- Understand outcomes of changes in price or demand
- Understanding how post-pandemic market shifts affect business
- Being able to evaluate room-type pricing
- Better equipped to make informed decisions about pricing
- Ability to see future trends and optimize business planning and revenue
The Woodmark Hotel, an independent boutique hotel nestled in Kirkland, Washington, boasts breathtaking views of the mountains and the bustling cityscapes of Seattle and Bellevue. Renowned for its luxury offerings, this unique establishment had long been leveraging the power of IDeaS RMS. However, the changing market dynamics highlighted the need for more advanced and granular data analysis to enhance their revenue management strategy.
Elevating Revenue Management: The Shift to G3 RMS
The Woodmark Hotel’s experience with RMS had been largely positive, but the post-pandemic era brought about significant market shifts. It became apparent that the hotel required a more robust data solution for dynamic pricing and market analysis, especially after their recent separation from a larger corporate group. This newfound independence allowed them to shape their market strategy, but they needed enhanced data capabilities to do so effectively, without the support of corporate guidance.
“Having a more advanced form of technology helps us in the revenue management aspect and holds us in a more beneficial position in reading the market, analyzing what’s going on, and gives us more insight without the corporate umbrella.”
As the search for a new RMS provider commenced, The Woodmark Hotel’s positive history with IDeaS, along with their account manager’s persuasive case for G3 RMS, played a pivotal role in their decision-making process.
A Turning Point for The Woodmark
Transitioning to G3 RMS marked a turning point for The Woodmark. The advanced system provided them with the capability to optimize room type pricing, which was a pivotal component of their revenue management strategy. Li found the implementation process enjoyable, as it provided a holistic view of how different systems connect and communicate. The client project manager’s meticulous guidance ensured a seamless transition, minimizing data discrepancies between RMS and G3 RMS. Li quickly grasped that RMS and G3 RMS, while both IDeaS products, were distinct systems, each offering unique capabilities.
G3 RMS’s robust data analysis and granular insights at the room type level, along with the ability to view the logic behind forecasts and pricing decisions, stood out as enhancements over RMS. This clarity facilitated better decision-making.
For Li, two standout features of G3 RMS are the What-If Analysis and Group Pricing Displacement Analysis tools. She attested to the sophistication and accuracy of G3 RMS’s Group Pricing evaluations, saving valuable time for their sales team. Sales Managers now run evaluations within G3 RMS, eliminating the need for an intermediary step.
The What-If Analysis feature addressed a long-standing challenge. With RMS, Li often had to make pricing changes without a clear understanding of their impact. The What-if tool in G3 RMS allowed her to visualize the impacts of rate changes before implementation, streamlining decision-making. The What-If Analysis provides Li with invaluable insights and as she said, “It’s like having a crystal ball into the future.”
The availability of one-on-one training sessions with a client training specialist eased the transition process, making Li more comfortable with the new system.
Unlocking Future Potential
Looking ahead, the prospect of incorporating Linked and Independent Products within G3 RMS excites the Woodmark Hotel’s staff as it offers a scalable solution for future needs and growth opportunities. They are eagerly anticipating the expansion of system utilization, extending its reach to include key team members, particularly those in housekeeping and front office management. This expansion is anticipated to yield substantial operational efficiencies and significantly enhance decision-making processes that cut across various departments, ultimately contributing to the hotel’s overall success and competitiveness.
The transition to G3 RMS has already yielded benefits for The Woodmark Hotel. The increased accuracy of future forecasting provides a clearer picture of business trends, aiding strategic planning and revenue optimization. G3 RMS’s sophisticated data analysis and reporting tools have empowered Li to focus on strategic initiatives and operational success.
The Woodmark Hotel’s transition from RMS to G3 RMS has been a game-changer for their revenue management strategy. With enhanced insights, forecasting accuracy, and streamlined processes, they are better equipped to make informed decisions on promoting the property and ultimately achieving operational success.