As any hotelier can attest, component rooms and flexible inventory present major challenges 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.
Increasingly, hoteliers are looking to technology providers for innovative solutions that can help them maximize profit potential. This week, one of the leading providers, IDeaS Revenue Solutions, announced that is has added a new capability to its IDeaS G3 Revenue Management System.
The new feature is designed to give revenue managers the ability to optimize all combinations of room types and build a revenue strategy specifically for flexible inventory – all based on guest demand and price sensitivity.
The feature harnesses the power of advanced analytics in its id to automate all aspects of component room price optimization. Combined with sophisticated pricing and inventory control decisions, powerful forecasting and interactive reporting dashboards, the solution provider’s approach to component room pricing aims to address some of the complex business challenges facing hotels and resorts when it comes to achieving the greatest profitability and business mix for a property.
According to the company, the goal is to help hoteliers understand which components of a room to sell and at what price. Further, the goal is to help them 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. Hotels and resorts have long sought to optimize their revenue management business strategy based on the most relevant market data and demand indicators.