Hotel Revenue Management System
Dynamic Daily Rate Calculations component
The price control is dynamic in time; so pricing decisions have to be considered from a strategic point of view. Early sold-outs will diminish the opportunity to obtain more revenues from future customers, but waiting too long for higher-priced reservations may leave the hotel with empty rooms.
Our system solves the problem of dynamic pricing control. IQrates performs dynamic recalculation of the most optimal rate for each day in the future.
Reporting component: in-depth analysis of booking pace, demand levels and other metrics
This component includes a range of comprehensive reports and graphs on the hotel's performance. It assists managers in objective evaluation of all changing parameters necessary to make important profit maximizing decisions.
The data is displayed on the manager's dashboard for quick access and easy interpretation. It provides comparisons, simple-to-read charts and graphs with all data prioritized in order of importance and urgency.
Examples of data analyzed and presented:
- Booking pace
- Stay restrictions
- Reservation patterns
- Group booking patterns
- Competitive Rates
- Customer flow
- Historic data on any given date, and more
Additional Software Features
Market Information component
This component obtains information on competitors' rates, sourced from the major web rate shoppers. The rate information is automatically downloaded into the system and is used for price calculations. This information can also be displayed in the 'Informational tab' in the form of reports and graphs, enabling Revenue Managers to dynamically monitor market trends and conduct an in-depth analysis of price fluctuations.
Discount Management and Market Mix component
Taking into consideration the number of remaining rooms, our system finds the most efficient set of booking channels. These are based on discount, markup, and commission amounts. The system then performs the necessary actions to manage them for each day of the year by opening or closing corresponding plans and channels in order to maximize final profits from operations.
Allocation Management component
The system constantly monitors the number of rooms allocated for each booking channel and optimizes them for obtaining the most adequate balance among different channels providing the highest possible outcome as in-depth analysis of price fluctuations.
Stay Restriction Management component
The system analyzes booking patterns and suggests (or sets) stay restrictions, like close to arrival, minimum length of stay, stay throughs, and more.
Inventory Control component
Performs necessary actions to manage overselling by constantly monitoring the number of rooms allotted to different intermediaries and wholesalers. It provides overselling recommendations to offset expected no-shows and cancellations as well as displaying at-a-glance information of allotments, and highlights the dates that require closer attention.
Upgrade Recommendations component
This alerts the manager with suggestions about room upgrades and room type replacements that will generate higher revenues. It also advises up-sell programs to boost profit, customer satisfaction and employee morale.
Room Type Differentials component
Finds the most optimal price differentials among different room type buckets and performs necessary actions to balance the differences, yielding optimal results.
Group Management component
Provides assistance to the hotel manager in estimating group profitability, taking into account all expected revenues generated by the group. It then suggests the breakeven and the most optimal price point, thus allowing instant group rate quotes. It also analyzes group-booking patterns and shows irregularities. Based on demand levels, the system monitors the number of rooms available for group reservations on each given date.
Corporate Account Management component
Assists the manager in estimating corporate account profitability. It takes into account the expected volume of bookings and all expected revenues generated by the guests. It then suggests the breakeven and the most optimal price point, thus allowing instant group rate quotes.
When the account is accepted, the system analyzes the company's reservation activity and provides information on booking patterns, revenue volume, and other relevant metrics.
Promotion Management component
This component provides assistance to the manager for estimating profitability of planned promotions, while taking into account expected occupancy increase.
Automatic Execution through Booking Channels
Two-way integration with channel management companies allows for automatic execution through all appropriate booking channels.
Automate the process of distributing updated parameters through all appropriate booking channels in one click.