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Revenue Management Category Press Releases
HospitalityforPeace.org launched through an alliance of hotel tech companies that came together to provide direct aid to those affected by the Ukrainian humanitarian crisis. The group has raised $290,500 in commitments from hotel tech companies, venture capital firms and individuals in the broader hotel industry with a goal of reaching $350,000 in donations by April 15th.Over the next 30-days, founding members Mews, Tidemark, M3, SiteMinder, Duetto, Impala and Hotel Tech Report will match donations to the campaign when donors contribute to one of the certified causes at HospitalityforPeace.org.Leading hotel tech and venture firms have already joined as first mover corporate donors such as: Peakspan, Hotel Effectiveness, Oaky, ALICE, Transcendent, ProfitSword, ASG, INTELITY, Screen Pilot, Maestro, The Hotels Network, Karbon, Thynk and hotelkit.“We watched the humanitarian crisis unfold in Ukraine as a community and agreed that we couldn’t stand idly by. Collectively we decided that we’d be able to make more of an impact together than through individual company initiatives,” says project organizer Adam Hollander, “The fact that within the first week of launching this initiative we’ve already raised more than $290k is a testament to the rapid impact we can have by working together as an industry.” Members of the hospitality industry can contribute to the initiative by sharing the link with friends and colleagues as well as by donating directly to a cause that is certified by HospitalityforPeace.org and sharing their donation receipt with campaign organizers. Individual donations will be matched by corporate partners to amplify the impact of each dollar raised.Global peace is central to travel demand and a broader European conflict could potentially damage the travel industry even more than COVID. Additionally, Ukraine is an innovation hub with hundreds of hotel and hotel tech companies employing engineers in the country. Each day that Ukrainian engineers are holding rifles instead of writing code – innovation slows down. About HospitalityForPeace.orgHospitality for Peace is an industry wide pledge to donate funds towards verified Ukrainian humanitarian causes. Donors simply select the certified 501(c)3 nonprofit of their choice and forward their donation receipt to the campaign email address for inclusion in the matching program. The campaign has an overall goal to raise $350,000 in 30-days.
OTA Insight Acquires Transparent to Form the World’s First Cloud-Based Commercial Platform to Serve Both Hotel and Short-Term Rental Industries10 months ago
OTA Insight, the global leader in cloud-based hospitality business intelligence, today announced the acquisition of Madrid-based Transparent, a market leading provider of data and business intelligence for the rapidly growing short-term rental industry.The combination of OTA Insight and Transparent will create the world's most comprehensive platform for data and analytics across both hotel and short-term rental industries. “Distribution channels are converging, with OTAs offering both hotel and short term rental accommodation. The lines are starting to blur between accommodation providers with hotel chains rapidly expanding their short term rental portfolios” said Sean Fitzpatrick, CEO of OTA Insight. "We’re delighted to join forces with Pierre Becerril and the incredibly talented Transparent team to help meet the needs of a fast changing industry.” Founded in 2016, Transparent aggregates and structures data on more than 35 million listings across the globe. Transparent’s data originates from proprietary and public sources, including AirBnB, VRBO, Booking.com and industry partners. Decision makers at short-term rental property management companies, destination marketing organizations, hotels, investors, OTAs and other industry service providers use Transparent data and analytics tools to drive their businesses. Transparent’s advanced analytical and integrative capabilities make quality market data delivered through the platform fully actionable, so that users can optimize their strategy."Transparent’s high-quality data is the fuel that has enabled thousands of customers to make smarter pricing, distribution and investment decisions,” said Pierre Becerril, co-founder and CEO of Transparent. "With the increased levels of convergence of hotels and vacation rentals, we believe that the combined Transparent and OTA Insight teams will help to consolidate our position as a market leader. Today, we are proud to join the OTA Insight team. We have a lot of synergies to build on, which will ultimately benefit our customers, teams and investors as we continue to scale and grow.” ABOUT TRANSPARENTTransparent powers effective decision-making for the short-term rental industry with business intelligence from 35 million Airbnb, Booking.com & Vrbo listings worldwide. Aggregation of public and proprietary data gives Transparent’s clients unparalleled, comprehensive and accurate market insight. Leading property managers, destination marketing organizations, hotels, OTAs and service providers utilize our customisable data and analytics solutions to shape their strategy and optimize their revenue.
Hotel Tech Report, the leading platform for hoteliers every where to research, discover and buy new products, today announced that , RateGain Travel Technologies Limited (RateGain), a provider of SaaS solutions for travel and hospitality, has earned Hotel Tech Report’s level III Global Customer Support Certification (GCSC) for its continued investments into tools, improvement in customer processes and strategies to ensure the ongoing success of its customers. Hotel Tech Report’s certification process includes verifying systems put in place by hotel technology providers across four key pillars of the GSCS Rubric including: pre-emptive support, reactive support, coaching and customer validation.Since the onset of the COVID-19 pandemic, hoteliers are now more than ever looking at adopting digital solutions that can help them deliver a perfect guest experience as well as optimize their processes to improve profitability. To evaluate products and processes, most hoteliers require an independent authority to provide them the right metrics to compare and that is where Hotel Tech Report fills a critical gap for the industry.The certification helps buyers clearly understand how these solutions can help in their daily lives by not only providing dependable software but also robust processes to ensure they have a seamless experience in delivering value to their guests.The Hotel Tech Report GCSC certification program is the gold standard to analyze software vendors along critical dimensions of customer support infrastructure in order to help hoteliers minimize risk and maximize positive outcomes when selecting technology partners. In order to become certified, companies must open their internal systems to Hotel Tech Report for assessment along HTR’s rigorous 34-point GCSC Rubric. RateGain’s assessment on this Rubric has certified them as a ‘Customer-Centric’ product company with an average rating of 4.7 out of 5 on its most reviewed product, which is the highest rating as of October 30,2021 in its category.Commenting on the certification, Hotel Tech Report co-founder Adam Hollander, said, “Being Customer-obsessed is a core value at RateGain and this reflects in the processes they have built to support their customers. Right from adding easy-to-learn videos in their products to detailed in-product tours to help customers at each step in getting the maximum value from day one. As RateGain’s systems provide time-sensitive information critical for decision-making the entire user experience is centered around getting the right information at the right time any-time of the day.RateGain is also proactive in building transparency by giving control to its customers in monitoring system performance as well as utilizing its proprietary data to provide an additional layer of insights that help its customer make better decisions.”Acknowledging RateGain’s focus on customer-centric processes, Bhanu Chopra, Chairman and Managing Director, RateGain, added “Hotel Tech Report’s Global Support Certification is playing a critical role in educating hoteliers on the right way to evaluate products and processes and our team at RateGain is delighted to have achieved this certification. The core promise of RateGain is to help our clients find new revenue, and that can only happen if we obsess about the challenges our customer faces and proactively try to solve them every day. Through investments over a period of time, we are striving to provide our customers more control over their data to make better decisions. "The below GCSC assessment outlines the verified systems and processes that RateGain has in place to educate, train, retain and support customers.RateGain's GCSC Assessment Summary Rubric Score: 27/34 Certification Level: Level III Customer Orientation: Customer Centric Certification Period: November 2021 - November 2022 Support Stack: Salesforce, Zendesk, Qualtrics, Beamer, Google Docs, Tableaux, Docusign GCSC Support Rubric Section I: Pre-Emptive Support The Pre-Emptive support pillar of the GSCG Scoring Rubric audits the tools and processes the vendor has in place to provide customers with easy access to self-help resources. These self-help resources serve as a basis to offer easy troubleshooting as well as to preempt answers to product related questions before they arise providing a more intuitive and seamless experience for clients. The following are the rubric items that Hotel Tech Report has verified that RateGain has in place for clients: 1.1 Online knowledge base/help center: Vendor offers a searchable help center for customers to easily find answers to common customer questions. 2.1 Online training videos: Vendor offers pre-recorded videos that clients can access 24/7 for self-teaching and deeper product knowledge. 3.1 In-app guided tours: Vendor offers in-app guided tours that are embedded within their interface to provide coaching and education for users to organically discover and easily access while using the product. 3.2 Tooltips: Vendor offers helpful tips and hints presented when users hover over buttons and UI elements in the interface. (min of 10 in-app tooltips) 4.1 Implementation documentation/roadmap: Vendor offers clients a visual map of the steps, processes and stakeholders upon onboarding to ensure that all stakeholders are aligned to make the implementation process more seamless. 4.2 Proprietary data recommendations: Vendor aggregates product usage data across clients to benchmark performance and provide recommendations to their users to help them learn about best practices, make better decisions and maximize product utilization. GCSC Support Rubric Section II: Reactive Support The Reactive Support Pillar assesses the company's responsiveness to clients and their ability to resolve issues quickly when they arise ensuring prompt response and service to clients. The following are the rubric items that Hotel Tech Report has verified that RateGain has in place for clients: 1.2 Transparent process: Vendor has opened up their systems to Hotel Tech Report via screen share to verify their tools and processes in place to deliver customer support. 1.3 Email support or phone support: Vendor at least one of the traditional methods of customer support channels, email or phone support (additional channels: phone, chat, email) 1.4 Multi-lingual support: Vendor offers support in the languages where they have active clients 1.5 Purpose built support and ticket management tool: Vendor utilizes professional customer support software that has functionality to effectively manage support tickets, followup, escalations and analytics. 2.2 Live Chat support: Vendor offers website or in-app live chat as an alternative customer support channel. 3.3 Contract SLAs: Vendor has service level agreement (SLA) terms in place in client contracts to guarantee that service levels are upheld. 3.5 Feature request tracking: Vendor offers the ability for clients to easily submit feature requests and has a methodology in place for escalating high priority features. 4.4 24/7 support availability: Vendor offers 24/7 support to clients for around the clock assistance. GCSC Support Rubric Section III: Customer Success & CoachingWhile keeping customers happy is commonly thought of by software companies as the top priority, keeping them well informed is of equal importance. The third pillar of the GCSC Rubric identifies the key ways that vendors inform, educate and train their customers to realize successful outcomes with their products. The following are the rubric items that Hotel Tech Report has verified that RateGain has in place for clients: 1.7 Customer satisfaction monitoring (ex. NPS surveys, CSAT): Vendor has processes in place to regularly monitor customer satisfaction. 2.3 Product updates/changes (release notes/changelog): Vendor offers easily accessible robust documentation of feature updates and product improvements to educate clients on new ways to maximize usage of the product. 2.4 Quarterly success check ins: Vendor offers [at least] quarterly customer success check ins to review progress, share best practices and ensure that clients are successful and happy with the product or service. 3.6 Performance reporting: Vendor offers reporting and analytics to show clients the value of the product or service. 3.4 Managed Services: Vendor offers additional consulting and managed services to help clients maximize their usage of the product. GCSC Support Rubric Section IV: Customer ValidationThe GCSC’s 34-point rubric and Hotel Tech Report’s verification of internal tools and processes validate the vendor's systems in place; however, the validation of the success of these tools and processes can most significantly be validated by the unbiased perspectives of real hotelier customers. This pillar looks at unbiased verified client reviews and satisfaction scores to validate that the processes in place are working in the eyes of customers based on their satisfaction ratings. The following are the rubric items that Hotel Tech Report has verified that RateGain has in place for clients: 4.11 Public Feedback Validation: Vendor shows exemplary client relationships and is a top performer on Hotel Tech Report with more than 100+ verified client reviews. 4.12 4.5-avg. customer support rating: Vendor has outstanding customer support ratings averaging more than 4.5/5 across all client reviews. About RateGainRateGain is a global provider of SaaS solutions for the hospitality and travel industry, offering travel and hospitality solutions that unlock new revenue every day. We are one of the largest aggregators of data points in the world for the hospitality and travel industry (Source: Phocuswright Report). For more information visit www.rategain.comFor more information please visit: https://partners.hoteltechreport.com/global-support-certification/
Registration is now open for the 2022 HotelTechAwards (hoteltechawards.com), the industry's only data-driven awards platform that recognizes best-of-breed hotel technology companies who win in the eyes of the judges that matter most - their customers.Last year's 2021 HotelTechAwards Winners included top hotel technology companies such as Cloudbeds (PMS), ALICE (Guest App), Revinate (Hotel CRM), IDeaS Revenue Solutions (RMS), OTA Insight (Rate Shopper), and ASSA ABLOY Global Solutions (Mobile Key)."We at SiteMinder believe strongly in the essence of openness; it is what underpins the very core of what we stand for, and the HotelTechAwards, through the program's data-driven and transparent process, aligns firmly with this value," says SiteMinder CEO Sankar Narayan.Narayan's sentiments are mirrored by ALICE co-founder Alex Shashou, "The HotelTechAwards are a powerful stamp of approval for any company to possess and for hoteliers to trust. We value the HotelTechAwards process, which collects thousands of verified reviews from around the world each year."Companies will compete for category leadership across marketing, revenue management, guest experience, operations and sales technology. Hotel technology companies ranging from hardware to software and service businesses like digital marketing agencies are eligible for nomination. Dozens of companies around the world have already pre-registered for the competition.Registration closes on September 1st. Voting will take place through December 15, 2021, and winners of the 2022 HotelTechAwards will be announced on January 15, 2022."As a former hotelier there was ultimately one thing my team wanted to know about prospective technology partners," says Jordan Hollander, co-founder of Hotel Tech Report, "We wanted to know what other hoteliers like us thought about the service providers, that they were tried and true and that the company could deliver on their sales promises. The HotelTechAwards were designed to do exactly that - they help hoteliers see what people like them honestly think about products and services to help them make better decisions for their properties."
Revenue Management Category Overview
Revenue management software automates the process of using analytics -- mainly supply and demand -- to determine the right price for hotel rooms to maximize revenue and profitability. The primary goal is to sell the right product to the right customer at the right time for the right price on the right channel. Revenue management software ingests historical and market data, combines this with forward-looking demand signals and recommends a rate for each segment and room type at your hotel, specific for each channel on which you are selling. Recently, modern software has moved from on-premise to cloud-based applications that are delivered as Software-as-a-Service, meaning multiple users can login to the applications from anywhere they have an Internet connection.
- Integrations - It?s important that your RMS integrates with your PMS, CRS, CRM and booking engine with a reliable, two-way connection so that the systems can share the right data.
- Open Pricing - Your RMS must be able to price room types and channels independently of each other, rather than in lockstep with a set BAR price. For example, on some days you want your AAA rate to be 10% less than BAR, on other days you may want it 1% less than BAR.
- Cloud technology - An RMS that runs on multi-tenant cloud architecture allows your systems to integrate and share data more seamlessly, and allows developers to push updates to your software in real time. No more purchasing new versions of software just to get the latest features.
- Intelligent reporting - It?s important that your RMS be able to build, export and share your most critical reports. Revenue teams must be able to share reports at the push of a button with management, ownership and other departments within the hotel.
- Data Visualization - A good RMS not only presents your data in tabular reports, but allows you to visual your data and reports in graphical form. This allows revenue teams to better understand trends, outliers and patterns in data.
- Read IDeaS Reviews
- Read Duetto Reviews
- Read RainMaker Reviews
- Read Atomize Reviews
- Read Pace Reviews
- Read Infor EzRMS Reviews
Market intelligence tools help hoteliers make more informed decisions on pricing and revenue strategies. Previously manual processes, such as monitoring competitors? rates, managing your own property?s (or properties?) rate parity across multiple channels, predicting your competitors? demand, pulling local event and weather data, etc. are now fully automated. For those who operate a broader portfolio, the time savings is multiplied for each property under management.
- OTA Insight
- RateGain RateShopper
- SiteMinder Prophet
- eRevMax LiveOS
- Cloudbeds PIE
A central reservation system (CRS) is a platform used by hotels to centrally manage and distribute room inventory, rates, and reservations. The CRS typically receives inventory from the PMS, then distributes rates and availability in real-time to direct and third-party channels, including the hotel?s own website booking engine and call center (direct channels), as well as channel managers, OTAs, GDS, and metasearch (third-party channels). Reservations from these channels are sent back to the CRS and subsequently synced into the PMS for room allocation. Hotel revenue managers and marketing/e-commerce managers use the CRS to create various promotions and offers through rate plans for different channels and to adjust pricing quickly to be updated across all channels. Reservation agents also work in the CRS to manage reservations.
- Integrations and distribution: channels The CRS should integrate seamlessly with your existing PMS and allow your hotel to distribute rates and availability through a wide network of channels, including direct channels (website, call center) and third-party channels (OTAs, GDS, metasearch).
- Pricing capabilities and flexibility: Every good revenue manager needs a good toolset. Your CRS partner should offer dynamic pricing tools that will give your hotel enormous flexibility when it comes to executing complex revenue strategies. Also consider whether integrations between your revenue management, merchandising, and CRM platforms with the CRS would help to increase operational efficiency (e.g. being able to automate pricing from an RMS, being able to enter rates only once within a backend, etc.)
- Booking engine / e-commerce platform: A huge deciding factor for many hotels is the quality of the CRS?s booking engine, which should offer conversion optimization features to encourage direct bookings. Key features include the ability to showcase strikethrough pricing, social proof, scarcity messaging, and incremental pricing, among others.
- Support and account management: A good CRS partner should not only provide round-the-clock technical support, but should also have active account management focused on customer success. Client services should include performance reviews with detailed analytics and reporting, as well as advice on revenue and pricing strategies.
- Innovation: Your CRS partner should always be seeking to enhance features, support the latest technology trends, and evolve the platform to fit the needs of today?s hotel.
- Travel Tripper RezTrip CRS
- TravelClick iHotelier CRS
- SHR Windsurfer CRS
- Vertical Booking CRS
- Sabre Synxis CRS
Business Intelligence tools are designed exclusively for analysis; to provide fast and widespread access to accurate information and insight. Through dashboards, reports and analytics. users can explore their business ? both historical performance and future activity. BI automates reporting, turning report producers into information consumers who can in turn analyze and apply their findings to influence business results. Business Intelligence is about gathering data from a variety of sources and then utilizing technology to serve information to decision-makers in ways that help them to understand where opportunities exist within their business.
- Cloud Infrastructure: Ease of access to BI across devices. No expensive, lengthy implementation or physical on-site installation.
- Depth of Information: Ability to not only view statistics/figures, but to dive deeper into the data and understand what?s impacting those results.
- Data Management: Ability to manage & clean data to maintain data & reporting quality and accuracy.
- Forecast & Budget Support: Forecasting/Budgeting at the most granular level allows hotels to measure their performance on an ongoing basis to achieve their goals.
- Enterprise Level Reporting: Allowing users to view performance of multiple hotels using unified standards makes for easier reporting at an area or portfolio level.
A channel manager is a technology that allows a hotel to expand its reach and visibility online, as well as more easily manage its rates, availability, and reservations. With a channel manager, hotels can access hundreds of online distribution channels and connect to as many as they like at the same time. Hotels can list all of their rooms and availability on all channels and the channel manager will update these automatically and in real-time when a booking is made, thanks to a pooled inventory model. This allows the hotel to maximize occupancy and reservations with minimal risk of being overbooked.
- Supports your existing booking sites and has a large network: Hoteliers will want to make sure their preferred channels are supported by the channel manager they plan to invest in. Additionally, it?s important the hotel has the opportunity to connect with many new booking sites, in new markets, to grow business and revenue. It?s important the hotel can have the opportunity to connect with many new booking sites, in new markets, to grow business and revenue.
- Deep system integrations: The channel manager should be able to integrate with existing systems such as the PMS, RMS, and CRS, and ensure seamless, two-way reservation delivery.
- Simple and effective reporting: To manage revenue properly, the channel manager needs to provide the hotelier with a clear view on channel performance for as many channels as the hotel is connected to.
- Pooled inventory: It?s vital that the channel manager operates on a pooled inventory model, to minimize overbooking and maximize the room sales.
- Real-time channel management: Manage room inventory, availability and rate plans across all channels through a simple user interface, in real-time.