IDeaS Extends Platform to Encompass Total Revenue Forecasting Technology, Transforming How Hotels Plan and Budget

Through Automation and Scientific Forecasting, IDeaS Revplan™ Empowers Hotels to Build a Forward-Looking Total Revenue Plan and Budget Based in Data-Driven Reality

USA, Minneapolis, Minnesota. March 05, 2020

IDeaS Revenue Solutions, the world's leading provider of revenue management software and services, announced today IDeaS RevPlan™, a cloud-based module built to complement its flagship RMS products. The module is designed to take the pain out of budgeting and forecasting a hotel's total business, including food and beverage outlets.

Until now, hotels have relied on manual forecasting and data collection to plan operations for their total business. This error-prone, time-consuming process leads to inefficient labor costs, siloed decision-making and smaller profits. Expanding what's possible with revenue science, RevPlan enables revenue managers, finance directors and hotel leaders to effectively budget, plan and strategize using automation and scientific forecasting.

· Total profit optimization - Increases profitability of all revenue streams, from guest rooms to food and beverage, with scientific forecasting for more precise planning.

· Data-driven decisions - Consolidates hotel data at the enterprise level to easily drive more strategic decision-making by revenue stream, region or brand.

· Automated efficiency - Boosts operational efficiencies with automated data collection and intelligence.

Sanjay Nagalia, co-founder and chief operating officer, IDeaS, said: "While others talk about the future of hotel technology, for the past 30 years IDeaS has invented it. Hoteliers face many challenges when it comes to the planning and budgeting of their total business. Essential data is spread out and isolated, the manual process is prone to errors and non-rooms revenue is left on the sidelines. That's why we developed RevPlan, a budgeting and planning solution built for and by hoteliers."


/ SLIDES

About IDeaS - A SAS Company

Media Contact:

Kim Dearborn
Public Relations Manager
MFC Public Relations
T: 909-455-4316
E: kim@mfcpr.com
W: http://www.mfcpr.com

Subscribe to our newsletter
for more Hotel Newswire articles

Related News

Choose a Social Network!

The social network you are looking for is not available.

Close
Coming up in October 2020...

Revenue Management: Maximizing Profit

Hotel Revenue Management continues to evolve at a blistering pace. Driven by technological innovation and new distribution channels, there are some dynamic opportunities for expansion in this fast-growing field. The technology is primarily designed to help revenue managers further refine their operations and pricing models to maximize hotel profit. For example, hotels can't be all things to all people, so a key strategy is to precisely identify their target audience. By employing geo-targeting techniques and analyzing behavior such as previous bookings, on-property purchases and online shopping practices, there is an increased capability to define guest demographics. By segmenting customers in more specific ways, hotels are able to create more personalized experiences which, in turn, allow managers to optimize their room rates. It is also an effective way to fulfill the unique needs and preferences of the individual. Another methodology is to consistently monitor the competition's pricing strategies. There are software tools that analyze a competitor's current rates, and then allow a hotel to make its own pricing adjustments. It is also a useful means to conduct forecasting models. Other technologies that are being integrated into a revenue manager's toolkit include Artificial Intelligence in the form of automated algorithms, and Voice Recognition (VR) for data inquiries, rate changes, and booking behavior. Predictive and analytic software programs are also being leveraged to provide more forward-looking data, instead of the usual reliance on historical performance. These metrics allow managers to be more proactive - rather than reactive - with their revenue strategy. The October issue of the Hotel Business Review will examine these developments and report on how some leading hotels are executing their revenue management strategies.