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Data-Informed Decisions to Increase Revenue With IDeaS’ G3 Revenue Management System
The easy-to-navigate and user-friendly interface of IDeaS’ G3 revenue management system (RMS) combined with the capability to analyze data to make intelligent business decisions will drive hoteliers to purchase this solution.
Adapting to Changing Environments
Following the pandemic, accessing relevant and applicable information that can be leveraged to make informed choices about room pricing is key to the ongoing success and longevity of properties. G3 recognizes that the decisions revenue managers need to make will likely vary a great deal from one location to another. Thus, the recovery specific to each hotel and its direct local competitors must come from relevant data. IDeaS uses a variety of sources and methods (TravelClick, STR, social media) to access data, which in turn enables its customers to respond to the dynamic nature of the situation. This method of revenue management that integrates different data points allows the revenue manager to manage by exception.
G3 provides the following key features that revenue managers will appreciate:
- Integration with CRS and PMS data at the room level and with POS and CMS at property level
- Ability to set up notifications and alerts that can be consistent across properties, with suggestions on how to address the situation
- Forecasting information around unconstrained demand and occupancy
- Easy-to-use price management screen, providing KPI impact analysis and price optimization suggestions
- Overbooking suggestions by room level
- Automated room configuration workflow
- Business view to provide recommendations on how to sell rooms to groups
- Support for the growing trend to remove check-in and check-out times
- Ability to identify increased opportunities to manage revenue throughout the property, with the goal to eventually stimulate demand
What Can Revenue Managers Expect in the Future?
Even more data-informed decisions will be possible in the future version of G3. The solution is expected to be able to identify how global events, weather, online demand, and market segment shifts will impact demand. Through the collection and analysis of this information, revenue managers will have a greater body of data to pull from when setting prices. When we spoke with David Wilker and James Echert, Product Management Director and Product Marketing Manager respectively, they noted their solution is “not human or machine, it’s human AND machine.” As properties operate with fewer revenue managers, this type of partnership becomes increasingly critical to the ongoing revenue generation capabilities of hospitality.
Recommendations
- Consider how your organization is currently making its revenue-based decisions and whether that process is adequate in the current environment.
- Leverage SoftwareReviews’ Hotel Revenue Management System category to understand how your competitors are making revenue-based decisions with the right software.
- Book a demo with an IDeaS representative to understand the opportunities that your current RMS may not be able to provide.
- Ensure that your property or properties can access all forms of data possible to make informed decisions around price setting.
Bottom Line
IDeaS has been supporting the hospitality industry with revenue management for over 30 years, and as a result it understands what revenue managers need to satisfy the business. Their solution is easy to navigate and will provide revenue managers that are operating with fewer partners the ability to continue to deliver value to the business. G3’s higher price point makes it less accessible to boutique or small properties, but this enhanced RMS is a worthwhile investment for larger brands.
Want to Know More?
IDeaS Revenue Management Solutions
Vendor Landscape: Revenue Management Systems