Enhancements
The below will outline the enhancements released in February 2024 and the benefits of these new features.
We are excited to introduce an enhancement to the Strategy Builder, our powerful tool that allows you to tailor pricing strategies by incorporating your own decision-making logic alongside our RMS algorithms.
Previously, the occupancy evaluation node enabled comparisons between a fixed value or percentage of occupancy for the current year and the same period last year or within the current year.
With this update, you now have the ability to assess occupancy trends over a defined number of X days, allowing for more dynamic and responsive pricing strategies.
Prerequisites
In order to access the enhancements you will need to have the follow steps in place:
Access to Strategy Builder.
Understanding of your property's pricing strategy.
Knowledge of occupancy trend analysis.
New capabilities
The following will outline information regarding the new capabilities:
Specifically, you can now evaluate:
Changes in occupancy trends over a chosen period.
The average occupancy over a specified timeframe
This additional layer of comparison enables you to automate strategic adjustments when unexpected changes occur, such as a group cancellation, ensuring your pricing remains optimized in real-time.
We hope this enhancement provides even greater flexibility and precision in your revenue management strategies. Feel free to reach out if you have any questions or need further details.
Events in the RMS
The following will outline information regarding events in the RMS:
The team is actively working to continuously enhance our revenue management system.
In the meantime, we'd like to highlight some best practices to ensure your RMS is using the most up-to-date data for accurate forecasting and competitive pricing. Keeping your system optimized helps maximize revenue and maintain a strong market position.
This is a friendly reminder to update your upcoming 2025 events in the SHR RMS. Keeping your event calendar up to date ensures that our system can accurately forecast demand and optimize pricing strategies for your property.
This is key to providing more accurate demand predictions and maximizing revenue opportunities.
Benefits of the enhancement
The following will outline information regarding the benefits of the enhancement:
Enhanced flexibility: Create more responsive pricing strategies.
Real-time optimization: Automatic adjustments when market conditions change.
Improved precision: Better revenue management through trend analysis.
Proactive management: Respond quickly to unexpected booking changes.