Not happy with your hotel yield management software package? Check out these new stars on the digital horizon.
IDeaS Revenue Solutions (Integrated Decisions & Systems, Inc.) isn’t exactly a new kid in the hospitality management and travel industry. IDeaS has been developing and refining its yield management software solutions for over 25 years. These aren’t just a ragtag group of software geeks whipping up a cookie-cutter software package; IDeaS is a worldwide company experienced with properties of all sizes.
The array of IDeaS software and services includes:
- Pricing System—Uses advanced analytics and market insight to help hotel managers improve room pricing strategies.
- Forecasting Management System—Has been honed into an invaluable tool that rolls recent trends, upcoming special events, and historical data into one user-friendly application.
- Function Space Revenue Management—Helps hotel managers attract more group business and turn this into more than just one revenue stream.
- Revenue Performance Insights—A data analysis tool that helps revenue managers sort mountains of data into reports that provide crystal-clear forecasting tools.
- A Wide Range of Podcasts, Webinars, White Papers, and Videos—With these tools, learning to use the system will never be a lonely process.
Hotel yield management software takes a giant leap forward with i-Rates, a hotel revenue management system that uses algorithms to intelligently learn as you use it, therefore making customization effortless.
System components include:
- Dynamic Daily Rate Calculations—To keep rooms priced too low from selling out and rooms priced too high from sitting empty.
- Reporting Tools—These continually analyze room rates, the booking pace, and other parameters for comprehensive, detailed performance reports. Just a few of the types of data analyzed include the occupancy rate, average daily rate (ADR), revenue per available room (RevPAR), reservation patterns, group booking patterns, and all kinds of historical data.
- Market Information—Gathers data about competitors’ rates so you can stay on top of pricing fluctuations.
- Discount Management—Keeps an eye on the number of rooms available and determines the optimum booking channels for each room type.
- Stay Restriction Management—Monitors booking patterns and recommends stay restrictions such as close-to-arrival bookings, minimum stay requirements, and more.
- Inventory Control—Makes accidental overselling and underselling a thing of the past.
- Upgrade Recommendations—Lets you know when an upsell, suggesting an upgrade, or a room type change could lead to higher revenues.
- Group Management—Analyzes a group reservation and instantly suggests an optimal price point so you can give an accurate price quote without making the potential customer wait.
- Corporate Account Management—Helps you offer the best possible corporate rate, and once that account has been landed, continually analyzes booking volume, what other revenue streams are impacted, and more.
- Promotion Management—When you plan a special promotion, assists in forecasting profitability and its effect on occupancy rates.
- Automated Function—Allows you to have room rate changes automatically executed through all booking channels.
Like the name implies, Infor makes hotel yield/revenue management easy by treating a hotel room as what it is—a perishable commodity with a daily “expiration” date.
Among its many available modules are:
- Database Tools—To provide maximum reporting flexibility.
- Demand Module Algorithm—Evaluates property-specific forecasts.
- Optimization Module—Helps you balance supply with demand.
- Booking Channel Optimization Recommendations—Can be set to automatically send room rate updates across the board.
- EzREGION—Modeled for regional and central management teams.
- EzBUDGET—A day-by-day budget pattern analysis tool.
- EzCOMPETE—Ensures your room rates are competitive across all booking channels.
- EzQUOTE—Helps you analyze and offer optimum group rate requests.
- EzCONTRACT—Keeps you from making potentially costly contract mistakes.
Need a hand with choosing a hotel yield management software package? Smart eHotels™ can help. Contact us today.