Are you still using Excel spreadsheets for your revenue management? Is a revenue management system too expensive? The times of endless building of Excel sheets and yielding manually are of the past! In our ever evolving digital world and the continuously improving technology it is easier and more affordable than ever to stay up to date.
Let’s stand still for a moment, and review a number of reports you need to compile on a daily basis to stay up to date, and actions you need to take, to be able to properly apply revenue management at your hotel:
- Event or demand calendar
- Day by day on the books information, pick-up, demand and revenue insight for your property
- Pick-up pace information by market segment and sales or distribution channels
- Competitor rate shops
- Group and transient demand management tools
- Forecasts and budgets
- Past, current and future performance, compared to budgets
- Smart indicators to see how each of these elements are behaving in an understandable overview
- Algorithms to combine all data and provide forecasts and actionable yield information
- Easy-to-use information that allow you to make smart revenue management decisions quick, easy and efficient
- Key performance indicators with insight for owners, general managers, staff departments and other property stakeholders
The data for such reports come from a multitude of sources, and need to be monitored on a daily basis in order to ensure a correct pricing strategy.
A good system helps the key stakeholders of your hotel make demand-based, data driven decisions. By incorporating an efficient revenue management solution you gain precious knowledge on facts and numbers.
Nowadays, hotels should use high level technology that provides smart and easy to read data, giving the decision makers these crucial insights. An analytical approach to forecasting helps understanding trends and the demand, and thus enables setting the right price. It helps to find a balanced business mix. It helps to understand booking pace and to capture demand optimally. It also helps determining the right price to attract profitable group business.
Xotels partnered with Busy Rooms and used all of our best practices to build an efficient revenue management tool and are happy to present you a sophisticated management platform for hotels: Hotel Scienz – our Revenue Management Solution. A combination of a dashboard, for key property stakeholders, and a revenue management software for those that need to understand daily fluctuations and make actual pricing decisions.
Hotel Scienz is a user friendly cloud based hotel yield system which provides complete insight into consumer demand for any size and type of hotel property, but also for hostels. Since the solution is multi-property capable, it can be used by independent hotels, hostels and by hotel groups. We are also seeing a lot of interest from hotel owners and asset managers, that want to stay up to date with the sales status of their hotel portfolio.
Revenue Management principles apply to any hotel. Big or small. City or rural. Smart technology is required for any property. Our technology has become affordable for smaller independent hotels and hostels as well. Investing a small amount in technology will allow people that do not have time to do full time revenue management to make smarter and more profitable decisions. It has never been so easy for independent properties to not only compete for consumers, but to also compete in terms of intelligence and making informed revenue management decisions.
We built a dashboard that is easy to understand without training, and a platform that is easy to use for Revenue Managers and strategic decision makers. Our algorithms are continuously evolving to come to ever better conclusions and recommendations. We give you a methodology and a way of thinking to better manage the pricing and yield of your hotel.
Our Hotel Scienz platform is based on both in-house and external data, giving a clear overview of your current status and simplifying hotel yield decisions and strategies. It shows crucial information about property sales indicators and demand trends as well as strategic insights and detailed overviews of revenue management performance, analysis and action items.
Want to know more? If you are interested and require additional information about Hotel Scienz, request a demo today!
Or meet us at WTM London 2016, at stand TT316
Email us at [email protected] to make an appointment.