Round The Clock Dedicated Revenue Management team for a Hotel Group in USA
Hotel Group in USA
Objective
The Client , operating properties under multiple Brands, reached out with two peculiar problem areas, lack of Standardized Reporting and a Revenue Management Process. These challenges predominantly came from the fact that every brand had a different process defined. The Management, hence, wasn’t able to read all data similarly. Their goal was to seek end to end automation, such that data is transformed to business intelligence. This Data would ultimately be available for Management, Asset & Revenue management team in right context and at the right time.
Challenges
Process
Multiple Hotel Brands, Proprietary Systems, function with independent and peculiar Revenue Management Setups
Reporting
Multiple Systems, Reports, Data Sources, lack of clarity and control, Consolidation of Data
Automation
Lack of Continuous tracking & monitoring process to manage dynamic market conditions
Our Approach to the Problem
Consolidation
Each Hotel group uses proprietary systems (PMS, POS, RMS) . Hence the internal data is available in different forms . We were able to consolidate information in a single database. Similarly External data like competition rate Shopping, STR, Demand 360 etc. were consolidated for unit to estate level analytics. Data consolidation assists the Management/Asset & Revenue Management team In accomplishing data correlation.
Standardization
Standard Operating Procedure (SOP’s) created for each Hotel brand considering unique ways of working and system stacks. Unique procedures build around critical areas of Forecasting, Pricing & Pace Monitoring, asset positioning across ecommerce channels
Forecasting
Common Business Intelligence platform build for all brands for daily data and analytics needs like Forecasting, Pattern, Price and Pace Analysis.
One Team
Revenue Management team with Subject matter expertise using standard process managing hotels of various brand under one roof
Solutions Offered
Dedicated Team
Dedicated 24/7 team Revenue Management & Data analytics team based in India monitoring 4Key.
Parameters for Revenue Optimization are as follows:
-Pricing
-Positioning
-Pace
-Performance of various brand hotels
Automation
Systematic regular engagement with Hotel General Managers and Asset team to drive holistic Revenue Management Approach
– Daily Catchup Call
– Weekly Strategy Call
– Monthly Forecast Call
Insights
Process of Forecasting and Monitoring, resulting in higher performance.
Automated Daily & weekly Reporting with insights based on AI, ML and NLP technologies.
– Descriptive Analytics
– Prescriptive Analytics
– Diagnostic Analytics
– Predictive Analytics
What the Client has to Say
Revnomix , has collaborated with us on Revenue management Process automation backed with data driven approach. This is supported with daily engagement & 24/7 monitoring for Revenue Optimization – Director