IDeaS Revenue Solutions has launched its latest
innovation in the science of hotel revenue management: IDeaS
Function Space Revenue Management (FSRM).
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technology and IDeaS’ market expertise, this new solution will
capitalize on non-room revenue streams and increase group and
function space profits for hotels worldwide.
“Meetings and events often account for 40 to 60% of revenue for many hotels, yet profits are left behind
when function space goes unsold or undersold,” said Sanjay Nagalia,
chief operating officer of IDeaS. “Our breakthrough solution now
empowers sales organizations to optimize profits across all
function space revenue streams, and drive better revenues
company-wide. We’re incredibly proud of our team for this
innovation, bringing our clients closer to Total Revenue
A 2011 survey by Sherri Kimes, Professor of
Operations Management at Cornell University and a leading revenue
management academic, recognized function space as the area with
the highest likelihood of success outside of traditional rooms
Shifting the paradigm away from “rooms-only”
revenue management, IDeaS is addressing a long-held market challenge with Function Space Revenue Management and empowering
sales organizations to evaluate not only group business, but also
revenue impact on an entire hotel - including rooms, food and
beverage, function space and more.
Powerful features of the FSRM solution include a
forecast validation dashboard, demand calendar, and price
evaluation tools. It forecasts and validates expected demand, by day and day
parts, using advanced analytics to increase group profit by
optimizing the total profit contribution from various revenue
“In our competitive hotel market, revenue
management is the key tool to manage the business, and it is
imperative that we can apply revenue management practices to our
Meetings & Events space. We are delighted that IDeaS is leading
the industry in this area with their Function Space Revenue
Management Solution. It delivers precise evaluations of meetings &
events revenue opportunities, allowing us to maximize profit
potential across the entire estate,” said Birgit Haake, director
of revenue management, Maritim Hotelgesellschaft mbH.
Through evaluating demand-driven displacement and making
demand-based changes to free sell restrictions on function-only business, IDeaS Function Space Revenue Management helps
targeted profit per available space time (ProPAST) levels.
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