Hoteliers Take on Large Hotel Groups With Better Pricing Calculations
Beonprice's RMS Technology Optimises Rates for RevPAR and Occupancy While Delivering Digital Transformation for Independent and Small to Midsize Hotel Groups
Beonprice has democratised the revenue management process, offering a cost-effective Revenue Management System which uses Artificial Intelligence to recommend rates based on over 350 metrics thanks to its unique Hotel Quality Index™ (HQI™), seeing 11% gains1 in RevPAR while helping deliver digital change to hotel strategies..
Globally, only around 15% of accommodation providers use revenue management technology2 with many operators relying on spreadsheets to manually compile and analyse data. Setting a revenue strategy therefore becomes limited and reactive at best, and guesswork at worst. For many independent, small and medium hotel groups, revenue management technology has long been seen as the domain of large hotel groups.
Helping Boutique Hotels Digitally Transform
A collection of ten boutique hotels in Barcelona, Ibiza and Mallorca, OD Hotels had laboured under the misconception that automated revenue management technology was only available to big brand hotels. Installing Beonprice's system in 2018, the group's Director of eCommerce and IT, Thomas Reichenbach, says: "We've had the opportunity to bring digital change to our organisation. Beonprice makes technology accessible which would only have been available to big brand hotels before."
The hotel group found Beonprice's emphasis on customer service and additional revenue training resources helped support its small and lean approach to business. "Our destinations are driven by dynamic pricing, which needs the right level of tech support and revenue management knowledge to improve decision-making," explains Reichenbach.
The business intelligence from Beonprice provided OD Hotels with insights beyond recommendations and price shopping, focusing on how each property should be positioned within their individual markets. "Beonprice helped us achieve a switch to daily pricing and dynamic contracts, as well as educate our team through training programmes and webinars to focus them on revenue management strategy."
Prior to utilising Beonprice's RMS, OD Hotels' pricing was centred around special offers and seasonal campaigns, which they'd found had lost its impact in recent years.
The technology created by Beonprice is key to saving revenue management professionals and the wider hotel team time, reducing the demand of data processing and allowing them to focus on strategising. Says Carlos Bonixo, owner of Sweet Suites, two six-unit serviced apartment blocks in the UK: "Without this technology, it would be impossible to manage as there really are not enough hours in the day. Since we've had the full PMS interface, we have already seen an increase in RevPAR."
Beonprice's technology includes the unique HQI™, which assesses a hotel's reputation and market position to improve its REVPAR. Hotel partners using HQI™ have increased their REVPAR by up to 11% in the first six months of use2 by using AI to calculate the value of the product to its most relevant customer at any specific moment and optimising the booking rate in relation to sales probability.
Beonprice's commitment to transforming hotels' rate setting through the use of AI extends beyond its technology; the establishment of the Beonprice Academy in 2019 provides customers with training in revenue management, designed for novices to experts.
Beonprice will be exhibiting at ITB Berlin (Hall 7.1b, stand 107). To meet the team, visit www.beonprice.com/itb