Beonprice has announced that it will reinvent its revenue management system (RMS) to integrate consumer traveller trends, and destination demand insights to optimise rates and distribution for post-Covid-19 bookings return.
The ‘new normal’ obliges the sector to take decisions based on data as rapidly and efficiently as possible. The company is now incorporating data that will allow revenue managers to calculate and optimise rates where historical data has become obsolete.
The Spain-based revenue management system will begin incorporating information including flight data, online searches for travel and accommodation, destination demand, and benchmarking data. With the market in turmoil, revenue managers need help more than ever to better qualify rates and competitor sets in their revenue management strategies without opting for heavy discounting to secure bookings.
Beonprice unique algorithms are based on a Hotel Quality Index (HQI), a cutting edge index for the hospitality market that measures the overall quality of a hotel and online reputation allowing hoteliers to better know its competitive position and demand price elasticity to extract greater value.
“Our goal is to continue optimising profitability for our customers, and as such, we have spent the last few weeks looking closely at the data that will replace dependency on historical data,” said Emilio Galan, chief technology officer at Beonprice.