (G3 RMS), the industry's most widely used revenue management solution, to maximise revenue growth and boost competitiveness.Milan Apartment Rental is an independently-run company which manages 28 serviced apartments next to Milan's main railway station Centrale and several more apartments in various other central locations in Milan --the majority of which are short-stay or corporate accommodation. With demand fluctuating between weekdays and weekends, the owner knew that to maximise revenue, they needed to identify demand structures."IDeaS G3 RMS is the only system that can forecast and strategise demand for separate room types independently," said Alessandro Wilcke, owner of Milan Apartment Rental. "The G3 RMS room class functionality allows me to automatically set prices for the different room types many months ahead--previously, I was doing this manually and working only days in advance."Alessandro's previous career as a manager for a Fortune 500 company gave him the opportunity to get to know SAS analytics software at an enterprise level, and he knew using analytical software in the hospitality sector was the key to driving growth for his fledgling business. After a review of the suppliers and each of their pricing structures, Alessandro selected IDeaS G3 RMS as the best system--both in terms of functionality and affordability--for an independent operator such as himself."The automation of demand forecasting and pricing will revolutionise how we operate," he said. "Not only do we expect revenue to rise, but we will also have more free time to make the business more competitive. Strategically, this levels out the playing field and allows Milan Apartment Rental to compete with larger and better-known rivals in the centre of Milan that have more resources at their disposal. IDeaS G3 RMS is my secret weapon."Powered by advanced analytics, and with nearly three decades of innovation in hospitality technology, IDeaS' solutions equip clients with a clear view of their data through pricing, forecasting and optimisation strategies, giving them greater control over their business performance."We are delighted that Milan Apartment Rental has chosen IDeaS G3 RMS to ensure it has a competitive advantage over its rivals," said Fabian Specht, EMEA managing director for IDeaS. "The solution's unique room-class functionality will be a significant advantage for Alessandro and his team moving forward"."About Milan Apartment RentalMilan Apartment Rental is the brand and website of Myland s.a.s. di IIIRE S.r.l. and manages 28 apartments near Milan's main railway stations Centrale and Garibaldi with several more apartments in various other locations in Milan.www.MilanApartmentRental.it
IDeaS 3 April 2018
While we are in the midst of a significant transformation, powered by technology and changing consumer behaviors, significant silos and fragmentation exist, which are limiting evolution. Watch as we dive into more detail surrounding what to expect for hoteliers in the future.How far are we from the vision of seamless intelligence where hospitality providers will not only understand the guest but also anticipate needs?Thank you to my fellow panelists for taking part in this intriguing conversation:Chris Anderson, professor, Cornell UniversityVivek Bhogaraju, director, revenue management solutions, Expedia, Inc.Pierre Boettner, founder & CEO, hospitalityPulseRJ Friedlander, founder & CEO, ReviewProBalaji Krishnamurthy, vice president, global strategy, corporate development and business intelligence, Sabre Hospitality Solutions
IDeaS 28 March 2018
A study conducted by Statista estimates over the last four years, IoT-connected devices will have grown by over 33 percent by the end of 2018 for a total of 23.1 billion devices connected worldwide. And over the next four years that number is forecasted to nearly double and total over 42.6 billion by 2022. That would mean there will be over five connected devices for every human, and that average number gets much higher considering only half of the world's population has readily available internet access.Technology continues to push the boundaries of what is possible, and as a result, more and more of it becomes a fixture in our daily lives. Four years is a short period of time for an install base to nearly double in size. It's why machine-to-machine communication will continue to exponentially grow, leading to more opportunities for efficiency in every industry.IoT is Checking InTravel and hospitality, specifically, are working on many different approaches to take advantage of this technology spike. Not only do hotels need to think about how they can invest in technology to elevate the guest experience, but they must also be cognizant of the need for seamless connection of guest devices to their technology. Most of the technology a guest uses will be brought into the hotel by the guest, not supplied by the hotel. So, the end goal for hotels needs to be ease of use, speed of access and monetization of the guest's digital journey from their own devices.This has already manifested with tailored booking experiences, voice-controlled, in-room assistants, property-specific mobile apps and chatbot concierge services appearing at hotels, but technology also needs to enable efficiency on the business side as well as the consumer side. With better technology comes improved productivity and more hoteliers overseeing multiple properties, working remotely and automating mundane tasks to create more time for strategic activity. This means less time at a desk or a single property and more time on the go.When it comes to revenue technology in the hospitality industry, the goal is still ease of use and speed of access, but more importantly, it is also the ease of access to vast amounts of consumable data. This makes revenue technology ripe for interfacing with IoT devices to effortlessly access more data insights.Powerful revenue management solutions (RMS) bring together multiple sources of market data and layer that on top of hotel-specific data like actuals, forecasts and budgets. When your technology stack is seamlessly integrated, your RMS pulls data from multiple systems and builds a strategy it pushes back out to those systems. That in itself is impressive, but now imagine you have all that connected power in the palm of your hand or at the command of your voice.Of course, there isn't even a need to imagine because this "science fiction" has become the new reality. We've seen mobile phones' primary function change drastically over the last ten years. How often do you use your smartphone to make an actual phone call?Revenue technology is following the evolution of the mobile phone. What once was just a rate-setting and forecasting tool is now the convergence of all data insights you need to influence revenue productivity, whether at your desk, on the road or at home. An RMS visualizes thousands of data points, and an RMS mobile app or voice-enabled assistant, like Amazon's Alexa, make access to that data simple, convenient and possible from anywhere with an internet connection.Software development has always had to consider the user experience. You have limited real estate on a computer monitor or mobile phone screen to provide the right features or capabilities to a user. Friendly user interfaces (UI) have become requisite for optimal adoption and a quick return on investment. However, when the work environment becomes the backseat of a taxi, the lounge at an airport or kitchen counter while preparing dinner, how do you optimize the UI? Hotel technology in today's world must challenge the status quo and think outside the box, or rather, the computer screen.The New UI is No UIAs hotels adopt cloud technology and bring their systems and data together into one autonomous platform, the challenge becomes accessing the right data at the exact moment of need. Natural-language processing, like the technology behind Alexa or Google Assistant, make that possible. Voice search or voice commands have proliferated since the advent of Siri on Apple's iOS, and Amazon, Google and others have only expanded that reach with smart-speaker devices.For revenue management technology, the opportunities are limitless. Owners and general managers no longer need logins to a system they access once a month, nor do they need to be trained on how to view hotel performance within the software. Now, they can communicate with the voice-controlled assistant sitting on their desk and never have to remember a rarely used password again.Even internal meetings become more efficient and productive. Hotels no longer need to run standard reports for standing meetings every day. They can literally ask their technology to recite that information to them at each meeting. Now, a voice-enabled system can save employees time and resources while still providing key performance metrics whenever called upon. It's your personalized on-command data assistant with immediate access to historical, future and market data.Because an RMS typically stores hotel performance data that can be compared against the last year, forecast and budget, it also provides unparalleled insight for financial stakeholders like controllers and finance officers. They no longer need to seek out someone with RMS access or learn to generate a report themselves. Simple voice commands allow them to obtain the comparative data they need to assess performance in real time.Of course, revenue strategy leaders stand to benefit as much as anyone else. Not only does this technology make them more efficient in their responsibilities, but it empowers their colleagues and departments to access the data they need, when they need it. It helps promote revenue awareness across an organization by the simple fact that the information is so easily accessible.Ideal Technology Promotes Ideal BehaviorAutomated revenue technology paired with a voice-enabled interface may modify the rules for user experience design, but it totally changes the game for hotel revenue strategy. Security and user configurations allow administrative users to enable the appropriate data-access permissions for each persona that then applies to any device. Data that once had limited access can now be made available to all appropriate teams and roles without having to train and educate each individual user because they will interface through technology already used in their daily lives.Human interaction with technology is evolving as fast as the technology itself. A hotel's path to success will involve investing in the right innovative technology that enables both an enhanced experience for their guests and their employees. This means, as we become more mobile and more connected, we need tools that take us to the next inevitable step in this technological journey.Everyone has moments of genuine shock, and even uncertainty, when they experience new technology. Remember the disruption of the MP3 player in the late '90s--or Tickle Me Elmo? Who saw that coming? Thankfully, voice-enabled technology is less about shock and more about "where has this natural extension of my revenue strategy been all my life?". Now is the time to start thinking about how the latest sci-fi tech breakthrough can realistically make your revenue strategy even more productive and profitable.Reprinted from the Hotel Business Review with permission from www.HotelExecutive.com
IDeaS 22 March 2018
MINNEAPOLIS -- In July of 2015, The Durham Hotel opened its doors for the first time as an independent hotel property; its historic building previously operated as a local bank for decades. Being in the heart of downtown Durham, NC--amidst a revitalization, increase in market hotel inventory and pricing instability in the market--The Durham Hotel saw the opportunity to change from a manual pricing system to an automated revenue management solution, continuing their efforts to maximize overall revenue opportunities.IDeaS Revenue Solutions (IDeaS), the leading provider of revenue management software solutions and advisory services, was an easy choice for The Durham Hotel. Using continuous pricing--one of the flexible pricing options offered by IDeaS' Ideal Pricing, group recommendations and SAS High Performance Analytics, the hotel knew they found the provider proven to live up to their expectations."We knew that to rise above the competition, The Durham would need to stay on top of the technology," said Craig Shipley, director of sales for The Durham Hotel. "While searching for a company with a robust system, we discovered there was no other provider better than IDeaS."The Durham Hotel is a unique, locally owned and operated hotel with 53 guest rooms and a value-centric philosophy. Personalized touches are provided to make any stay delightful, such as locally handmade blankets by Raleigh Denim, Burt's Bees in-room gifts, classic continental breakfast and complimentary connectivity. Being familiar with IDeaS' solutions and understanding its competitive advantages, The Durham decided it was time to implement IDeaS G3 Revenue Management System (RMS) to enhance their revenue strategy in a constantly changing market."The landscape and competitiveness in downtown Durham has continued to change, and we wanted to evolve with it," added Shipley. "IDeaS G3 RMS is the best system out there. It has everything we were looking for to help us gain competitive advantage within the market.""We appreciate The Durham Hotel's unique qualities of guest personalization and sense of community," said Jane Stampe, managing director at IDeaS. "IDeaS is confident in our advanced analytics and that The Durham Hotel's key performance indicators will offer a clear view into their most important information." About The Durham HotelOnce the Home Savings & Loans Bank headquarters, is now a mid-century modern, 53 room boutique hotel in the heart of downtown. The Durham is a vibrant destination, inspired by the spirit of its namesake city, and built to serve its community. Locally owned and operated, The Durham is instilled with the energy of its surroundings and is a cultural hub for the vibrant and engaging downtown scene.As is evident with its naming, The Durham is a true community amenity and has forged collaborations with many local businesses including custom made blankets by Raleigh Denim, music programming by Durham-based Merge Records, coffee by Counter Culture, Escazu Artisan Chocolates, and minibars stocked with snacks from around North Carolina and overseen by NC Made.James Beard Award-winning chef Andrea Reusing offers refined menus at the hotel's bar and restaurant that revive American melting pot and hotel classics, casting them in a modern context. The rooftop and lounge overlooks the city, providing a scenic backdrop for guests to enjoy cocktails and selections from the raw bar while making meaningful connections.The Durham pairs value with truly gracious service within a community landmark creating an authentic experience for all to enjoy. To book your stay at The Durham, visit www.thedurham.com.About IDeaS With more than 1.6 million rooms priced daily on its advanced systems, IDeaS Revenue Solutions leads the industry with the latest revenue management software solutions and advisory services. Powered by SAS and with nearly three decades of experience, IDeaS proudly supports over 10,000 clients in 124 countries and is relentless about providing hoteliers with insightful ways to manage the data behind hotel pricing.IDeaS empowers clients to build and maintain revenue management cultures--from single entities to world-renowned estates--by focusing on a simple promise: Driving Better Revenue.IDeaS has the knowledge, expertise and maturity to build upon proven revenue management principles with next-generation analytics for more user-friendly, insightful and profitable revenue opportunities--not just for rooms, but across the entire hotel enterprise. For more information, visit www.ideas.com.
IDeaS 7 March 2018
BERLIN -- Voice interaction and smart speakers are shifting the paradigm on how people interact with their technology at home, and many businesses are scrambling to adopt this same technology in the workplace to drive efficiency and productivity. A key challenge in the adoption of voice technology is the integration with existing legacy platforms and tools.IDeaS Revenue Solutions has broken this barrier for hotels with the unveiling of the first voice-based interface designed for a revenue management platform. IDeaS G3 Revenue Management System (IDeaS G3 RMS), the most widely used solution in the industry, is now compatible with devices like Amazon's Echo and Google Home, in multiple languages.In the hospitality world, voice interaction will give hoteliers, at all levels, instant access to a myriad of performance data such as occupancy, room rates, competitor rates, forecasts, revenue details and more. Revenue management solutions are a critical intersection point, often storing data from a multitude of disparate systems. Voice technology now makes accessing all that data even simpler, driving more efficiencies and productivity within an organisation.IDeaS' voice interaction technology will be on display daily at ITB Berlin. All show attendees and media are invited to come to Hall 8.1, Booth 110 to see the integration with IDeaS G3 RMS in action."Our goal is simple: to continually push the innovation boundaries to enable hotels' success, whether it be deep machine learning, artificial intelligence or voice-enabled interaction. Hotels rely on us to provide the most accurate and insightful data to drive optimal revenue strategy," said IDeaS' founder and chief scientist, Dr. Ravi Mehrotra. "IDeaS pioneered revenue management as we know it today, and we continually evolve to reflect our newest innovations that help clients achieve success."About IDeaS G3 RMS Voice InteractionIDeaS G3 RMS voice-interaction technology will allow all business stakeholders to access real-time data and performance metrics through smart speaker devices. The interface will be accessible anywhere a user has the appropriate technology and internet access, whether at the office, from home or even while travelling.
IDeaS 1 March 2018
MINNEAPOLIS -- Cloud technology and next-level integrations are accelerating the hospitality industry's ability to access, store and leverage data across multiple systems. Since 2005, IDeaS Revenue Solutions, the leading provider of revenue management solutions (RMS) and advisory services, and protel hotelsoftware GmbH, innovative provider of on-site and cloud-based advanced property management systems (PMS), have jointly enabled hotels to drive efficiency and productivity through the integration of powerful solutions. This latest advancement provides a single integration to seamlessly connect between any of the best-of-breed-solutions offered by protel.I/O and IDeaS advanced RMS.Available now, protel's existing 14,000 hotel customers will be able to have direct, two-way access to IDeaS G3 RMS. This newly enhanced integration gives hotels ultimate flexibility to harness data insights and deliver next generation revenue strategy and optimize hotel profitability."Each platform delivers value to our business," said Thomas Behrendt, managing director, SI-SUITES, Stuttgart. "But seamlessly combining the power of IDeaS and protel allows us to elevate our guest and revenue strategies and enhance our performance across our estate."This partnership empowers hotels to break free from disparate systems operating in isolation to unite these valuable data sources. IDeaS and protel enable hotels with an autonomous technology platform flexible enough for the unique business needs of each hotel property. With protel.I/O hotels can scale at speed and build a 360 degree view of their business strategy that can then be deployed through IDeaS advanced RMS."In IDeaS, we have found a technology partner that is fully aligned with our primary objective of providing a robust, cloud-based and vendor-neutral platform. Here at protel, we are providing hotels the ability to create a technology stack with the very best solutions to improve operational efficiency and revenue productivity. This collaboration does just that, while preparing for the next generation of innovation in the industry" said Pete Simpson, SVP of global business technology at protel."Over the last thirteen years our partnership with protel has delivered meaningful and successful results to many mutual clients." added Sanjay Nagalia, COO at IDeaS. "As protel continues to be a driving force in the advancement of cloud-based property management solutions we are committed to delivering the very best analytically-driven revenue technology to support that vision of a unified technology platform." Tweet: @IDeaS_RevOpt & @protel have expanded their partnership to empower hotels to break free from disparate systems operating in isolation to unite valuable data sources. https://ideas.com/newsABOUT PROTEL protel offers technology and service solutions for the hospitality industry. It's hospitality platform, protel.I/O provides a collaborative, vendor-neutral framework as home and marketplace for the future of hospitality technology. Its advanced PMS offering includes an entirely cloud-based solution, an installed on-site solution, and scalable hybrid solutions tailored to the specific needs of the client, from small independents to multinational hotel chains.Founded in 1994, protel hotelsoftware GmbH operates under the leadership of managing partners Ingo Dignas and Manfred Osthues. With headquarters located in Dortmund, Germany, branch offices in Berlin, Vienna, Austria, and Atlanta, USA, plus a dense network of partner companies working in close cooperation, protel enjoys a worldwide presence. In over 93 countries, 14,000 hotels and hotel management schools attest to protel's high-level expertise and reliability, a third of them using protel cloud solutions.Further information: www.protel.netABOUT IDEASWith more than 1.6 million rooms priced daily on its advanced systems, IDeaS Revenue Solutions leads the industry with the latest revenue management software solutions and advisory services. Powered by SAS and with nearly three decades of experience, IDeaS proudly supports over 10,000 clients in 124 countries and is relentless about providing hoteliers with insightful ways to manage the data behind hotel pricing.IDeaS empowers clients to build and maintain revenue management cultures-from single entities to world-renowned estates-by focusing on a simple promise: Driving Better Revenue.IDeaS has the knowledge, expertise and maturity to build upon proven revenue management principles with next-generation analytics for more user-friendly, insightful and profitable revenue opportunities-not just for rooms, but across the entire hotel enterprise. For more information, visit www.ideas.com.
IDeaS Revenue Solutions Provides Superior Revenue Strategy Data for The Newport Harbor Hotel & Marina
IDeaS 22 February 2018
Tweet this: @IDeaS_RevOpt provides superior revenue strategy data for @Newport_Hotel. www.ideas.com/news #revenuestrategyMINNEAPOLIS -- With nearly 50 properties in their portfolio, both independent and branded hotels, the Shaner Group made a necessary choice for their Newport Harbor Hotel & Marina to advance their revenue strategy from a manual structure to an automated system.After looking at multiple solution providers, The Newport Harbor Hotel selected IDeaS Revenue Solutions (IDeaS), the leading provider of revenue management software solutions and advisory services, to improve pricing decisions and overall revenue strategy. "We found our choice to be rather clear, as all of our Hilton branded properties within our portfolio are working with IDeaS, and have experienced great results" said Geoffrey Field, vice president of revenue management, with The Newport Harbor Hotel. "Knowing many of our other properties were successfully running under IDeaS made us confident in our decision."Overlooking Newport Harbor with dining, live music and proximity to cultural attractions, it is no wonder why The Newport Harbor Hotel is named one of Newport's best locations for sightseeing. Being a busy area of Newport, The Newport Harbor Hotel required a comprehensive revenue management system with forward-looking data to assist with decision-making and enhancing their revenue strategy.The Newport Harbor Hotel has begun implementation of IDeaS G3 Revenue Management System (IDeaS G3 RMS) to manage and develop pricing for their 133 guest rooms. "We had a need for a more comprehensive revenue management system that was able to provide us with the most accurate data," added Geoffrey. "Our whole team is excited to utilize the clean and organized data available in the IDeaS G3 dashboard.""The Newport Harbor's management company, Shaner Hotel Group, has allowed IDeaS to better manage room availability and pricing to maximize each hotel's revenue and profitability," said Jane Stampe, managing director at IDeaS. "We are excited to have one of their independent hotels, The Newport Harbor Hotel, join the IDeaS family."About Shaner Hotel GroupShaner Hotel Group is one of the foremost owner-operator companies in the hospitality industry with more than 50 hotel properties owned and managed across the U.S., Europe and the Bahamas.New properties are constantly evaluated as the Shaner Hotel Group continues a conservative, yet opportunistic approach to growth. Shaner is an approved management company and franchisee of Marriott International, Inc., Hilton Hotels Corporation, Intercontinental Hotels Group and Choice Hotels. For more information about the company and its divisions visit www.shanercorp.com.About IDeaS With more than 1.6 million rooms priced daily on its advanced systems, IDeaS Revenue Solutions leads the industry with the latest revenue management software solutions and advisory services. Powered by SAS and with nearly three decades of experience, IDeaS proudly supports over 10,000 clients in 124 countries and is relentless about providing hoteliers with insightful ways to manage the data behind hotel pricing.IDeaS empowers clients to build and maintain revenue management cultures-from single entities to world-renowned estates-by focusing on a simple promise: Driving Better Revenue.IDeaS has the knowledge, expertise and maturity to build upon proven revenue management principles with next-generation analytics for more user-friendly, insightful and profitable revenue opportunities-not just for rooms, but across the entire hotel enterprise. For more information, visit www.ideas.com.
New study finds hoteliers fear robot-run future, believe Artificial Intelligence is key to guest personalisation
IDeaS 20 February 2018
London, UK -- A white paper by SiteMinder and IDeaS Revenue Solutions has found that while hoteliers fear a future where their properties are run by robots, they believe artificial intelligence (AI) may be the key to delivering a highly-personalised guest experience.The finding was made at a thought leader breakfast held during World Travel Market London in November and during a December webinar, where leading hoteliers conceded that although robots could never replace genuine hospitality, they can decipher big data to learn about guests faster than humans.Monica Or, Consultant at Star Quality Hospitality Consultancy and the facilitator of both events, says one reason for the sentiment is the recognition that hotel guest preferences have become more sophisticated over the last 25 years with the growing accessibility of digital technology."Hoteliers desperately need to get on board with the technological advances that we all, as consumers, are seeing and experiencing on the day-to-day. Guests today are more tech savvy, so what they have in their homes they now expect in the hotels where they stay," says Ms Or.Hoteliers suggested AI could best enhance the guest experience through tailored pricing during the booking process, voice and face recognition upon arrival and 24/7 customer service during the stay. According to participants of the study, the future of hospitality should be one that combines technology with human touch to create an enjoyable but authentic experience.The unexpected challenge found, was that many hoteliers continue to overlook the fundamental importance of integrating their systems to gain the insight they need into their guest data."Hotels have a wealth of guest intelligence at their disposal. They have the opportunity to understand and analyse every point of the guest experience - and to make more innovative, more informed decisions - but they need information to flow seamlessly through their systems in order to make it work," says Ruairi Conroy, Managing Director - EMEA at SiteMinder."There is a clearly identifiable trend within the hospitality sector of leveraging technology to maximise both performance and the guest experience," said Fabian Specht, EMEA managing director at IDeaS. "While inevitably there will be IT challenges that will need to be addressed, Artificial Intelligence will play an ever-increasing role in delivering bespoke services to guests - just as it does in other consumer-facing industries."
IDeaS 1 February 2018
LONDON -- IDeaS Revenue Solutions, the leading provider of revenue management software solutions and advisory services, is pleased to announce a partnership with one of South Africa's best-known destination hotels, the Spier hotel, which has selected flagship IDeaS Revenue Management System (IDeaS RMS) to streamline their business.Situated in the Cape Winelands on a historic wine farm, the 155-room Spier Hotel has become increasingly popular with both conferencing clients and leisure visitors wanting to experience the beauty of the South African winelands while still enjoying four-star surroundings."Together with variations in seasonal demand and diverse set of guests, the hotel is often presented with revenue management and forecasting challenges." said Joep Schoof, general manager at Spier Hotel. "The key task is being able to fit the optimal strategic business mix into that high demand period but still remain profitable during the winter period.""As we enter 2018, the pace of change in the marketplace is accelerating, and IDeaS RMS will help us go to the market quicker with informed decisions by allowing us to be more adaptable and flexible. Our sales team is looking forward to using the Group Evaluation Module guaranteeing our clients that the rate offered is our best price thereby strengthen relationships with their clients."Powered by advanced analytics and with nearly three decades of innovation in hospitality technology, IDeaS' solutions equip clients with a clear view of their data through pricing, forecasting and optimisation strategies, giving them greater control over their business performance."We are delighted to be involved in such an important time in Spier Hotel's long and proud history," said Fabian Specht, EMEA managing director for IDeaS. "Their decision to move to a dynamic pricing model is commendable and will certainly give them a competitive advantage in their market. We at IDeaS offer a complete, holistic revenue optimisation service to hotels of all sizes across the globe who see the value in taking a more sophisticated approach to revenue management."About SpierEstablished in 1692, Spier is one of South Africa's oldest wine farms. Today the farm has a modern, conscious energy. Focused on art and good farming, Spier is about farm-to-table food and award-winning wines. Spier's people are committed to living and working in ways that bring positive change to our environment and community. The Spier Hotel and conference team invite you to do good business in an inspiring atmosphere.
IDeaS 22 January 2018
MINNEAPOLIS -- IDeaS Revenue Solutions, a leading provider of revenue management software solutions and advisory services, today announced the 2017 IDeaS Cornell Management Scholarship winners. Offered in partnership with the Cornell University School of Hotel Administration within the Cornell SC Johnson College of Business, the scholarship presents hospitality professionals with the opportunity to earn online certificates developed by senior Cornell faculty leaders.Currently celebrating its ninth year, the scholarship program fosters professional development in the field of revenue management around the world, with this year's recipients representing seven countries and seven different hotel organizations."IDeaS is proud to help these outstanding individuals across the globe strengthen their revenue management and strategic leadership skills," said Mike Chuma, vice president of product strategy and marketing for IDeaS. "Our partnership with the hospitality program at Cornell University bridges business and academia to help advance the industry at a time of incredible change."Winners of the 2017 IDeaS Cornell Scholarship include:Certificate in Strategic Hospitality LeadershipGerald Quadros, Executive Head Chef, The Lensbury Hotel, United KingdomLiana Nel, Executive Housekeeper, Hilton Durban, South AfricaFransiska Katrin Widodo, Event Manager, Melia Bali Indonesia, IndonesiaMaria Lucia Hernandez, Online Marketing Manager, IBEROSTAR Hotels & Resorts, United StatesCertificate in Advanced Hospitality Revenue Management: Pricing and Demand StrategiesAndrew Ka Chun Lee, Revenue Manager, Oaks Hotel & Resorts, AustraliaTeodora Nuta, Reservations and Revenue Manager, Continental Hotels, RomaniaMudra Rajaram Joshi, Cluster Revenue Executive - Revenue Analysis and Business Evaluation, Jumeirah Group/Jumeirah Hotels & Resorts, United Arab Emirates"Revenue management has evolved to such an exciting field requiring strategic knowledge in a digital marketplace, with Cornell University at the forefront of this revolution," said Andrew Ka Chun Lee, scholarship recipient. "I am very grateful to IDeaS and the University for this opportunity to study at such a prestigious institution, which will take my organization and career to the next level.""Winning this scholarship will help me acquire more revenue management knowledge and provide the means to follow my long-term goal of being promoted to Director of Commercial Strategy," added Teodora Nuta, scholarship recipient. "As a self-taught revenue manager, winning the scholarship is a great opportunity to add structure to the knowledge I've acquired over the years, and it is a great honor to study at a world-recognized university."For more information on the program or to apply for future scholarships, visit http://ideas.com/about/scholarship/.About the School of Hotel AdministrationThe School of Hotel Administration, at the Cornell SC Johnson College of Business, is shaping the global knowledge base for hospitality management through leadership in education, research, and industry advancement. The school provides management instruction in the full range of hospitality disciplines, educating the next generation of leaders in the world's largest industry. Founded in 1922 as the nation's first collegiate course of study in hospitality management, the School of Hotel Administration is recognized as the world leader in its field. For more information, visit sha.cornell.edu.About IDeaS With more than 1.6 million rooms priced daily on its advanced systems, IDeaS Revenue Solutions leads the industry with the latest revenue management software solutions and advisory services. Powered by SAS and with nearly three decades of experience, IDeaS proudly supports more than 10,000 clients in 124 countries, and is relentless about providing hoteliers with insightful ways to manage the data behind hotel pricing.IDeaS empowers clients to build and maintain revenue management cultures - from single entities to world-renowned estates - by focusing on a simple promise: Driving Better Revenue.IDeaS has the knowledge, expertise and maturity to build upon proven revenue management principles with next-generation analytics for more user-friendly, insightful and profitable revenue opportunities - not just for rooms, but across the entire hotel enterprise. For more information, visit www.ideas.com.
IDeaS 16 January 2018
Step into the 1920s at this art-deco styled, independent property in New York City - The Belvedere Hotel. This non-traditional boutique hotel, accommodating an impressive 355 guestrooms, is within a block and a half of Times Square, yet offers guests a quiet residential feel. The Belvedere sought to upgrade its revenue strategy solution in order to keep up with their fast-paced competitive market.With a majority of double occupancy rooms, IDeaS G3 Revenue Management System (IDeaS G3 RMS), built on powerful SAS analytics, allows The Belvedere Hotel to manage rates more effectively by room type, a need their previous technology couldn't accomplish. "We were pleasantly surprised with how the system quickly reacts to demand by room type, driving the price and getting the bookings with IDeaS' automated decisions. We're now able to respond to that demand with a solution that gives us confidence in its pricing and inventory controls," explained Michael Link, general manager of The Belvedere.Using continuous pricing - one of the flexible pricing options offered by IDeaS' Ideal Pricing - The Belvedere Hotel has experienced a notable increase in ADR since implementation. Continuous pricing, together with IDeaS' powerful overbooking and Last Room Value controls, provides an analytical, ongoing optimization of business that drives optimal revenue. With this property in close proximity to high-demand attractions like Times Square, the ability to account for special events - whereby the system automatically adapts to the demand and produces rates accordingly - The Belvedere Hotel has experienced significant improvements in key performance indicators.The Belvedere Hotel is leveraging IDeaS G3 RMS' powerful group displacement feature, which is an important part of the hotel's overall revenue strategy. "Our hotel is getting better direction on quoting group prices with the group pricing tool from IDeaS. The system is helping us better understand the pricing strategy and has already boosted our numbers in group sales," said Link."The Belvedere Hotel is a shining example of how hotels today can't stand still and need to constantly evaluate their competitive environment, revenue strategy and technology platforms. By recognizing early what changes needed to be made and taking action quickly, The Belvedere Hotel is now seeing great performance improvements. IDeaS is pleased to be the revenue strategy partner with such a thriving New York City independent hotel," said Jane Stampe, managing director at IDeaS."We are already seeing rate increases over last year, and we really owe that success to IDeaS. When you're able to trust the system and let it run its course, we have been amazed with the successful decisions," said Link. "We have trust and confidence with IDeaS' technology and believe we are going to see a lot more success throughout this partnership."About The Belvedere HotelThe Belvedere Hotel in New York City is a premier lodging destination for travelers around the world. Located on West 48th Street in the midst of the city's theater district, The Belvedere Hotel is marked by elegantly appointed interiors, stunning architectural characteristics that are reminiscent of 1920s Art Deco design, and unparalleled service. Whether you're visiting The Belvedere Hotel for business or pleasure, you'll find that the conveniently located Midtown Manhattan hotel offers the sophistication of an urban oasis and the modern comforts of home. For more information, visit www.belvederehotelnyc.com.About IDeaS With more than 1.6 million rooms priced daily on its advanced systems, IDeaS Revenue Solutions leads the industry with the latest revenue management software solutions and advisory services. Powered by SAS and with nearly three decades of experience, IDeaS proudly supports over 10,000 clients in 111 countries and is relentless about providing hoteliers with insightful ways to manage the data behind hotel pricing.IDeaS empowers clients to build and maintain revenue management cultures - from single entities to world-renowned estates - by focusing on a simple promise: Driving Better Revenue.IDeaS has the knowledge, expertise and maturity to build upon proven revenue management principles with next-generation analytics for more user-friendly, insightful and profitable revenue opportunities - not just for rooms, but across the entire hotel enterprise. For more information, visit www.ideas.com.
IDeaS 10 January 2018
MINNEAPOLIS -- Through an integration announced from IDeaS Revenue Solutions and Springer-Miller Systems, hotels and resorts will now be able to analytically optimize room type pricing - utilizing the transaction-level data provided by Springer-Miller's SMS|Host Property Management System to inform IDeaS G3 Revenue Management System (IDeaS G3 RMS).Built on a relationship of nearly 20 years, this expanded partnership gives hotels and resorts access to the most granular level of data to support automated forecasting, pricing and inventory controls only achieved with IDeaS G3 RMS, the most widely adopted revenue management technology in the industry."Hoteliers must provide a more personalized level of pricing to today's discerning guests," said Sanjay Nagalia, chief operating officer for IDeaS. "Today's integration with Springer-Miller will allow those with a high mix of room types, like resorts, the ability to price based on guest demand for individual room types in order to move away from traditional static offsets for room types that do not account for demand. This integration will equip IDeaS and Springer-Miller clients with more powerful pricing and forecasting capabilities for a more confident revenue strategy."The integration with Springer-Miller will allow revenue managers to influence, forecast and price both group and transient business at a more optimal level. Customers of both platforms will benefit from a standardized interface supported by IDeaS and Springer-Miller. The integration is expected to be available to joint customers in early 2018."Resort properties are constantly focused on delivering an exceptional guest experience, but they've been limited in how they manage inventory and forecasting," said Robert Selwah, president of Springer-Miller Systems. "By integrating with IDeaS G3 RMS, our clients can eliminate manual revenue management processes, especially for booking multiple room types, to ensure that each guest stays in the right room at the ideal price."Learn more about IDeaS technology integrations here.Tweet this: #RevenueManagement leader @IDeaS_RevOpt partners with @SpringerMiller property management system to optimize pricing across a variety of room segments www.ideas.com/about/newsAbout Springer-Miller SystemsSince it was founded in 1984 in Stowe, Vermont, Springer-Miller Systems has been an innovator of technology systems for the world's most exclusive hotels, resorts and spas. The SMS|Host Property Management System offers a complete set of fully-integrated modules enabling complex resorts to provide highly personalized guest service from front office to food & beverage to spa to the golf course and more. SMS|Host provides core PMS tools as well as Point-of-Sale, Owner Management, Online Booking and other key resort functionality. In addition, SMS|Host interfaces with leading industry systems to ensure a seamless operating environment. SMS|Host users are backed by Springer-Miller's 24/7/365 live customer support team. Springer-Miller's SpaSoft provides a dynamic spa and activities management solution used in more than 65% of the world's Forbes Five Star Spas.Visit www.springermiller.com for more information. About IDeaS With more than 1.6 million rooms priced daily on its advanced systems, IDeaS Revenue Solutions leads the industry with the latest revenue management software solutions and advisory services. Powered by SAS and with nearly three decades of experience, IDeaS proudly supports more than 10,000 clients in 111 countries and is relentless about providing hoteliers with insightful ways to manage the data behind hotel pricing.IDeaS empowers clients to build and maintain revenue management cultures - from single entities to world-renowned estates - by focusing on a simple promise: Driving Better Revenue.IDeaS has the knowledge, expertise and maturity to build upon proven revenue management principles with next-generation analytics for more user-friendly, insightful and profitable revenue opportunities - not just for rooms, but across the entire hotel enterprise. For more information, visit www.ideas.com.
IDeaS 15 December 2017
TravelClick, a leading global provider of data and revenue-generating solutions for hoteliers, and IDeaS Revenue Solutions, the leading provider of revenue management software solutions and advisory services, have announced a powerful, seamless integration between TravelClick's iHotelier Central Reservations System (CRS), as well as Demand360, and the IDeaS G3 Revenue Management System (IDeaS G3 RMS).For the first time, users of both IDeaS G3 RMS and the iHotelier CRS can build a comprehensive revenue strategy based on the most relevant demand indicators and deploy that strategy across various channels to reach more potential guests. The iHotelier and Demand360 integrations allow IDeaS customers to drastically reduce manual operations, receive real-time updates, and optimize their pricing strategy against competitors by utilizing exclusive future-looking market data. This new integration of systems enables the efficient distribution of data-driven decisions, like pricing and inventory management, to maximize profitability for hotels."As a result of this integration, we now have the ability to manage rates based on hurdle values in our CRS, which has removed one of our last manual processes, enabling real-time yielding of rates and inventory," said Angus Blair, Director of Revenue Management, Peabody Hotel Memphis. "This enhancement further empowers our property to drive revenue per available room (RevPAR), ensuring that the ideal rate is sold at the right time through the appropriate channel.""Hotels can effortlessly deploy analytically determined pricing and inventory controls for specific room types and rate plans across their distribution networks and reach guests globally through our iHotelier CRS and Demand360 integration," added Mike Chuma, Vice President of Product Strategy, IDeaS Revenue Solutions. "As we continue to solve complex business challenges that hotels encounter, dynamic partnerships like this are paramount to ensuring that our clients have access to the latest innovations in revenue strategy technology to meet their goals.""The IDeaS G3 RMS integration enhances TravelClick's suite of solutions by providing hotels with the unique opportunity to own pricing decisions and revenue management strategies from a central location," concluded Matt Vice, Vice President of Reservations Solutions and Global Connectivity, TravelClick. "In addition, this integration allows for hurdle values to be sent at the product level. This advanced method for hotels to manage their revenue strategy with future-looking demand data is revolutionizing the hotel industry, with both TravelClick and our partner, IDeaS, leading the charge."TravelClick offers innovative, cloud-based and data-driven solutions for hotels around the globe to maximize revenue. TravelClick enables over 38,000 hoteliers to drive better business decisions and know, acquire, convert and retain guests. The Company's interconnected suite of solutions includes Business Intelligence, Reservations & Booking Engine, Media, Web & Video and Guest Management. As a trusted hotel partner with more than 30 years of industry experience, TravelClick operates in 176 countries, with local experts in 39 countries and 14 offices in New York, Atlanta, Bucharest, Chicago, Barcelona, Dubai, Hong Kong, Melbourne, Myrtle Beach, Orlando, Ottawa, Paris, Shanghai and Singapore. Additionally, the Company fosters more than 600 travel-focused partnerships for hotels to leverage. Follow TravelClick on Facebook, Twitter and LinkedIn.With more than 1.6 million rooms priced daily on its advanced systems, IDeaS Revenue Solutions leads the industry with the latest revenue management software solutions and advisory services. Powered by SAS and with nearly three decades of experience, IDeaS proudly supports over 10,000 clients in 111 countries and is relentless about providing hoteliers with insightful ways to manage the data behind hotel pricing. IDeaS empowers clients to build and maintain revenue management cultures - from single entities to world-renowned estates - by focusing on a simple promise: Driving Better Revenue. IDeaS has the knowledge, expertise and maturity to build upon proven revenue management principles with next-generation analytics for more user-friendly, insightful and profitable revenue opportunities - not just for rooms, but across the entire hotel enterprise. For more information, visit www.ideas.com
IDeaS 28 November 2017
MARRAKECH, MOROCCO -- IDeaS Revenue Solutions, the leading provider of revenue management software solutions and advisory services, is pleased to announce that one of the world's premier hotels, La Mamounia, has selected IDeaS Revenue Management System (IDeaS RMS) to optimise revenue performance across its 209-room property.Regularly named as one of the world's best and most luxurious hotels, located close to Marrakech's famous bazaar, few hotels have inspired more glamorous and romantic stories than the iconic La Mamounia.Operating in an increasingly competitive market - one that experiences substantial variances in seasonal demand - La Mamounia has selected IDeaS RMS as the clear choice to ensure it can continue to grow share in such a dynamic market. "Even with the benefit of La Mamounia's brand and heritage, we can't afford to be complacent if we want to outperform our competition," said Florent Strasser, Director of Revenue, Reservations and Market Analyst at La Mamounia. "Approximately 90 percent of our trade is leisure, so accurately predicting demand and setting prices to maximise profitability has always been challenging.""Historically we've worked on demand-based pricing, but this has consistently left unanswered questions about the best way to boost performance - both in peak demand periods and the low season.""The general reporting functionality of IDeaS RMS - especially the ability to analyse both leisure and business performance - will provide a much clearer view and allow us to make strategic pricing decisions based on data-driven science. We want to be the leader in the market, so it's important that we have this data at our fingertips - not hidden deep inside a spreadsheet."Powered by advanced SAS analytics and nearly 30 years of innovation in hospitality technology, IDeaS' solutions equip clients with a clear view of their data through pricing, forecasting and optimisation strategies, giving them greater control over their business performance."There are very few hotels in the world that have the level of prestige and grandeur as La Mamounia, the grande dame of Marrakech," said Fabian Specht, EMEA managing director for IDeaS. "We're delighted they've chosen IDeaS RMS to ensure better business decisions, enhance the guest experience and optimise revenue."@La_Mamounia selects @IDeaS_RevOpt as their new RMS provider to sustain #hotels leading position in the market #revenuemanagementAbout La MamouniaLa Mamounia has collected a number of international recognition and awards and is regularly named as one of the world's most luxurious hotels.Displaying Moroccan style, complete with intricate patterns and arabesques based on Berber and Arab-Andalusian architecture, the hotel is set in royal gardens, styled with Moorish opulence, with 209 rooms (including 71 suites), gardens, a spa with hammams (Moroccan traditional baths), and three Riads.Since its opening in the 1920s, La Mamounia has hosted a range of politicians and Hollywood stars including Winston Churchill, Franklin D. Roosevelt, Marlene Dietrich and Charlie Chaplin - and Alfred Hitchcock used the hotel as the backdrop for his 1956 version of 'The Man Who Knew Too Much'.About IDeaSWith more than 1.6 million rooms priced daily on its advanced systems, IDeaS Revenue Solutions leads the industry with the latest revenue management software solutions and advisory services. Powered by SAS and with nearly three decades of experience, IDeaS proudly supports over 10,000 clients in 111 countries and is relentless about providing hoteliers with insightful ways to manage the data behind hotel pricing.IDeaS empowers clients to build and maintain revenue management cultures-from single entities to world-renowned estates-by focusing on a simple promise: Driving Better Revenue.IDeaS has the knowledge, expertise and maturity to build upon proven revenue management principles with next-generation analytics for more user-friendly, insightful and profitable revenue opportunities-not just for rooms, but across the entire hotel enterprise. For more information, visit www.ideas.com.
IDeaS G3 RMS Gives New Revenue Opportunity to Resorts and Hotels with Component Room Optimization - an Industry First
IDeaS 14 November 2017
MINNEAPOLIS -- Though ubiquitous in resorts and hotels today, component rooms and flexible inventory are a tricky business for revenue managers. These unique rooms have traditionally required manual pricing and constant oversight - and are often undersold because of their complexity compared to standard rooms.To help hoteliers maximize profit potential, IDeaS Revenue Solutions has added a new capability to IDeaS G3 Revenue Management System (IDeaS G3 RMS), the industry's most widely used revenue management solution. Powered by SAS analytics, this new IDeaS G3 RMS feature allows revenue managers to optimize all combinations of room types and build a revenue strategy specifically for flexible inventory - all based on guest demand and price sensitivity.IDeaS G3 RMS is now the only cloud-based revenue management tool that automates component room price optimization. Combined with sophisticated pricing and inventory control decisions, powerful forecasting and interactive reporting dashboards, component room pricing showcases IDeaS' commitment to solving the unique and complex business challenges facing hotels and resorts."Resorts and hotels are threatened every day by new entrants into an already competitive arena. Component rooms, or virtual room types, allow hotels to better serve their guests through a personalized experience that meets the unique needs of each guest," said Sanjay Nagalia, chief operating officer for IDeaS. "By helping hotels understand which components of a room to sell and at what price, we enable our clients to build a revenue strategy that gives them a competitive advantage in their market and an upper hand when it comes to pricing at the room type level for both group and transient business."The new capability allows resorts and hotels with component rooms to account for larger or premium room types and optimize their business strategy based on the most relevant market data and demand indicators. With IDeaS G3 RMS, revenue managers now have the confidence to automatically price and offer fully flexible inventory in order achieve the greatest profitability and business mix for their property."This technology has enabled us to look at inventory by type or segment and actually make decisions to yield room types uniquely across different channels," said Agnelo Fernandes, senior vice president for Terranea Resort. "Terranea is very unique, with 582 keys and a mix of rooms, suites, villas, casitas & bungalows. We find ourselves diving into IDeaS for every decision, and that has helped us become a lot more efficient. IDeaS helped us understand pricing, availability and demand for each room in order to optimize profitability."Click here for more information about IDeaS G3 RMS.Tweet this: @IDeaS_RevOpt #RevenueManagement system is first to allow hotels & resorts to automate component room pricing. www.ideas.com/about/news About IDeaS With more than 1.6 million rooms priced daily on its advanced systems, IDeaS Revenue Solutions leads the industry with the latest revenue management software solutions and advisory services. Powered by SAS and with nearly three decades of experience, IDeaS proudly supports more than 10,000 clients in 111 countries and is relentless about providing hoteliers with insightful ways to manage the data behind hotel pricing.IDeaS empowers clients to build and maintain revenue management cultures - from single entities to world-renowned estates - by focusing on a simple promise: Driving Better Revenue.IDeaS has the knowledge, expertise and maturity to build upon proven revenue management principles with next-generation analytics for more user-friendly, insightful and profitable revenue opportunities - not just for rooms, but across the entire hotel enterprise. For more information, visit www.ideas.com.
IDeaS Learning System Recognized With Gold Award From Learning & Development Research Firm Brandon Hall
IDeaS 8 November 2017
MINNEAPOLIS -- The adoption of software tools and technologies for revenue management and hotel data analytics continues to grow within the hospitality segment, helping hoteliers uncover opportunities to grow revenue and improve the guest experience. But, these tools aren't effective without the skilled employees and managers who oversee and rely on them every day.That's why companies like IDeaS Revenue Solutions not only provide the most advanced revenue management software for hoteliers, but also provide the training resources needed for customers to adopt and use their software and systems effectively.In fact, recent improvements to the IDeaS Learning System (ILS) led to the company being given a Gold 2017 Brandon Hall Group Excellence Award in the Best Advance in Learning Technology Implementation category. The IDeaS Learning System is a platform that provides revenue managers with customized training modules to advance best practices in hotel revenue management and strategy.Awarded by leading research and analyst firm Brandon Hall Group, the award recognized IDeaS' continuous improvement to a learning system that addresses the unique needs of adult learners who are in a continual education loop while on the job. The improved platform has more than 20,000 learning artifacts, presented in the "moment of need" as opposed to static training materials offered at the beginning of a technology relationship. The ILS encompasses the same scientific and analytical approach IDeaS' applies to its revenue management software through ongoing and curated learning.The new ILS, introduced in late 2016, provides a constant stream of revenue management learning and development resources, with back-end data that can map learning programs directly to client success."It's not enough to provide a set of tools and a static training manual. Our industry is dynamic and constantly evolving, so we built the IDeaS Learning System to respond to the changing demands of our clients," said Sarah Green Toews, director of knowledge management for IDeaS. "We're honored to receive the Gold-level Brandon Hall Group Excellence award. It embodies our team's dedication and commitment to advancing our learning resources and tools, which provides a huge benefit to our global clients."The award recognized IDeaS for working with customers to deliver a modern and easy-to-use training resource that can flex and expand with new products and a broad client base. The improved platform now offers a variety of courses to educate a hotel staff about revenue management best practices, focusing on areas of IDeaS' software that are specifically relevant to an individual role. The ILS, and the transition from existing tools, has been lauded by clients - and the project is a successful use case for advancing training resources and technology."The IDeaS Help system gives our revenue managers the answers they are looking for when questions arise. Additionally, the built-in Show Me technology walks them through the learning process while they perform their job duties so they are left with more time to be strategic. These time-saving efficiencies are a benefit to me as well because no matter the time zone I know my team can find the information they need to make confident decisions," according to client Jodi O'Connor, business systems manager, revenue management, Extended Stay America.This is the third consecutive year IDeaS learning and development efforts have been recognized by Brandon Hall Group."Excellence Award winners symbolize the power and impact that human capital management practices can have on a business or on any organization," said Rachel Cooke, chief operating officer of Brandon Hall Group and head of the awards program. "Many organizations can have great HCM initiatives, but the standard of excellence only applies for organizations whose HCM practices truly benefit the business. That's what the Excellence Awards program stands for, and that is what Brandon Hall Group stands for."IDeaS will be honored at Brandon Hall Group's HCM Excellence Conference in February 2018.Tweet this: New #hotelrevenue mgmt training platform from @IDeaS_RevOpt gets Gold from @BrandonHallGrp www.ideas.com/newsAbout Brandon Hall GroupBrandon Hall Group is a HCM research and advisory services firm that provides insights around key performance areas, including Learning and Development, Talent Management, Leadership Development, Talent Acquisition and Workforce Management. With more than 10,000 clients globally and 20 years of delivering world-class research and advisory services, Brandon Hall Group is focused on developing research that drives performance in emerging and large organizations, and provides strategic insights for executives and practitioners responsible for growth and business results. For more information, visit www.brandonhall.com.About IDeaS With more than 1.6 million rooms priced daily on its advanced systems, IDeaS Revenue Solutions leads the industry with the latest revenue management software solutions and advisory services. Powered by SAS and with nearly three decades of experience, IDeaS proudly supports more than 10,000 clients in 111 countries and is relentless about providing hoteliers with insightful ways to manage the data behind hotel pricing.IDeaS empowers clients to build and maintain revenue management cultures - from single entities to world-renowned estates - by focusing on a simple promise: Driving Better Revenue.IDeaS has the knowledge, expertise and maturity to build upon proven revenue management principles with next-generation analytics for more user-friendly, insightful and profitable revenue opportunities - not just for rooms, but across the entire hotel enterprise. For more information, visit www.ideas.com.
More Than 10,000 Hotel Properties Worldwide Rely on IDeaS' Advanced Analytics for Confident Revenue Management
IDeaS 3 November 2017
MINNEAPOLIS -- Hospitality managers across the globe are competing to see which technology tools can drive better business decisions, create new revenue opportunities and improve the guest experience. In 2017, many of these companies turned to IDeaS Revenue Solutions for revenue management software and advisory services, which have been shown to deliver on all three of these core hotel goals.With more than 10,000 hotel properties using IDeaS' solutions, revenue management is now firmly rooted in the category of technology tools that are a critical function of any hotel business. In fact, IDeaS' analytical tools gather and analyze historic and future data, competitor pricing and forward-looking market demand intelligence to make more than 1.6 million pricing decisions daily, spanning properties across six continents and more than 100 countries.Revenue management software plays an important role in helping hoteliers understand room demand for any size hotel, whether it be one property or an estate. IDeaS' solutions transform the right data into clear and actionable insight. They empower clients to forecast, price and report with speed and confidence, improving business performance and maximizing property value."At IDeaS, we believe that successful revenue management requires automated, accurate forecasting and analysis tools, expert validation by well-informed revenue managers, and access to continuous, professional learning resources. These elements are key to achieving revenue productivity," said Dr. Ravi Mehrotra, CEO for IDeaS. "We've been able to double our client base in just three years, in part because we have a great solution, but also because we are committed to helping hoteliers achieve measurable results."2017 marks a year of momentum and growth for the company that pioneered automated revenue management and continues to bring innovative solutions to more markets each day.Leading Partnerships and Strategic ExpansionsTo support strategic growth, IDeaS has expanded its global partner network over the past 12 months, integrating its solutions with leaders like TravelClick's Demand360 platform, which helps clients forecast confidently by understanding future demand data. The company also partnered with nSight Travel Intelligence, giving revenue managers the ability to "futurecast" demand with predictive consumer shopping intelligence from more than 5,000 online travel sites with nSight for IDeaS.In March 2017, IDeaS announced the acquisition of Smart Space, signaling further collaboration between revenue management and function space business. As technology continues to enable hoteliers to focus more on total hotel performance, partnerships like these will empower executives to gain a clearer picture of demand across the entire hotel enterprise.Commitment to Client SuccessIDeaS' client base spans independent, mid-size, extended stay and global hotel brands. Major deals in 2017 include AccorHotels Group and Carlson Rezidor - both of which brought IDeaS in to provide their properties with the best in revenue management technology options. Many independent hotels joined forces with IDeaS, such as Provenance Hotels with their unique portfolio of owned and operated independent hotels, elevating their revenue management to produce consistent market share growth. With an impressive ongoing client retention rate of 95 percent, IDeaS' clients recognize the value a trusted partner can bring to their organizations.Industry Recognition2017 was a strong year for industry accolades. Mehrotra was awarded HFTP's Award of Merit at 2017 HITEC, an award given every five years to individuals who have established a path of innovation in hospitality technology. IDeaS' Director of Advisory Services, Paul van Meerendonk was named chairperson to the HSMAI Europe Revenue Management Advisory Board, one of the most important associations in the hospitality industry. In March, HSMAI recognized IDeaS as the Technology Innovator of the Year. IDeaS' blog was also featured as one of the Top 100 Blogs for hotel industry professionals."A growing client roster and industry recognition exemplify the impact our tools can have in any hotel segment, but equally important is our award-winning learning services," added Mehrotra. "We're committed to surrounding our family of clients with resources to achieve success."Join the celebration to see what #10kThanks means for IDeaS. Watch here.Tweet this: #RevenueManagement leader @IDeaS_RevOpt hits impressive milestone with 10K client properties! #10kThanks www.ideas.com/about/news About IDeaS With more than 1.6 million rooms priced daily on its advanced systems, IDeaS Revenue Solutions leads the industry with the latest revenue management software solutions and advisory services. Powered by SAS and with nearly three decades of experience, IDeaS proudly supports more than 10,000 clients in 111 countries and is relentless about providing hoteliers with insightful ways to manage the data behind hotel pricing.IDeaS empowers clients to build and maintain revenue management cultures - from single entities to world-renowned estates - by focusing on a simple promise: Driving Better Revenue.IDeaS has the knowledge, expertise and maturity to build upon proven revenue management principles with next-generation analytics for more user-friendly, insightful and profitable revenue opportunities - not just for rooms, but across the entire hotel enterprise. For more information, visit www.ideas.com.
IDeaS 30 October 2017
True hotel profit optimization leverages multiple hotel functions to ensure goals are aligned to achieve optimal results. It encourages hotels to intelligently decide which business to accept across multiple revenue streams at all times, based on greatest overall value to the asset. This holistic approach to revenue management goes beyond guest room rates and maximizes profits from the strategic management of other key hotel revenue streams; like sales with group bookings and meetings & events teams with catering sales.Maximize Meetings & EventsMeetings and events are traditionally underestimated by hoteliers as they are often a secondary revenue source to bring in more rooms revenue. However, given meetings and events revenue can account for a significant portion of a hotel's top line revenue, an increasing number of hotel groups are starting to focus on the strategic management of these activities to bolster their bottom line.Contrary to any narrow understanding of the benefits that meetings and events spaces can deliver to a hotel, these areas actually do more than just sell guestrooms. In fact, for many hotels, the profit potential of this revenue stream is so significant that it can contribute 40-60% of their total revenue.Surprisingly, many hoteliers still aren't leveraging their event spaces strategically today, which means they risk overlooking opportunities for substantial revenue generation. Many hoteliers fail to fully realize revenues through meetings and events due to the complex nature of the revenue streams across catering, function spaces and sleeping rooms overlapping. In addition, there are other streams of revenue like audio visual, event rentals and more that may involve a revenue share with third parties. These conditions add complexity to the overall business opportunity, which has stifled adoption of demand-based meetings & events strategy.To better maximize revenue opportunities from meetings and events spaces, savvy hoteliers have looked to try and fold revenue management strategies into sales and catering processes. However, despite the positive evidence to support an integrated approach to sales, catering, meetings and revenue management, there hasn't been a strong call for technology beyond sales and catering systems that function solely as a system of record. Until now.Today there are cloud-based, visual strategy management solutions on the market that help hotels analyse and dissect their business trends and meeting space performance at their properties. Where hotels have struggled with reporting and consolidation of their sales and catering data, these systems visually display data from other sales tools to help hotel teams strategically manage meetings & events performance through demand-based pricing strategies.Any increased focus on applying revenue management principles to meetings and events spaces also requires hoteliers to take a more holistic look at their sales and catering revenues, as decisions they make for their function spaces can have a major impact on the bottom line. To ensure that a hotel is optimizing revenues from their function spaces, hoteliers must establish and review KPIs for these spaces. They must start to think about performance measurements like space utilization, revenue per attendee and conversion metrics. Most importantly, hoteliers must also align their pricing strategy to demand indicators and forecasts to ensure that revenues from meetings and events are optimized.To achieve optimal levels of revenue from meetings and events, hoteliers also need to incentivize their sales team on achieving quality of business, rather than quantity. Having the right forecasting, data and metrics in place may not result in optimal business without the sales team delivering the ideal piece of business with greatest profitability impact to the hotel. Sales teams therefore need to be incentivized appropriately on the right measurements, to channel their focus on quality of business, rather than on one dimensional metrics such as number of room nights or revenue. Hotels now have the data to show that all revenue is not created equal so a solution that helps identify the most profitable revenue is paramount.Advanced solutions can also dramatically enhance hotel sales strategies for other meetings and events management like 'free sell' dates. The 'free sell' sales strategy commonly used throughout the hotel industry follows a fairly simple premise: If a meeting request for a date in the future comes in, and it has no guestrooms attached to its Request for Proposal (RFP), a catering or sales manager can't book the business without approval or unless it's within a certain number of days to arrival. While a designated 'free sell' period varies for every hotel, let's assume a property has a current free-sell window of four weeks in the future. In this case, any meeting-only RFP looking to book three months out is likely going to be turned away or at the very least well scrutinized in the anticipation for a more profitable piece of business (often with guestrooms attached). This is an approach which asks: why fill up your space prematurely when there's potentially better business with additional guestroom spend down the road?But what happens when that highly-coveted business doesn't actually end up knocking at your door? What happens if a hotel turned down a $15k meetings-only event over a typically quiet period because there weren't any guestrooms attached to the RFP and the meeting planner inquired too far out; but in the end the hotel didn't fill that space with more profitable business later on? Think about the potential revenue hotels are leaving on the table when they rely only on this kind of rationale.Trend analytics, intuitive visualizations and drill-down reporting capabilities provide hotels with critical insight into group lead times by month and status. Rather than relying on blanket 'free sell' periods established once a year, hotels can now evaluate lead times for every individual day, week or month-reviewing both past and present years-to understand when their strongest business is booking, and when exactly they should be filling their distressed dates with other business to avoid displacement.The revenue opportunities presented by meeting and event spaces mean that all financially savvy hoteliers need to have an integrated approach to sales, revenue management and meetings & events in place-and the right technologies to support this. Advanced cloud-based solutions can support meeting and event revenues, turning complex business challenges into opportunities for even greater hotel profits.Make Sure Group Business is Good BusinessGroup bookings account for a significant portion of hotel bookings these days; for many properties it accounts for up to half of their sleeping rooms business, not to mention the additional revenue brought in from food & beverage and ancillary revenue streams. Rightfully so, many hotels have teams dedicated to selling, servicing and managing this profitable segment of business.The challenge is that for every piece of group business that a hotel takes which adds revenue by staying over less popular nights or makes a significant food and beverage spend, there is another group booking which displaces other revenue, washes out significant rooms, or in hindsight costs the hotel profitability due to concessions. The key to ensuring group business is great business for a hotel, is to establish a strategy and make certain it integrates with the property's broader revenue goals for all segments.Today's most innovative hotel revenue technology provides the ability to forecast group revenues, going so far as to help hoteliers understand demand for a given date range by visualizing booked, turned down and lost inquiries. Leading technology also generates alerts with sudden changes for specific groups (like a wedding block whose potential bookings are not converting with a cut-off date looming) so it can optimize the hotel's strategy based on the new information before the change takes effect in other systems.These revenue management solutions forecast group bookings based on analytically understanding historical performance, the reasons for that performance, the current market conditions and the impacts of special events to get a true picture of group demand. It's not enough to just provide a rate for a given group in a matter of moments; hotels should have instant access to a full profitability displacement analysis of the group to ensure it is the best piece of business.Hoteliers require more than a tool that only replaces Minimum Acceptable Rates (MARs) or Excel spreadsheets. The most powerful technology can enable multi-property evaluations for a regional or global sales representative in addition to alternate date recommendations for the flexible or budget conscious group. The goal is to present a quote that not only meets the needs of the inquirer but also is the most profitable for the hotel. In other words, maximize the demand and minimize the risk of revenue displacement.Revenue Culture Breeds SuccessIt is very important that hotel executives recognize that a shift towards profit optimization means they may also need to focus on strengthening their internal culture. Moving revenue management past guestrooms into other organizational areas requires having a robust revenue culture in place across all departments, something the industry has fundamentally identified as an ideal environment for supporting initiatives that increase total hotel profits.Today's hotel leaders are tasked with converging the traditional roles of sales, marketing, meetings & events and revenue management with an inclusion of other departments like F&B, banquets and finance. Focusing these stakeholders around identifying, capturing and nurturing the most profitable business will result in the most lucrative results driven by a holistic approach to profit optimization.Reprinted from the Hotel Business Review with permission from www.HotelExecutive.com.
IDeaS 12 October 2017
Historical demand has long been a critical component of dynamic pricing and Revenue Management Systems (RMS). An even more critical requirement for RMS is the unconstrained demand, which is the true demand for a particular product in the absence of any limitations, such as when a room or seat is unavailable to purchase. The success of unconstraining affects the entire pricing and revenue management process.Attempts to Use Regrets and Denials in Unconstraining Have Been Largely UnsuccessfulThere are two options for unconstraining the demand: direct observation and recording or the use of statistical methods. Since the adoption of RMS in the hospitality industries, the unconstraining methodologies have been primarily analytically-driven and attempts to use real-world or directly-observed customer data, specifically regrets and denials have been largely unsuccessful.Regrets and denials data are not directly applicable to calculating an unconstrained demand since there is an important distinction between "denials" that are due to unavailability and "regrets" that are due to price or other factors. Many reservation or booking systems are unable to automatically capture the difference between regrets and denials.The Unqualified Transient Data from Brand.com Is InsufficientThere have been recent claims of RMS systems incorporating denials data in their algorithm using brand.com data, which merely captures partial regrets and denials data for the unqualified transient demand. However, predictive models using only the unqualified transient disregard the demand for different market segments and/or additional channel behaviors.The problem with this methodology is that not only brand.com comprises only 27% of the reservations for transient nights, as TravelClick reports, but also unqualified transient demand data is being widely used without sufficient regard for unconstraining. Unconstraining methods must include demand for each and all of wholesale, group, corporate negotiated, and unqualified transient demands. This is what we call 'holistic unconstraining.A Guest Searches Multiple Times for the Same RoomProperty managers or reservations personnel may also be unaware of the guest's booking history. For each call, the denied availability will be coded independently when, perhaps, they are related to a long list of inquiries from the same person.Regrets and Denials Data Is "Dirty Data"Various news media have reported that, while bookings have remained generally flat, booking engine transaction volume has increased substantially. This is a strong quantitative confirmation of what is known anecdotally: the look-to-book ratio is extremely high, and continuing to increase.Studies confirm that many travel buyers use a variety of websites to research and compare prices before making booking decisions. So, even if one is confident about the methodology for assessing denials on one site, it is not at all clear that there is not cross-usage of additional websites or multiple visits per buyer that are unknown in the denial logic. That is primarily why leading data scientists refer to regrets and denials as "dirty data."Each of the scenarios above can result in the RMS over-unconstraining the demand data, which leads to over-protection of inventory and, eventually, reduced occupancy.
IDeaS 11 October 2017
MINNEAPOLIS -- IDeaS Revenue Solutions, the leading provider of revenue management software solutions and advisory services, is pleased to announce the expansion of its relationship with Pivot Hotels and Resorts, the luxury and lifestyle operating division of Davidson Hotels and Resorts.With a growing collection of independent and soft-branded properties within their portfolio - and a partnership with IDeaS spanning back to 2014 - it was an easy decision for Pivot Hotels to continue their trusted relationship with IDeaS.With one of their current properties already leveraging the flagship IDeaS Revenue Management System (RMS), Pivot Hotels selected IDeaS G3 Revenue Management System (IDeaS G3 RMS) for several more of their properties. "We are very excited to transition a number of our hotels to this new, robust system," says Patricia Davis, vice president of sales, marketing and revenue management for Pivot Hotels. "We look forward to the increased customer insights and robust pricing decisions that the advanced SAS analytics can provide."IDeaS' revenue management expertise and leading technology were the best long-term option to empower Pivot Hotels to continue growing. The company is projected to open 5-7 new properties each year and needed a solution that enables each property to make strategic, profitable business decisions."Our greatest excitement is seeing what IDeaS does best: making our shoulder dates stronger. Many of our hotels have an untraditionally longer length of stay, and we look forward to having IDeaS transition those dates from need into high peak days," Davis added."We are proud that our existing relationship with Pivot Hotels has created such a strong platform of trust with IDeaS and our analytics," explains Jane Stampe, the managing director for IDeaS. "Working closely together, we are excited to bring their revenue strategy to a new level for the most profitable results."Read more about this evolving partnership.Tweet this news: @IDeaS_RevOpt expands partnership with Pivot Hotels & Resorts with leading #RevenueManagement tools and services www.ideas.com/about/newsAbout Pivot Hotels and ResortsPivot Hotels & Resorts, the lifestyle and luxury division of Davidson Hotels & Resorts, operates with a deep-rooted passion for continuous innovation, exceptional service delivery, revenue generation, inspired marketing and financial responsibility. Constituted by some of the most accomplished leaders in lifestyle hospitality, Pivot Hotels & Resorts caters to today's experience-seeking, adventure-minded traveler through inspiring design, thoughtful service, and one-of-a-kind experiences at each of its hotels and resorts. Pivot Hotels & Resorts operates eight hotels and resorts across the US with two more in development in Chicago and Nashville. More information may be found at www.pivothotels.com.About IDeaS With more than 1.5 million rooms priced daily on its advanced systems, IDeaS Revenue Solutions leads the industry with the latest revenue management software solutions and advisory services. Powered by SAS and with nearly three decades of experience, IDeaS proudly supports more than 9,500 clients in 111 countries and is relentless about providing hoteliers with insightful ways to manage the data behind hotel pricing.IDeaS empowers clients to build and maintain revenue management cultures - from single entities to world-renowned estates - by focusing on a simple promise: Driving Better Revenue.IDeaS has the knowledge, expertise and maturity to build upon proven revenue management principles with next-generation analytics for more user-friendly, insightful and profitable revenue opportunities - not just for rooms, but across the entire hotel enterprise. For more information, visit www.ideas.com.
IDeaS 2 October 2017
Technology helps hoteliers figure out if they've got their hotel revenue strategy just right--or all wrongNo two hotels are exactly alike, despite being in a chain or large portfolioEvery hotel has unique marketing & revenue strategiesRevenue technology can help every hotel master their unique business Recently, I read an article describing the right way to pack liquor in your luggage. And I have to be honest with you...I didn't know there was a wrong way to pack away booze.Apparently, using a couple of t-shirts and sending up an audible prayer during baggage check-in isn't everyone else's go-to strategy.(As a side note: A follow-up Google search later uncovered a WikiHow tutorial specifically outlining three separate methods you can use to accomplish this coup. Again, who knew?)However, in addition to its eye-opening counsel, the article serves as food for thought around hotel strategies.Namely, is there a right and wrong way to approach revenue strategy--and how do you know if you're doing it wrong?One of the most interesting facets of the hotel industry, in my opinion, is that no two hotels are exactly alike--regardless of whether they are part of a chain or portfolio of properties. And if every single hotel property is unique in its own way, its marketing and revenue strategies are going to be, too.When it comes to executing a successful and profitable strategy, there are more than a few ways today's revenue management technology can help every single hotel master their unique business.Here are a few considerations you can use to evaluate how your current or future technology can help drive your highest profits to date:How does your technology handle the segmentation of hotel guests?Can you segment business that allows for consistent reporting and optimal forecasting?What types of data do you use when building a forecast?How does your revenue solution manage the optimization of different room types?How does the system address the need for pricing all of your business types (both dynamically priced and fixed rate business)? What controls in addition to pricing are produced and at what levels?Are all of the controls analytically driven and automated or driven through manually set user rules?Does the solution address areas with untouched revenue potential, such as determining which room types to oversell based on demand--thus creating strategic upgrade paths?Can the solution help determine if the hotel is giving away too much inventory to corporate LRA accounts or wholesale allotments?Can your system validate 'gut feelings' with predictive and 'what-if' analyses that measure the impacts of making pricing and inventory decisions?
IDeaS 5 September 2017
It's safe to say "data" is not on the list of topics nobody is talking about. Data -- what data to use, where to use it, how to use it and when to use it - has been strategically dissected at the corners of nearly every industry discussion to date.Data is also heralded as the core of intelligent and gainful decision-making. It's been reported that companies at the top of their industry for data-driven decision-making are 5% more productive and 6% more profitable than their competitors.Over the years, the pool of data sources hotels utilize within their business strategies has grown exponentially larger. The propagation of its importance within the development of short- and long-term vision and strategic planning has also become more commonplace than in years past.Innovative breakthroughs in technology and analytics mean organizations continue to see more opportunities to leverage data in meaningful ways. However, the alternative side is the steep volumes of data can be dauntingly large and intricately complex.Some organizations liken this complex data environment to needing a bigger boat for a sea of data. But when it comes to capitalizing on industry data, size isn't what matters. Organizations that focus on using the right types of data -- with an infrastructure that can effectively leverage it -- can confidently reach ambitious profit goals. An era of big data requires that critical business information is not just easily accessible, but easily digested and understood. In many organizations, data related to operational forecasting, revenue forecasting and annual budgets are housed in different systems and accessed by different departments. This disconnect between both systems and departments can inevitably lead to inefficiencies and manual errors.This article explores how hoteliers can use the right mix of data for a comprehensive picture of the business, while supporting the intricate relationships between departments to improve operations and enhance business performance.Establishing the Ideal Mix of DataProfitable outputs require optimal inputs. For hotel organizations, this means data quality has significant implications on the quality of their strategy - especially when it comes to its financial returns. As organizations continue to leverage evolving data sources, it's important to be thoughtful about the data used within their technology and strategies. Simply adding more and more data - rather than focusing on adding the right data - can actually counter positive results.Here are some common data sources hotels use within their strategies, and how using them impacts their overall profit potential: Online Reputation SentimentsOnline social platforms, such as TripAdvisor and Booking.com, represent an unprecedented purchase power for today's consumers. The reviews on these platforms can also leave a heavy impact an organization's bottom line - either positive or negative. And since reviews are published on many different online websites, they have the potential to reach innumerable prospective consumers. This not only illustrates the importance of guest reviews in today's age of technology, but the opportunity hoteliers have to factor their reputation into short- and long-term business strategies. By evaluating this data, organizations can evaluate their opportunities to influence purchases at the point of decision making, as well as identify their opportunities to increase guest satisfaction. The correlation between a hotel's rate and reputation helps hoteliers identify new pricing opportunities. It has been reported that for every point increase in ratings, hotel bookings increase by 14.1% and average daily rate by 11.2%. Competitive Rate Shopping DataPrice is important to hotel demand, and it has an important role in a revenue management strategy. However, hotel organizations not only have to evaluate their own pricing approaches, but their competitors' pricing as well. This is because competitor pricing can have a direct and indirect impact on their own demand.For example, changes to competitor rates could indicate an intent to steal market share, which directly impacts demand as guests are shopping for the best deals. Competitor rates also have the ability to influence fair market price perceptions. A guest might purchase from a hotel if they expect the competitor price to be higher, but might pass on them if they expect the available rates from competitors to be lower. This means that competitor rates could influence guest reference prices for a given hotel.br>Organizations can use this data in their revenue technology to understand how guests are reacting to their pricing and how their rates are positioned within the market. Technology can use this data to estimate the effect of price on demand, and help hotels make adjustments based on price position relative to their competition. Regrets & Denials DataThere have been many discussions around using customer traffic data for demand forecasting. Much of this stems around using regrets and denials data to unconstrain hotel demand. Unconstrained demand refers to the amount of demand that exists for a product, independent of any constraints. In the hotel world, this demand represents how many hotel rooms could be sold on a given day if there was unlimited inventory available.There are two considerations in the discussions around using regrets and denials data to measure unconstrained demand. The first is the important distinction between "denials" because of unavailability and "regrets" from price or other factors. Secondly, many reservation systems are unable to capture the difference between a regret and a denial. Unconstraining demand affects the entire pricing and revenue management process, and using this data has been largely unsuccessful to date. This is because denial data from direct websites only represents a partial amount of data. When used to determine unqualified transient demand, the demand for other market segments and channel behaviors goes ignored. In addition to this, there is also a high potential of inaccurate coding practices and same person inquiries, as well as high look-to-book ratios against generally flat booking volumes. These are a few of the considerations that make this data unreliable to use in forecasting technologies. Cancellations and Re-BookingsThe practice of cancelling and re-booking is a troubling guest behavior for hotel organizations. Thousands of people cancel and re-book online reservations every single day, and it has left many hotel organizations fighting in a one-sided booking war.This particular booking behavior has the potential to negatively impact hotel's forecast and profit potential. This practice can also be difficult to accommodate for within today's technology, especially in solutions using regrets and denials data to forecast. For example, when repeat shoppers are counted as new units of hotel demand, it can significantly inflate the demand forecast over that time period.However, recent advancements in technology are helping properties account for potential revenue lost by estimating the effects of rate changes. Cancellation and re-booking patterns vary by property, market, season and day-of-week, so technology that properly accounts for these patterns offers analytical insight to optimally balance price and demand. Forward-looking Market IntelligenceMore recently, hotel organizations have identified newer ways to capitalize on data through increased interdepartmental collaboration. One type of data in particular encouraging a previously unlikely partnership between marketing and revenue management teams: travel intent data.The availability of travel intent data has become instrumental in developing a hotel's revenue strategy. This data uses search and booking data from third-party booking sites and OTAs to help quantify the demand a hotel can expect for future dates. This powerful market intelligence puts names to faces, and gives hotels human-focused insights.Hotel revenue managers use this data to strategically futurecast, a practice that builds upon traditional forecasting practices to look beyond the face value of a number and fully understand how and why a particular outcome occurred. It also helps hotel marketing teams develop and execute more specific ad placements, experience packages and personalized offers.Industry technology plays an extremely critical role in helping hotels profit from this data. The ability to integrate information previously inaccessible to hotels (such as the relationships between intent to book and pricing) elevates a hotel's forecast and its subsequent revenue opportunities, such as offering tailored package add-ons based on guest preferences.In addition, technologies providing this extensive level of insight offer hotels distinct competitive advantage when it comes to pricing their rooms, personalizing marketing efforts and aligning the overall consumer experience across all booking channels.Bringing It All TogetherEvaluating the ideal data to inform an intelligent revenue strategy is the first step in managing the sea of industry data. The next step for organizations to take is identifying how this data can help their different departments work closely with one another. The most successful hotel organizations achieve this through a strong foundation of education and routine discussions around how to use data to reach mutual department goals.Selecting the optimal infrastructure has been another topic of interest and area of opportunity for hoteliers in this process. The right infrastructure - also known by its trendier moniker "tech stack" - allows hotels better visibility and control over their revenue streams. "Tech stack" generally refers to the group of integrated solutions that work together to help a hotel achieve its business objectives.This could include data exchange between their property management system, revenue management system, central reservations system, sales and catering systems, and customer relationship management solutions. It's important for hotel organizations to evaluate their existing integrations between current and prospective software for optimal decisions and insights.Using an ideal mix of data and an optimal set of technologies provides hotels with a comprehensive view of business intelligence and encourages stronger team alignment - supporting cross-functional marketing, sales, catering and revenue teams in working together productively and profitably.Reprinted from the Hotel Business Review with permission from www.HotelExecutive.com
IDeaS 29 August 2017
In a study co-sponsored by IDeaS, Sherri Kimes was able to connect with revenue managers from around the world, gathering insights to discover the outlook for hotel revenue manager attributes in 2020. Is your hotel ready?