MINNEAPOLIS—IDeaS announced new capabilities for G3 RMS. Independent Products allow hoteliers to optimally price each product based on its demand patterns and linked rates associated with those products, including room-type level.
Distribution processes and pricing decisions are complicated by configurations and limitations to only dynamically price one rate—the daily rate. Hoteliers need to balance the right daily rate while considering the impact any change would have on all linked rates. This can lead to lost revenue opportunities. Independent Products and G3 RMS’ Linked Products were designed to work on those issues. Hoteliers trying to capture longer-staying guests can simultaneously price multiple products such as daily, weekly, or monthly. G3 RMS capabilities include:
- Extended stay properties, for example, can choose to dynamically price their daily rates as well as rates for weekly, monthly, and other defined lengths of stay. Independent Products show revenue opportunities from segments and stay patterns.
- Price multiple base rates based on demand patterns and competitor data. Paired with Linked Products, which provides flexibility with rate management and distribution for all linked rates (such as advanced purchase or bed and breakfast), hoteliers can have rate structure for all products across all occupancy dates and room types.
- Capture revenue on every room sold by adjusting discount percentages or amounts based on demand patterns such as season, days to arrival, day of the week, and room type.
Sanjay Nagalia, chief operating officer, IDeaS, said, “This is a significant update to G3 RMS. Having the flexibility to price Independent Products helps hoteliers capitalize on the unique demand patterns of all key base products and capture the most valuable bookings. It’s time hotels and resorts leave behind rules and offsets and confidently optimize pricing for every product, for all types of business, for every room type you sell, for every day, and each length of stay within their strategic guidelines.”