Most hotels continue to rely on their GM to set room prices based on their comp set. Even if they have a Revenue Manager, many decisions come down to intuition only after tons of time spent on data gathering and analysis through spreadsheets. Modern AI-enabled revenue management systems have allowed savvy hotels to stay ahead of their comp and reach new levels of revenue and profitability while saving time so staff can be more strategic. If you’re tired of wrestling spreadsheets and settling for prices set by your comp, take a look LodgIQ AI, the RMS combining resilience and simplicity. In a dynamic hospitality landscape, the key to revenue maximization is not just any tool but one that sets new benchmarks. That's where Lodgiq AI stands apart. Here's what sets it above the rest: ✨ Unmatched Strength: Dive into the world of high performance. Its sophisticated algorithms process intricate data, navigate market changes, and forge unbeatable pricing tactics, ensuring each room's potential is fully realized. 🔥 Effortless Navigation: Say goodbye to steep learning curves. Our platform's clarity and ease of use mean your focus remains on leveraging its extensive features for your financial gain. 📊 Comprehensive Analytics: Stay ahead with LodgIQ AI's all-encompassing analytics, spotting trends and predictions that arm you with the decisive edge in strategizing for success. 🌐 Fluid Compatibility: From cozy boutique hotels to expansive chains, LodgIQ AI fits perfectly into your current operations, promising an integration that's as smooth as it is efficient. Why settle when you can lead your comp and hotel to new revenue heights with LodgIQ AI? Direct Message me here to learn more. #LodgIQAI #RevenueManagement #HospitalityIndustry #Innovation #DefiningTheFuture #AI #Hotels #RedefiningTech
While Revenue Management Systems obviously make analyzing data much easier than the old fashioned way of gathering information manually and making pivot tables, let’s not discredit revenue management professionals who have spent years working on their knowledge, skills, and ability. It’s far more than “intuition”, and to suggest otherwise is an offense to the very people you rely on to purchase your software. 🤷🏼♀️
How can any GM or revenue manager be confident that their comp set is smart, tech-savvy and educated enough to come up with the best market-level pricing? Is the comp set using an AI-powered RMS or simply following their gut? Matching your comp set pricing without considering a myriad other data feeds and factors is a recipe for disaster that leads to a catastrophic downward pricing spiral.
The complexity of pricing, and therefore of revenue management as a whole, can't be left to the 'gut' of a revenue manager, or worse, a GM. 20 years ago nobody talked about revenue management, so how many years of substantial experience can a revenue manager in his 30s have? Such "independent" revenue management consultants or strategists are hardly effective. There are a few established companies that deal with revenue management and have the expertise to use digital tools, which can certainly be a good help. Nowadays we have a lot of RMS and for sure ML and generative AI are game changers, but relying completely on a tool developed by "techies" with no revenue management experience in hospitality will never get my trust. Hotel groups and chains can afford a team of specialists who can use revenue management tools to determine pricing strategies for their products. However, for independent hotels or small groups with a few hotels, the challenge will be that if they can afford an RMS, it will take time for the one person who will be using it to learn how to use it, and that is a long way to go.
Bravo! LodgIQ AI appears to revolutionize revenue management in hospitality with its powerful algorithms and user-friendly approach. Comprehensive analytics and versatility make it a standout solution.
I find it perplexing that so many hotels continue without an RMS.
For a leisure hotel/resort, In addition to tech tracking, just check the parking lot to see where most customers come from. 😎
This is interesting! For sure reading more into this!
www.LodgIQ.com