Harnessing the power of revenue management, major hotel and resort brands have seen their revenue numbers increase by millions of dollars. Smaller properties, too, have enjoyed substantial upturns in top-line revenue growth. Fueling this success is the advent of next-generation cloud revenue management solutions.
These solutions are designed to automate pricing recommendations and other decision-making processes that sit at the heart of increased room occupancy, revenue and overall profitability. The best of these solutions can automatically calculate demand forecasts for future use of every guest room, recommending appropriate selling strategies and overbooking levels to maximize yield and deliver unprecedented financial gains.
The recent groundswell of innovation in revenue management has been enabled in large part by advances in cloud computing and the large-scale migration of hospitality technology from on-premise installation to cloud hosting. Now Infor has announced the completion of a transformative upgrade of its next-generation solution to Infor EzRMS Mobile as well as the Infor EzRMS Pricing Engine.
The mobile application, available through Google Play Store and Apple App Store, is designed to deliver the right information at the right time so hoteliers can analyze trends and make more informed pricing decisions on the go.
The newest iteration of Infor EzRMS Mobile was designed based on feedback from the revenue management community. It is one of the only revenue management mobile applications that allows users to view their most important metrics instantly, including total revenues, and adjust pricing and control decisions, while checking what competitors are doing, and update selling strategies on the go.
An enhanced recommendation screen allows users to review Competitor Rates, amend their BAR Rates and restrictions as well as push these decisions to all interfaces. Best Opportunities have also been introduced for easy review of days with the highest additional revenue opportunities. With this application, customers no longer have to use their desktop if they want to review or change a rate. Now, if they are in a meeting, out of their office and they hear of something unexpected, they can review their figures and change their strategy accordingly directly from their mobile.
Infor’s AI-enabled Pricing Engine is designed to address the industry need to deliver optimized pricing recommendations to support flexibility requirements for different properties and markets. Specifically, it now operates under three different modes. The first is BAR Recommendations at hotel level, the second is BAR recommendations at the room category level, and finally Price Value Recommendations if a property doesn’t have a BAR grid and/or work in a highly price sensitive market, Infor is able to recommend the best price value by room category.
Infor EzRMS is specifically designed for the hospitality industry, and helps hoteliers sell the right product to the right customer, at the right time, through the right channel and for the right price. The application automatically calculates demand forecasts for the future use hotel rooms, and recommends the appropriate selling strategies, such as open/close rates, stay controls, open/close room categories, and overbooking levels-maximizing yield and profit.
With these latest upgrades, Infor EzRMS provides a good example of how a next-generation “pure cloud” solution with advanced functionality that includes advanced machine learning capabilities and dynamic forecast models can have a direct impact on hotel revenues and profitability.