Global hospitality revenue management solutions provider IDeaS announced the debut of IDeaS Rate Data Advantage (RDA) today, 29th January.
RDA is an enhancement that provides users with a sharper edge in evaluating market performance to drive increased revenue and profitability.
Building on IDeaS’ world-class analytics capabilities, the enhancement offers granular insights to help hoteliers understand their unique revenue drivers within their competitive market.
The innovation compares real-time activity across multiple products, offerings and room types, providing hoteliers with the insight they need to grow incremental revenue and outpace their competition.
As IDeaS co-founder, chief operating officer, and chief technology officer Sanjay Nagalia explains: “Hospitality providers are just now tapping into the revenue potential that’s available when operators have a comprehensive, evolving understanding of their place in their market. With the right data, hotels can strategize ways to drive the performance of individual room types on property and compete in more specialized arenas within hospitality. Rate Data Advantage is the latest in a long line of features and capabilities from IDeaS that are powering smarter, more profitable commercial decisions in hospitality.”
Why hoteliers need RDA
Hoteliers today are wary of travelers’ growing price-consciousness and are actively looking for ways to make smarter, more informed pricing decisions.
By leveraging nearly 400 times more consumer rate shopping data, RDA enables operators to compete at a more precise level within their market, including insight into all room types and product offerings, as well as relevant data regarding key lengths of stay and distribution channels.
Hospitality providers can leverage these comprehensive, market-wide insights to generate a winning revenue strategy unique to any property.
IDeaS’ proprietary forecasting tools paired with RDA enable operators to analyze trends and opportunities at a more nuanced level: something that simpler data sets may disregard.
Now, hospitality providers can access this reservoir of data to ensure operators are always on the lookout for emerging revenue opportunities at every level of operations.
What RDA can deliver
Among the key benefits of IDeaS Rate Data Advantage can offer the hospitality sector are:
- Capture more data and more opportunities with a more holistic view of your competitive set that considers more than a small group of competitors. RDA enables revenue teams to capitalize on trends and opportunities that may otherwise go undetected.
- Improve pricing precision by analyzing extensive rate shop data, including rate offerings, room types, booking restrictions, keywords and rate trends of your marketplace. This deeper understanding of market dynamics enables operators to quickly make more informed decisions with precision.
- Act faster, with confidence as high-quality data and analytics illuminate detailed market trends and isolate anomalies, elevating operators' understanding of the competitive landscape and enabling better revenue decisions.
- Cut out the hassle of rate data normalization with AI-powered automation. RDA handles the complex rate and room-type matching, monitoring and maintenance for you, ensuring every comparison is accurate.
