Officials of Revenue Analytics, a former custom software provider that now delivers enterprise revenue management products to the hospitality, media, passenger rail and manufacturing/distribution industries, announced seven feature improvements to its N2Pricing RMS for hoteliers. With profit optimization at its core, N2Pricing is the modern solution for today's revenue management team. Combined with an intuitive interface that enables hoteliers to access and act on fluctuations in demand and competition in a timelier manner, N2Pricing provides revenue teams with the most precise forecasting technology currently available.
“Having written the book on the topic, Revenue Analytics has been at the forefront of revenue management since my father created the concept some 35 years ago,” said Dax Cross, CEO, Revenue Analytics. “We listen to the industry very closely, and the two main concerns we hear repeatedly are time poverty and an inability to meaningfully make impactful decisions for multi-property portfolios. By eliminating the need for soul-crushing data entry, these seven feature enhancements address those issues, effectively returning 50 hours per month to revenue managers, allowing them to focus on what they were hired to do.”
The new feature updates include:
- Multi-Property Workflow: Today’s revenue managers handle portfolios with 5, 10, 15+ hotels and are under-served by the legacy RMS model that was built for 1-property DORMs. N2 is specifically designed with a multi-property workflow to help cluster RMs and central RM teams work smarter, not harder.
- Inventory Controls & Overbooking: Many revenue managers consider inventory controls essential tools, but they are extremely complex. N2 does the complicated math needed for yield management automatically, better than any human ever could.
- Group: Unlike most group capabilities, which are little more than displacement analyses, N2’s group feature is truly profit optimal. And it optimizes for speed-to-quote, providing group rate recommendations that are quick and easy to review.
- Intraday Updates: N2 gives users the freedom to refresh data as often as they want, whenever they want, down to the property level, so they can reoptimize at the right time – when bookings and recent shops come in.
- Profit-Optimization: Most traditional RMSs account for turn cost in pricing and call it “profit optimization.” N2Pricing goes much further, capturing overhead (whether $ or %, per day or per stay) and using restrictions to optimize profit down to the rate plan- and room type-level.
- Dynamic Differentials: When revenue managers want to change rate code differentials today for high or low demand days, it takes hours to type in changes to their 15+ rate codes and 10+ room types. N2 uses smart rules to update the entire transient rate structure automatically, saving keystrokes.
- Performance Dashboard—Allows users to answer the questions, "how am I doing?" or "how did I do?” by tracking the performance of rooms, ADR (Average Daily Rate), revenue and RevPAR across the user's portfolio (or one hotel at a time), while also permitting users to drill into segment detail.
“We have found that our state-of-the-art forecasting N2Pricing RMS typically results in a 3.5%-6.5% RevPAR (Revenue Per Available Room) uplift based on a ten-week market study across 38 hotels,” Cross added. “Put simply, N2Pricing automation was designed to handle a volume of decisions that a human analyst simply cannot. And as savvy operators know, price optimization maximizes hotel revenue.”