IDeaS demonstrates an unwavering commitment to progress and change in an industry that demands constant evolution. Within an organization firmly rooted in technology, the synergy between innovation and transformation is evident. The clients IDeaS serves operate in a fiercely competitive sector, requiring them to embrace change and adapt in order to achieve incremental revenue enhancements essential for their triumph.

Driven by emerging customer requirements, market prospects, and the expansion of analytical capabilities, IDeaS remains resolute in its mission to assist properties of all sizes and capabilities in optimizing their revenue potential.

The ongoing culture of innovation at IDeaS not only fuels the tireless pursuit of delivering cutting-edge features and product offerings to clients but also necessitates a pause to reflect on recent achievements.

Retrospective on IDeaS Innovations:

Over time, a spectrum of changes has been introduced to IDeaS' product portfolio, both substantial and subtle. Although the list provided below does not encompass every endeavor aimed at refining and advancing the offerings (given the importance of addressing minor glitches), it provides a comprehensive overview of our endeavors.

Independent & Linked Products: 

A uniform approach to optimizing dynamic room pricing falls short of the ideal standard. Traditionally, the capacity to dynamically price a sole daily rate has posed challenges for hoteliers, compelling them to manage various rates stemming from the best available rate or independently priced ones, such as weekly or monthly rates. This dynamic necessitates a delicate equilibrium in setting the appropriate daily rate to accommodate linked rates, minimizing the potential loss of revenue opportunities.

The Independent Products feature empowers G3 RMS to optimize multiple base rates (such as daily and extended stay rates) independently. This capability enables hoteliers with multiple distinct product lines to perform real-time pricing and optimization without navigating through a labyrinth of convoluted rules and manual rate adjustments.

Linked Products presents another valuable asset for hoteliers keen on seizing incremental revenue and streamlining pricing processes. As is common practice, special rates are extended to military veterans, local patrons, early bookers, loyalty members, and more. Often, these discounts involve a static percentage or fixed amount linked directly to the best flexible rate.

With Linked Products, the potential for dynamic pricing is harnessed, automatically adapting discounts based on criteria like season, days until arrival, day of the week, and room type. This approach curbs unnecessary discounting during peak days and ensures that the most appealing rates are available on slower days, all without necessitating manual intervention.

G3 Automated Configuration: 

The initial configuration of a revenue management system (RMS) can prove to be an intricate undertaking. Poor execution of this process can exert a significant impact on the bottom line. This prompted our proactive approach in automating aspects of this process through the introduction of this feature. This endeavor translates to reduced ramp-up time and enhanced utilization of the benefits offered by G3 RMS.

Christian Boerger, Vice President of Revenue Strategy for Oxford Collection, affirms the efficacy of the automated configuration process, stating, "We implemented 17 hotels, and the automated configuration process has been fantastic. This has been our fastest rollout–the amount of time and effort saved is mind-blowing."

G3 RMS Channel Forecasting Dashboard: To comprehensively gauge property profitability, revenue managers and their peers require a nuanced understanding of their guest acquisition channels' performance. 

The G3 RMS Channel Forecasting Dashboard empowers hospitality entities to monitor and manage channel performance and associated costs. This affords a better comprehension of the profitability of both direct and indirect business, enabling reporting and forecasting of net channel KPIs.

G3 On-demand Optimization: 

The dynamics of the market can undergo rapid transformations, and when engaged in predictive analytics, staying adaptable is imperative. With on-demand optimization, G3 RMS seamlessly assimilates the latest available data, recalibrates accordingly, and furnishes proactive recommendations to accommodate sudden changes. This agility ensures preparedness for scenarios such as group cancellations or unexpected local events, like a playoff game hosted by the local sports team.

Read More: What Do Summer & Sailboats Have in Common with Revenue Management?

IDeaS Optix: 

Addressing the need for simplifying multi-property reporting, IDeaS Optix emerges as a potent revenue intelligence tool tailor-made for hoteliers. Instead of relying on a fragmented amalgamation of spreadsheets, data repositories, and data visualization tools, Optix leverages Amazon Web Services (AWS) as its foundation. 

Serving as a centralized tool for revenue leaders, Optix expedites the process of gathering and preparing reports, granting more time for data exploration and strategy refinement.

The revenue performance of a hotel is subject to an array of variables, and deciphering its nuances can be intricate. Given the myriad factors at play, financial decision-makers often encounter challenges in assessing the true return on investment (ROI) facilitated by an RMS. Discerning whether a challenging quarter reflected underperformance or effective adaptation in a downturned market can be complex.

The G3 RMS Benefit Measurement Dashboard mitigates this complexity by utilizing advanced machine learning algorithms to neutralize the impact of external factors. This affords a dependable mechanism to review projected gains in occupancy, average daily rate (ADR), revenue per available room (RevPAR), and room revenue stemming from G3 RMS implementation.

G3 RMS Profit Optimization:

The holistic profitability of a guest's stay extends beyond room revenue for many properties. Ancillary revenue sources encompassing food and beverage, on-site services, and more also influence profitability. Inclusion of factors such as margins and acquisition costs becomes paramount.

Profit Optimization, an option within the G3 RMS revenue science engine, empowers the system to capture the most strategically valuable business opportunities while considering the comprehensive contribution from each guest. This empowers hoteliers to evaluate total revenues, profit margins for each revenue stream, and the costs associated with guest acquisition and service in real-time. Crucial metrics like profit per available room (ProPAR) can be accurately determined.

IDeaS RevPlan: 

Acknowledging the significance of revenue budgeting and forecasting, IDeaS RevPlan addresses the arduous nature of gathering and preparing such information, especially when evaluating the entirety of a property's revenue performance, not limited to rooms alone.

RevPlan streamlines the process for financial leadership, facilitating a clearer understanding of revenue stream performance encompassing areas such as food and beverage, rooms, meetings and events, and other sources of income. This streamlining translates to reduced time spent on data aggregation and preparation from various departments, freeing up resources to focus on strategic shifts aimed at enhancing profitability.

Monica Xuereb, Chief Commercial Officer at Loews Hotels & Co., emphasizes the value of RevPlan: "RevPlan has become a vital tool for our revenue team, saving us time each month which used to be spent creating and managing forecast spreadsheets. With the success we have had with RevPlan's rooms forecasting, the team is confident the food and beverage forecasting module is the next step in taking us toward a scientific total revenue forecast."

Pioneering Innovation

Earning the trust of more than 22,000 global properties is a testament to IDeaS' ongoing commitment. This accomplishment is not solitary; it emerges from a robust collaboration involving attentive listening, comprehension of business challenges, and the design of solutions that comprehensively address both essential and aspirational needs.