Revenue Management Solutions, a boon to the industry
Date: Sunday , April 17, 2016
Headquartered in Minneapolis, USA, IDeaS Revenue Solutions is dominating the industry with cutting-edge revenue management software solutions and advisory solutions that is redefining the Hospitality and Travel Industry by increasing client\'s revenue by 20 percent. Intercepted in 1989, it proudly supports more than 7500 clients in 94 countries
Software solutions have definitely made our lives much easier in every field, but who would have thought that it can jack up hospitality and travel business to such an extent. Accurately aligning the price range, understanding consumer\'s perspective of their value along with the placement and availability with each customer segment is what revenue management is all about. But, keeping prices aligned with the market is a complex, dynamic process that may require continual help from multiple channels.
A revenue generation solution should be smart enough to encourage prompt decision making and has to be robust at the same time. To fill the gap, revenue management solutions came with the promise of offering panacea that would help in increasing the efficiency and profitability of to a new level. Initially there was a resistance in using property management solutions, since people were threatened that it will replace them.However, eventually hotels embraced it, as they tasted more profitability and efficiency by adopting those solutions and elimination of the repetitive part of their job. Today people cannot imagine opening a hotel without having computers.
Hotels get their business from various segments such as tour operators, wholesalers or even a corporate meeting and also there are set of people who opt for online booking. Pricing solutions comes into scene in such cases.Consumers have a craving for trendier hotels that satisfy their individual needs.With the intelligent analysis of data feeds like an announcement about IPL match, flights being cancelled due to weather, natural disaster, terrorist attack or just a busy Wednesday; revenue management systems can predict demands automatically. Utilizing this hotels can they can amplify their profits by pricing it differently.
The use of mobile platform is becoming more prevalent. Today Social Media has engraved itself in every sector including hospitality and travel industry.Ratings and reviews from websites like Trip Advisor plays an important role in determining the reputation of the hotels and thus the price.Besides factors like historic charges and demand-supply, taking into account the price of each competitor is an important aspect that affects the pricing decisions.
Despite facing challenging economic conditions, Indian enterprise software market has grown tremendously and much faster than the overseas. Indian software companies are delivering software with latest features and functionalities in accounting software, business intelligence, database, enterprise resource planning, and supply chain management and so on. India is expecting to create and supply a lot of data scientists over a period of time.Technology associated along with the software is changing the game. Big role is being played by the software in enabling, creating and exchanging the market across the globe and sharing the economy. Today taxi companies like UBER and OLA are the biggest businesses, which are running smoothly without owning any physical assets. In future, automated cars will be floating around in U.S. and Europe. It will be cost-effective than keeping a garage, filling oil and changing parts of your own car.
As revenue management solutions are focused in providing powerful revenue optimization solutions, services and expertise in various hospitality and travel applications, revenue managers will be able to focus more on strategic, high impact decisions for their businesses. (As told to Ananth.V & Pushpita Das)