IDeaS, a SAS company and a global leader in hospitality revenue management software and services, recently introduced new capabilities for G3 RMS in June. The Independent Products feature empowers hoteliers to apply optimal pricing strategies to each product, taking into account their unique demand patterns and any linked rates associated with them, down to the room-type level.

In today's hospitality industry, distribution processes and pricing decisions have become increasingly complex due to intricate configurations and limitations, often restricting dynamic pricing to only one rate-the daily rate. As a result, hoteliers face challenges in balancing the right daily rate while considering its impact on all linked rates, leading to missed revenue opportunities. The introduction of Independent Products, coupled with G3 RMS's Linked Products functionality, aims to address these issues and drive higher revenue generation. By leveraging Independent Products, hoteliers can now simultaneously and optimally price multiple products, such as daily, weekly, or monthly rates, thereby maximizing revenue potential.

G3 RMS offers a host of benefits that cater to hoteliers' revenue optimization needs:

Expanded Revenue Opportunities: The introduction of Independent Products allows extended stay properties, for instance, to dynamically price not only their daily rates but also rates for weekly, monthly, and other defined lengths of stay. This unlocking of revenue opportunities benefits various key segments and stay patterns.

Pricing Freedom: Hoteliers gain the ability to optimize and price multiple base rates based on unique demand patterns and competitor data. When combined with Linked Products, which streamlines rate management and distribution for all linked rates (e.g., advanced purchase or bed and breakfast), hoteliers can achieve an efficiently revenue-optimized rate structure across all key products and occupancy dates, catering to different room types.

Reduction in Unnecessary Discounting and Optimal Pricing: With the power of G3 RMS, hoteliers can capture incremental revenue on each room sold by dynamically adjusting discount percentages or amounts based on demand patterns, such as season, days to arrival, day of the week, and room type.

Sanjay Nagalia, Chief Operating Officer at IDeaS, expressed enthusiasm for the latest update to G3 RMS. The flexibility provided by Independent Products empowers hoteliers to capitalize on the unique demand patterns of all key base products, ensuring the capture of the most valuable bookings. 

The solution encourages hotels and resorts to move away from rigid rules and offsets and confidently optimize pricing for every product, catering to all types of business, room types, and lengths of stay within their strategic guidelines. Clients can now enjoy real-time pricing and optimization without the burden of complex rules, manual rate management, or static offline pricing.

In conclusion, IDeaS' innovative Independent Products feature, combined with the powerful capabilities of G3 RMS, marks a significant step forward for revenue management in the hospitality industry. By embracing these advancements, hoteliers can tap into untapped revenue potential, enhance pricing strategies, and better cater to their guests' diverse booking needs.

Discover greater profitability at ideas.com.