IDeaS reveals new game-changing innovations that turn complex data puzzles into coordinated solutions, giving clients more clarity, control & confidence.
We think of having access to more data as a purely “good” thing. But that data is only “good” if we can use it to inform actionable, strategic solutions.
Like famed fictional detective Sherlock Holmes once said, “It is a capital mistake to theorize before one has data. Insensibly one begins to twist facts to suit theories, instead of theories to suit facts”
So, if you want to discover proven ways to turn your data into actionable insights that drive higher profitability, then this read is for you.
Revenue Management System Insights & Investigator
In 2019, IDeaS introduced the Investigator feature to complement our G3 RMS revenue management solution, which opened the system’s “black box” to help users better understand the “how” and “why” behind automated pricing decisions.
Since then, we’ve gotten rave reviews from clients who use Investigator’s simplified text and intuitive visualizations to achieve greater organizational alignment around their pricing strategy.
Investigator’s capabilities have recently expanded to include demand forecast support. By combining with existing charts and tables, Investigator now offers additional insight into the key drivers behind pricing decisions, such as:
- Occupancy patterns. Occupancy patterns go beyond just knowing who is staying at your hotel and when. For example: if there’s a trend of selling out three months in advance no matter the time of year, that’s a sign that it’s time for an overall rate increase.
- Day-of-week and seasonal trends. We’ll use an example of what we’re referring to here. For instance, if you’re always facing low-occupancy on Wednesdays in March, that insight can influence the development of special packages that incentivize new bookings.
- G3 RMS activity. New ways to view and organize the data in your revenue management system allow you to better understand the relevance of both historical data and recent trends gathered in your demand recovery forecast.
G3 RMS does the hard job of combing through this data (and so much more) to deliver the best possible solutions for your business.
By making it easier for you to see how G3 RMS processes data, it becomes easier for you to trust the outcomes and make nuanced revenue investigator decisions that boost your bottom line.
Advanced Revenue Performance Reporting & Optix
G3 RMS gave travel and hospitality professionals the automated revenue management solution they were looking for, but there was still an opportunity for the solution to produce deeper data insights after the system launched.
To provide even more valuable, actionable insights, IDeaS unveiled Optix—an advanced reporting and analysis module for G3 RMS that delivers a quick, clear view of revenue performance for single properties, hotel clusters, and entire estates.
For those managing multiple properties, we knew it was still a challenge to view pace and pickup as a whole. To address this, we created two new Pace Dashboards, providing both high-level and deep-dive views into booking curve and pickup for any number of properties without having to export to Excel, merge multiple documents, and pore over difficult-to-decipher numbers.
Optix creates attractive, easy-to-read charting that puts valuable insights at your fingertips. Check out this video to get a feel for how Optix can help hoteliers make more informed decisions:
Ultimately, Optix offers a high level view that allows users to see their properties as whole and individual parts. Power filtering across clusters, segments, and rate codes improves strategy by improving a user’s ability to see and react to actionable intelligence.
Paula Mullaney, Commercial Director at Staycity Aparthotels, shared, “Optix has become the revenue team’s go-to first thing each day, but I’m using it every day as well, in every meeting, along with the other heads of our commercial team in Ireland, France, Italy, and Germany. We are all seeing Optix as our one source of the truth.”
Complex Problem Solving & You
Becoming a problem-solving revenue investigator is a two-part process. You start by collecting valuable data and end by allowing that data to influence strategic answers to nuanced business challenges.
With a revenue management solution like G3 RMS that offers deep insight and advanced reporting, the process is simplified. The automated environment allows you to feel comfortable knowing that you’re always covered while leaving room for completely unique human interpretation and insight.
A simplified process doesn’t mean there isn’t an opportunity for growth. If you’re interested in sharpening your powers of insight, check out these practical tips for untangling complex data sets.
- Identify your questions. Before you analyze anything, you want to determine what questions you most want answered. Ideally, these questions are both easy to define and measure. In the hospitality space, an example inquiry could be, “Why is there an increasing drop-off after the second night of booking?”
- Determine goal measurement. Determining the ways you’ll measure the path to your goal (key performance indicators, or KPIs) allows for better data analysis. Put simply: knowing your questions helps you seek answers, and knowing your KPIs helps you reach them.
- Consider outliers. If something is lying outside your data set, it’s for a reason. Looking closely to find those reasons allows you to more efficiently address them. For hotel managers, in particular, it could be problem properties or segments in need of rerouted resources.
- Visualize the data. One major benefit of G3 RMS is that it does this for you, especially when you’re using the Optix reporting and dashboard module. Without that support, you’d have to create your own grids and graphs instead of spending that same valuable time analyzing them. Additionally, engaging visuals help communicate findings to other stakeholders, making it easier to implement needed change.
The art of revenue science in solving complex business challenges in an automated environment is one thing, but the ability to interpret, comprehend, and communicate pricing, forecasting, and booking decisions is quite another—that requires a human.
Every hotel has a problem to solve, and it’s going to take smart people like you to dig in and find the best solution. But with so much data and so little time, you’ll need an intelligent, analytical sidekick you can trust every step of the way.
With capabilities like Investigator and Optix, IDeaS G3 RMS can be the Dr. Watson to your Sherlock.
If you’re interested in solving the mystery of how high your profitability can reach, schedule a free demo with us.