nSight for IDeaS; the means to maximize bookings by “futurecasting” revenue management
IDeaS have teamed up with nSight Travel Intelligence to offer hoteliers a new experience in revenue management; as more data is better when it comes to forecasting hotel booking behaviors in advance in order to maximize revenue strategy.
The new experience allows managers to “futurecast” inventory demand based on a rich set of data points never before available on a single technology platform, IDeaS said. It provides access to both nSight’s predictive consumer shopping intelligence data and IDeaS’ advanced revenue management solutions, where hoteliers can now have exclusive access to the most advanced demand-intelligence solution on the market to increase bookings and drive better revenue.
With nSight for IDeaS, hoteliers now have access to aggregated data from more than five thousand online travel sites, giving them much deeper and more cohesive insights on consumer behavior across all relevant online and offline booking channels.
“The ability to integrate never-before-accessible information – such as relationships between intent to book and pricing – will elevate a hotel’s demand forecast and ultimately its revenue opportunities,” said Sanjay Nagalia – COO for IDeaS. “Our partnership with nSight is the first solution to truly bridge two profit-focused functions. By bringing revenue management and marketing closer together, we’re giving our clients an exclusive advantage over the competition.”
nSight for IDeaS goes beyond traditional data sources like brand.com regrets and denials data. Instead, it utilizes real-time, relevant and forward-looking demand intelligence from online travel agents and travel websites to provide powerful data that can be used to more accurately apply profit-generating pricing strategies.
“The sheer amount of data available can be overwhelming and ‘big data’ has become code for ‘lots of work.’ We are changing all that with nSight for IDeaS,” said Rich Maradik, founder and CEO for nSight. “The simplicity in which hoteliers can now access and leverage large volumes of data is something the market has never seen before. By combining data from the hotel’s RMS with predictive data, and offering it through an intuitive dashboard, we help revenue and marketing teams simplify and focus on proven revenue-generating priorities.”
The information hotels can leverage using nSight for IDeaS can offer a distinct competitive advantage for pricing rooms, personalizing marketing efforts and aligning the overall consumer experience across channels. It effectively narrows the disconnect between revenue management and marketing teams by delivering insights relevant to both functions.
nSight for IDeaS enables the two disciplines to collaborate with confidence, more accurately understand guests, and better target and track marketing campaigns. These well-aligned goals, in turn, allow hotels to maximize direct bookings and drive profitability.
IDeaS, in partnership with Hotelier Maldives, recently held a Revenue Management Concepts Workshop targeting hospitality industry stakeholders; attended by General Managers, Resort Managers, Financial Controllers, Reservations Managers, and Accountants. The workshop included a Revenue Management Overview and covered Market Segmentation, Pricing, Forecasting, Revenue Management Tactics, Channel Management, Strategy Setting, and Implementation.