The difference between manual revenue management and automated revenue science is night and day.
The seasons are changing, which means it’s time to adjust the automatic lighting timers in my home again. I like the predictability of certain lamps turning on and off at set times. Call me old school, but I prefer the kind of timer where you physically set manual switches on a dial that represents the 24-hour cycle.
The only problem though is I don’t recall my thinking process from when I set them last spring. Did I account for the earliest sunsets? Or daylight savings time? Are those pins supposed to be up or down? How do I read that dial again?
Creating the rules for your lighting timers is great if you can remember why you created them, when they should be changed, and what should be considered as you set the new schedule. It’s also important that a neighbor or friend can understand your system in case they have to make a quick adjustment.
Moving to a new city and joining IDeaS this year has helped me see automation in a whole new light. If IDeaS could control my lighting system, it would have insight into the past, present, and future, using data and scientific analysis to help determine when to optimally turn on and off the lights, save me money on electricity, provide necessary illumination when needed, indicate when a bulb isn’t working properly, and even understand my neighbors’ lighting patterns and what effect that has on my yard—I’m talking to you Clark Griswold.
Speaking of bright lightbulbs, IDeaS has an unmatched approach to automation based on revenue science and machine learning that goes beyond what manually-set rules can do. IDeaS’ advanced revenue management solutions optimize both price and inventory by strategically producing automated decisions that are continually optimized and deployed for all your changing seasons and business conditions.
These powerful decisions enable hotels to achieve optimal revenue performance through automatically deployed controls that manage pricing, rate availability and overbooking, based on an analytical understanding of how a hotel’s business behaves. Furthermore, the system automatically learns from the impacts of these decisions in the market, enabling it to continually adapt, improve and produce highly dynamic strategies and accurate forecasts.
Don’t worry though. Automated decisions don’t mean you just set it and forget it. Users still directly interact with the inputs to the system. And recent research found IDeaS users are accepting over 95 percent of all decisions. That calculates to about 100 million pricing and overbooking decisions accepted each day in over 140 countries!
At the end of the day, I’ll still use manual timers for my lighting. But as far as hotel revenue goes, consider the automation of revenue science to keep your lights shining brightly—and only when they should be. Oh, and for those of you in my corner of the world, don’t forget to set your clocks back on Sunday!