Revenue management is another facet where machine learning will really shine for hoteliers going forward. Hoteliers have practiced revenue management to assist in providing the right room at the right rate to their customers for decades. Access to Big Data, processed through machine learning enabled systems, is however revolutionizing hotel revenue management. By utilizing this technology hoteliers are now afforded much greater opportunity to fully leverage their inventory and maximize revenues.
A machine learning enabled revenue management tool will provide the required information to empower hotel managers to make informed decisions regarding their room rate structure, at any given time. In contrast, traditional hotel revenue management software lack the real-time data necessary in order to keep rates optimized at all times. These legacy systems simply cannot keep up with the ever-shifting market condition realities of the 21st century.
The number of variables, which need to be taken into account within the revenue management equation, have grown exponentially. The influence of social media and online reviews, local weather and flight information, and individual customer segmentation are but only a few examples among the array of complex data sets which must be effectively compiled. Additionally, analysis of the competition in the surrounding area of a hotel has become increasingly crucial, including vacation rentals as well. This vast amount of data must then be analyzed against complex algorithms in order to extract the maximum rate possible for a given customer, on any given day, with both speed and scalability.
Machine learning capability within a revenue management software suite makes it possible for hoteliers to stay one step ahead of the perpetual state of flux facing the hospitality industry.
Inline Revenue Management®
The Above Property Inline Revenue Management® module allows real-time pricing and availability adjustments based on occupancy, seasonal trends, forecast, weather, booking pace and competitive data. Each transaction is processed in real-time through the Above Property proprietary pricing engine. Maximizing your revenue through careful management of forecasting, availability controls, groups, and distribution is crucial in today’s hospitality marketplace. The Above Property Inline Revenue Management® system gives you all the tools necessary to put your revenue management techniques and strategies to work. Operating in a fully distributed cloud environment, the Above Property Inline Revenue Management module can integrate with existing systems as well as take advantage of the full suite of complementary modules within the Above Property Travel Platform.
Key Features Of Above Property’s Inline Revenue Management®
- Real-time revenue optimizations
- Deliver personalized responses by channel
- Leverage Above Property’s proprietary pricing engine
- Real-time analytics, metrics, and feedback
- Works with existing systems
The Above Property Travel Solution set features the fastest, most reliable, and easiest to use DRS on the planet. And is also both modular and compatible with all existing Property Management Systems and Central Reservation Systems.