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IDeaS Revenue Optimization, a provider of hospitality
revenue management and optimization solutions and services, has launched
its New Hotels Success Service Package.
The service is designed to allow hotels to
bring the advantages of the IDeaS V5i Revenue Management solution
to new properties.
IDeaS designed the package to enable newly
opened hotels or hotels with no historical data to have a fully
automated revenue optimization and pricing solution in place at
the earliest possible opportunity; in many cases, prior to hotel
opening. To date, the package has already been deployed in more
than 50 hotels with an additional 30 hotels currently in the
planning stages.
“The package was created in response to growing
demand from our clients with expanding portfolios,” said James
Ruttley, vice president of client services, IDeaS Revenue
Optimization.
“Typically, at least one year’s worth of
historical data is required before a Revenue Optimization System
can be fully deployed, however, during the time that this data is
being gathered hotels still need to make forecasting and pricing
decisions. The package and the processes that surround it remove
the historical data requirement allowing the IDeaS V5i solution to
be fully up and running either just as, or even before, the doors
of a new hotel open. The removal of the ‘waiting period’ gives
hotels the full advantage of the IDeaS V5i solution from the start
of business allowing them to focus on developing the new business
as opposed to creating practices and procedures that will be
replaced later.”
The techniques used to bring quality forecasting
and pricing decisions to a hotel without historical data were
developed to exploit information that is available prior to a
hotel’s opening such as budgeted occupancy and revenue figures.
In addition, using advanced data analytics,
IDeaS has created a ‘Booking Pattern Database’ which enables the
booking patterns needed to produce quality forecasts to be
‘cloned’ based on the characteristics and market mix of the new
hotel. Over time, as the true patterns for the new hotel emerge,
the cloned patterns are automatically replaced.
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