IDeaS gives new revenue opportunity with component room optimization
Though common in resorts and hotels today, component rooms and flexible inventory are a tricky business for revenue managers in the Maldives. 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 maximise profit potential, IDeaS Revenue Solutions has added a new capability to IDeaS G3 Revenue Management System (IDeaS G3 RMS). This new feature allows revenue managers to optimise all combinations of room types and build a revenue strategy specifically for flexible inventory – all based on guest demand and price sensitivity, according to IDeaS.
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,” says Sanjay Nagalia, the 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 optimise 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, according to IDeaS.
“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”, says 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.”
With more than 1.6 million rooms priced daily on its advanced systems, IDeaS 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. To learn more about IDeaS G3 RMS, please visit ideas.com/solutions/products/ideas-revenue-management-systems