June 14, 2019
Hotel pricing management is a necessary lever in creating competitive traction. But without the expertise on hand, it can be an overwhelming task. This is particularly true today when prospective guests have so many avenues to explore in finding the right room at the right price. On top of that, demand and market forces change multiple times a day. Hotel management must uniformly set competitive prices at the same pace and make the most of revenue generation to contribute to greater potential profits.
But how? What are some of the ways Infor HPO helps hotel organizations do that?
This new solution is designed to take on the burden of making the right price changes at the right times for the right channels. This is applicable whether there is a revenue management expert on hand or not and no matter what type of hotel property is using it.
In a hotel pricing market that shifts multiple times a day, our development team envisioned a new solution that helps to level the playing field, allowing boutique hotels and larger chains alike to compete on the same level relating to comparable pricing, and on the channels where prospective guests can find them. The answer is automation and the keen response times that the technology provides.
Deploying in the cloud and connecting all hotel locations together instead of keeping the data collected into siloes is a continuing and vital part of the digital transformation process. Our development strategy has this approach at its heart, to ensure that when it comes time to scale functionality and integrations necessary to keep up with where the industry is going, the process will be seamless.
In the meantime, quick activation and out of the box value is an important consideration for our customers to address challenges in the present. Pricing is certainly a concern of the here and now even when hotel teams are off-site and need to monitor the most current rates. The cloud makes that easy, too.
It’s an omnichannel solution that includes mobile
Because of the fast-paced and ever-shifting nature of hotel pricing, it was important for our team to help our customers move away from location-based functionality and allow them to monitor operations wherever they are.
Mobile technology and its use were at the center of our conversations during planning. This kind of flexible integration is an integral part of HPO, allowing management and their teams greater visibility on price adjustments regardless of location, or device. It was also important for the UI for every device to be accessible and user-friendly to allow hotel teams to begin managing and monitoring pricing right away and do so with greater flexibility and efficiency.
It’s designed to create operational maneuverability
Pricing is a fundamental element to success in the hospitality industry, of course. But it can also be time-consuming. This was another concern that we were hearing from experts in the hospitality industry; that although they want to get the pricing right on their properties, they don’t want to spend less time seeing to the needs of their guests and strategizing around how to improve products and services.
We needed to make sure that Infor HPO helped to create maneuverability around this, automatically managing price adjustments throughout the day, and also allowing management to test scenarios before the changes go live. The operational flexibility that the solution creates for hotel teams allows them to focus on other immediate and essential activities while the solution manages price adjustments in real time based on real data. With this in mind, our development team made that a priority.
It’s easy to implement and to use
In addition to the UI being intuitive and with multiple user personas in mind to make training as straightforward as possible, we also wanted to make sure that implementation was as simple as possible, too. The implementation process is relatively short; a span of weeks, and not months. This means that organizations can more immediately begin the process of more intelligently setting prices that make sense against their KPIs.
The common denominator of all of the above when developing Infor HPO was about staying customer focused, keeping their challenges firmly in mind during the development stage, and responding to their requirements and struggles. The result has been a great many conversations with customers and even some early prospects, hearing their stories around pricing, and helping to provide a scalable platform to help them overcome their challenges.
We’re talking to prospects right now about how this solution can make a real difference to their bottom line. We’ve on-boarded early adopters and we’re excited about the results and our continuing relationship with helping them optimize pricing using our newest solution.
To learn more about the Infor HPO, we’d love to talk to you. Contact us right here to do that.