#Precium Technologies
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redskyhospitality · 7 months ago
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RedSKY Hospitality at ATM Dubai 2024
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precium1 · 8 months ago
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𝐖𝐞𝐥𝐜𝐨𝐦𝐞 𝐓𝐨 𝐏𝐫𝐞𝐜𝐢𝐮𝐦 𝐇𝐨𝐭𝐞𝐥 𝐑𝐌𝐒 𝐚𝐧𝐝 𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐨𝐫 𝐑𝐚𝐭𝐞-𝐒𝐡𝐨𝐩𝐩𝐢𝐧𝐠 𝐒𝐨𝐟𝐭𝐰𝐚𝐫𝐞
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redskyhospitality · 1 year ago
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👉𝐏𝐫𝐞𝐜𝐢𝐮𝐦 ™ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐬
✨𝐏𝐫𝐞𝐜𝐢𝐮𝐦 ™ is an Automated Pricing Recommendation tool. Precium versions are designed to fit in with your requirements.
𝐑𝐢𝐠𝐡𝐭 𝐏𝐫𝐢𝐜𝐞 𝐄𝐯𝐞𝐫𝐲 𝐓𝐢𝐦𝐞! 👉Precium ™ Features
✅Detailed Dashboard ✅Analytics ✅Pace Calculator ✅Event Calendar ✅Rate Shopping ✅Rate Recommendation
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redskyhospitality · 1 month ago
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Precium and the Evolution of Revenue Management: Why Rate Shopping & Automated Pricing Recommendations Are the Future of Hospitality
In today’s fast-paced world, the hospitality industry is experiencing a seismic shift. The days of managing hotel pricing with guesswork and gut feelings are long gone. Enter Precium, a sophisticated Automated Pricing Recommendation tool designed to help hoteliers maximize revenue, increase profitability, and stay ahead of the competition in an increasingly complex market.
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At the heart of Precium is a suite of Revenue Management Solutions that combine real-time data with powerful market insights. Whether you’re managing a boutique hotel, a mid-tier chain, or a luxury brand, Precium tools will revolutionize the way you approach pricing, revenue, and profitability.
But how exactly does Precium and its integrated rate shopping feature work? And why should you, as a hotelier, care about automated pricing recommendations? Let’s dive in.👇
The Shift from Traditional to Automated Revenue Management: A Need for Innovation
For decades, hotels have used traditional pricing strategies, relying on historical data, a few key demand drivers, and a bit of intuition to set room rates. However, this method often left substantial revenue potential untapped. Manual pricing, while reliable in its heyday, simply cannot keep up with the complexity of modern markets.
Today, technology is the beating heart of hospitality. With travellers booking rooms across various platforms, changing their preferences by the minute, and comparing rates at the click of a button, hoteliers need more agile solutions. This is where automated pricing comes into play, allowing for real-time adaptability.
The latest trends in Revenue Management Software now embrace automation, AI, and data science to deliver more accurate pricing strategies. These tools capture and analyse large volumes of data to recommend room rates that maximize revenue without alienating price-sensitive guests. Precium is at the forefront of this trend, using a combination of AI-driven insights and advanced algorithms to keep you one step ahead of your competitors.
👉Rate Shopping: The Secret Weapon for Staying Competitive
Before we talk about Precium Automated Pricing Recommendation, let’s explore rate shopping. It sounds like something your bargain-hunting aunt might do on Black Friday, but in the world of hotels, rate shopping is far more advanced.
In essence, rate shopping tools allow hotels to monitor the room prices of their competitors across a variety of booking channels. Want to know what the boutique hotel down the street is charging for a Deluxe Room? Curious about how your rates stack up against those of a 5-star competitor? Rate shopping tools can provide you with that real-time intel. This allows you to make strategic decisions on the fly, ensuring your prices are always competitive.
However, gathering that data manually would take hours, even days — time you simply don’t have. That’s why Precium automated rate shopping feature is a game-changer. It constantly monitors competitor pricing and feeds that information back into the system. In combination with Precium Automated Pricing Recommendation engine, it helps you adjust your rates with speed and precision, ensuring you never leave money on the table or lose out to undercutting competitors.
👉What is Automated Pricing Recommendation?
Picture this: It’s peak season, and your hotel is nearly at full capacity. Should you raise your rates? By how much? And how will this affect your booking pace? Or maybe it’s low season, and you need to fill as many rooms as possible without slashing your rates too dramatically.
This is where Precium Automated Pricing Recommendation tool comes in. Precium doesn’t just crunch numbers; it provides actionable insights. Powered by artificial intelligence, Precium analyses historical data, booking patterns, market trends, competitor pricing, and a host of other factors to suggest optimal room rates.
Think of it as a highly skilled revenue manager who never sleeps. It takes the guesswork out of pricing, allowing you to focus on what you do best — delivering top-notch guest experiences.
Why do you need this? Because setting the right price at the right time is the most critical driver of your hotel’s revenue. According to recent studies, hotels that use automated revenue management systems like Precium see up to a 10–15% increase in RevPAR (Revenue Per Available Room) compared to those relying solely on manual methods. It’s not magic; it’s math.
👉Revenue Management: Why It’s More Crucial Than Ever
It’s not just about the room rate anymore. Today’s revenue management strategies encompass all hotel revenue streams, including F&B, spa services, and ancillary offerings. The more sophisticated your approach, the better equipped you are to maximize your hotel’s total revenue potential.
With Precium, hoteliers have a comprehensive Revenue Management Solution. Whether you’re looking to forecast demand, adjust your pricing, or optimize your inventory, Precium does it all. By gathering data from multiple sources, Precium gives you a 360-degree view of your business, enabling you to implement revenue strategies that work in real time.
👉Latest Trends in Revenue Management Software: Where Precium Leads
As we look ahead, Revenue Management Software is evolving in three key ways:
🟢 AI and Machine Learning Integration: AI is becoming more integrated into Revenue Management Solutions, making systems smarter, faster, and more adaptable. Precium is already utilizing AI to deliver more accurate pricing recommendations based on live data and predictive analytics.
🟢Personalization: Guests expect personalized experiences, and the same goes for pricing. Precium can segment guests by demographics, booking behaviours, and preferences, allowing you to tailor pricing strategies for each market segment.
🟢Cloud-Based Solutions: The flexibility and scalability of cloud-based systems are unmatched. Precium offers cloud-based revenue management, enabling hoteliers to access their data from anywhere and scale their operations effortlessly.
These trends are not just innovations — they’re necessities in a competitive industry. Hotels that fail to adopt these technologies risk being left behind.
👉The ROI of Revenue Management: Why Investing in Precium Pays Off
Let’s be honest: Revenue Management Software is an investment, but it’s one that yields impressive returns. In fact, according to a recent study, hotels that implement automated revenue management systems see an average ROI of 7–12 months. After that, it’s pure profit.
With Precium Automated Pricing Recommendation, you don’t just set competitive prices — you set the right prices. It’s about understanding demand in real-time, responding to changes faster than your competitors, and ensuring every guest pays the optimal price.
👉Why You Need Precium Now
In an era where technology is revolutionizing every aspect of business, can you afford not to upgrade your revenue management system? Precium doesn’t just keep you competitive — it gives you a distinct advantage.
With rate shopping, automated pricing recommendations, and a team of experienced revenue managers behind it, Precium is the solution you need to boost your hotel’s profitability and stay ahead of the game.
Stop leaving money on the table. Let Precium help you unlock the full potential of your hotel’s revenue today.
✍Written by Mohnish Singh
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redskyhospitality · 7 months ago
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Is My Hotel Room Pricing Logical ?
For Some People, Setting Prices is Straightforward, While for others, It's More Challenging. But let's Put Aside Whether it's Easy or Complicated and Focus on the Core Question: Is the Price I'm Setting for my Hotel Rooms Logical?
Consider These Scenarios to Explore This Question:
You have a 50-room hotel with one room type. A group books 25 rooms, bringing your occupancy to 50%. Should you increase or hold retail pricing on OTAs and your brand's website? What factors influence this decision?
If your Corporate Individual – Negotiated Segment bookings are strong, should you increase or hold retail pricing? Why?
If you have only 5 rooms left to sell for today, should you raise prices or keep them steady?There may be many situations, where you might be inclined towards increasing the price points, when your property occupancy increases or Vice versa.
While it might seem intuitive to raise prices as occupancy increases, is occupancy the only factor to consider when setting prices?
Ultimately, the customer decides whether to book your room at the given price. You can set whatever price you like, but it's the buyer's decision to accept or reject it. To ensure you're competitive and growing revenue and profitability, you need to find the right price point.
How Do You Determine The Right Price?
The answer lies in understanding the Behaviour of your property. Just as people can be polite or rude, hardworking or lazy, hotels have characteristics that inform pricing decisions. To understand your hotel's Behaviour, consider these key aspects:
🟢Lead Times: Do bookings happen well in advance or closer to the arrival date? For example, weddings are typically booked well ahead of time, while business Travellers might book closer to their stay.
🟢Day of the Week Patterns: Leisure Travellers might prefer weekends, while corporate clients usually book weekdays.
🟢Length of Stay (LOS): What's the typical length of stay for different market segments?
🟢Price Elasticity: How does demand change with price fluctuations on different days of the week and during different seasons?
🟢Demand and Supply Balance: How does seasonality affect demand and supply across different market segments?
🟢Past and Current Trends: Are there noticeable changes in booking patterns?
🟢Socio-Economic Factors: What broader factors could impact customer Behaviour?
These insights help you forecast more accurately and make better pricing decisions.
It's important to remember that simply raising prices doesn't guarantee increased revenue. You need to consider the market segment mix, channel mix, and strategies to extend length of stay to grow occupancy during quieter times. Accurate forecasting enables you to make well-informed decisions about pricing, yield management, and channel management.
Expanding your distribution through a channel manager with a wide reach can also help increase demand, boosting your property's revenue.
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RedSKY Hospitality provides services and expertise to help revenue managers optimize market segments and channel mix to maximize revenue and profitability. Using advanced technology, they can forecast and make informed pricing decisions.
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Precium Technologies offers tools to aid accurate forecasting and competitor rate shopping to keep you up-to-date with market trends. Their AI-based pricing recommendation tool helps suggest the optimal price to maximize RevPAR and profitability.
By understanding your property's Behaviour and using advanced tools, you can set prices that attract customers while maximizing revenue and profitability.
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redskyhospitality · 10 months ago
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Unlocking the Power of Revenue Management Software: A Comprehensive Guide!
Understanding the Significance of Revenue Management Software!
In the dynamic world of business, revenue management software plays a pivotal role in steering organizations toward profitability. This software is a multifaceted tool designed to forecast demand, analyze revenue opportunities, optimize pricing and promotions, and streamline the reservation process.
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𝐊𝐞𝐲 𝐅𝐮𝐧𝐜𝐭𝐢𝐨𝐧𝐬 𝐨𝐟 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐒𝐨𝐟𝐭𝐰𝐚𝐫𝐞!
The primary function of Revenue Management Software is price optimization. By considering factors such as cost of goods sold, marketing expenses, marginal costs, and inventory turnover rate, companies can evaluate potential revenue opportunities. The software empowers organizations to manage their product portfolio effectively through features like forecasting demand, identifying revenue-generating opportunities, optimizing pricing and promotions, and automating the reservation process.
𝐈𝐦𝐩𝐚𝐜𝐭 𝐨𝐧 𝐂𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐑𝐞𝐭𝐞𝐧𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐏𝐫𝐨𝐟𝐢𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲
Implementing revenue management software enables organizations to not only reduce customer churn rates but also boost profits. By harnessing the software’s features, businesses can navigate through competitive landscapes, ensuring strategic pricing decisions that align with market demands.
𝐑𝐞𝐯𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐢𝐳𝐢𝐧𝐠 𝐭𝐡𝐞 𝐇𝐨𝐭𝐞𝐥 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲
In the Hospitality Industry, revenue management software emerges as a game-changer. Its ability to optimize revenue, manage inventory, and monitor room rates positions it as a crucial tool for hotels. Acting as a centralized hub, this software stores comprehensive information on hotel bookings, including guest rooms, room rates, and inventory. Real-time data analytics further empower hotels to gauge the performance of their deals, paving the way for increased revenue.
𝐄𝐬𝐬𝐞𝐧𝐭𝐢𝐚𝐥 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐬 𝐨𝐟 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐒𝐲𝐬𝐭𝐞𝐦𝐬
For optimal results, every revenue management system should encompass key features:
𝐀𝐮𝐭𝐨𝐦𝐚𝐭𝐢𝐜 𝐏𝐫𝐢𝐜𝐞 𝐔𝐩𝐝𝐚𝐭𝐞𝐬: Streamlining routine tasks, this feature allows revenue managers to focus on strategic decisions by automating price updates.
𝐈𝐧𝐭𝐞𝐥𝐥𝐢𝐠𝐞𝐧𝐭 𝐃𝐚𝐭𝐚 𝐑𝐞𝐩𝐨𝐫𝐭𝐢𝐧𝐠: A robust analytics component offers easy-to-read reports, visualizing data trends and patterns for enhanced decision-making.
𝐄𝐚𝐬𝐲 𝐈𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐢𝐨𝐧𝐬: Seamless integration with other systems, such as booking engines and property management systems, ensures a cohesive approach to revenue management.
𝐎𝐩𝐞𝐧 𝐚𝐧𝐝 𝐃𝐲𝐧𝐚𝐦𝐢𝐜 𝐏𝐫𝐢𝐜𝐢𝐧𝐠: The ability to manage distribution channels and room types independently, with dynamic pricing suggestions, enhances flexibility and adaptability.
𝐂𝐡𝐨𝐨𝐬𝐢𝐧𝐠 𝐭𝐡𝐞 𝐑𝐢𝐠𝐡𝐭 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐒𝐨𝐟𝐭𝐰𝐚𝐫𝐞?
Selecting the right revenue management software is crucial. Consider these five factors:
𝐈𝐝𝐞𝐧𝐭𝐢𝐟𝐲 𝐘𝐨𝐮𝐫 𝐍𝐞𝐞𝐝𝐬: Look for software that aligns with your revenue strategy, incorporating forecasting tools and budget-building functionalities.
𝐅𝐥𝐞𝐱𝐢𝐛𝐥𝐞 𝐔𝐩𝐝𝐚𝐭𝐞𝐬: Ensure the software allows for on-demand optimization, enabling instant rate updates.
𝐌𝐨𝐝𝐞𝐫𝐧 𝐌𝐞𝐭𝐡𝐨𝐝𝐬: Opt for software powered by cutting-edge algorithms, especially crucial in volatile markets with rapidly changing trends.
𝐔𝐬𝐞𝐫-𝐅𝐫𝐢𝐞𝐧𝐝𝐥𝐲 𝐈𝐧𝐭𝐞𝐫𝐟𝐚𝐜𝐞: Evaluate the ease of use, preferring solutions that offer both automated and manual controls for a balanced approach.
𝐕𝐞𝐧𝐝𝐨𝐫 𝐒𝐮𝐩𝐩𝐨𝐫𝐭: Research the reputation and expertise of the software provider, ensuring they have a track record of success and expert talent.
𝐏𝐫𝐞𝐜𝐢𝐮𝐦 ™: 𝐑𝐞𝐯𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐢𝐳𝐢𝐧𝐠 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭
In the real of revenue management solutions, Precium Technologies LLP stands out as a comprehensive and efficient choice. This end-to-end solution provides insights into occupancy, rates, and room demand, enabling hoteliers to maximize profitability.
𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬 𝐟𝐨𝐫 𝐒𝐮𝐜𝐜𝐞𝐬𝐬 𝐰𝐢𝐭𝐡 𝐏𝐫𝐞𝐜𝐢𝐮𝐦 ™!
𝐏𝐫𝐞𝐜𝐢𝐮𝐦 ™ offers a strategy management system that aids in revenue management and data analytics. It excels in:
𝐕𝐨𝐥𝐮𝐦𝐞 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐲: Suggests optimal prices based on occupancy goals.
𝐑𝐚𝐭𝐞 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐲: Guides toward the best pricing strategy for maximum income.
𝐌𝐚𝐫𝐤𝐞𝐭 𝐋𝐢𝐧𝐤𝐞𝐝 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐲: Determines pricing based on the hotel’s positioning relative to competitors.
𝐀𝐯𝐚𝐢𝐥𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐲: Recommends optimal pricing based on room availability.
𝐖𝐡𝐲 𝐂𝐡𝐨𝐨𝐬𝐞 𝐏𝐫𝐞𝐜𝐢𝐮𝐦 ™?
𝐏𝐫𝐞𝐜𝐢𝐮𝐦 ™ empowers hotels to efficiently manage occupancy, rates, and overall profitability. Key features include a user-friendly interface, multiple strategy options, automated optimizations, an interactive yielding slate, integrated platform solutions, and virtual revenue expert support.
𝑰𝒏 𝒄𝒐𝒏𝒄𝒍𝒖𝒔𝒊𝒐𝒏, 𝐏𝐫𝐞𝐜𝐢𝐮𝐦 ™ 𝒔𝒊𝒎𝒑𝒍𝒊𝒇𝒊𝒆𝒔 𝒓𝒆𝒗𝒆𝒏𝒖𝒆 𝒎𝒂𝒏𝒂𝒈𝒆𝒎𝒆𝒏𝒕 𝒏𝒆𝒆𝒅𝒔 𝒘𝒊𝒕𝒉 𝒊𝒕𝒔 𝒊𝒏𝒏𝒐𝒗𝒂𝒕𝒊𝒗𝒆 𝒂𝒑𝒑𝒓𝒐𝒂𝒄𝒉. 𝑪𝒐𝒏𝒕𝒂𝒄𝒕 𝒖𝒔 𝒇𝒐𝒓 𝒎𝒐𝒓𝒆 𝒊𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏 𝒂𝒏𝒅 𝒂 𝒑𝒆𝒓𝒔𝒐𝒏𝒂𝒍𝒊𝒛𝒆𝒅 𝒅𝒆𝒎𝒐 𝒕𝒂𝒊𝒍𝒐𝒓𝒆𝒅 𝒕𝒐 𝒚𝒐𝒖𝒓 𝒉𝒐𝒕𝒆𝒍’𝒔 𝒓𝒆𝒒𝒖𝒊𝒓𝒆𝒎𝒆𝒏𝒕𝒔.
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