Revolutionary Algorithms Power Booking.com’s New Revenue Management Product Now Available Globally from BookingSuite
Today BookingSuite, the newest unit of Booking.com that empowers accommodation providers to successfully grow their businesses and brands through smart software and services, announced a new, enhanced version of its RateManager revenue management product, powered by industry-leading forecasting techniques and newly enriched algorithms. Now available worldwide, the latest version of RateManger also features new group rate functionalities and a soon-to-be-released, redesigned dashboard that will make it even easier for accommodation providers to access and take action on a multitude of real-time pricing recommendations to increase revenue and profitability.
“Strategically optimising pricing for multiple room types and policies across several distribution channels is a daily challenge for many properties, but it’s a reality that no one can avoid if they want to remain competitive in an increasingly digital world,” said Rob Ransom, Global Director of BookingSuite. “The new enhancements of the RateManager recommendation engine make it even more accurate and reliable for accommodation management. Plus, we’ve made it easy for users to push these rate recommendations to all their channels instantly with just one click.”
At the core of BookingSuite’s new RateManager platform are predictive modelling techniques that leverage machine learning to monitor the precise patterns that emerge in terms of daily bookings and cancellations, while accounting for seasonality, events, and competitor rates. Drawing on aggregated demand data from Booking.com and dozens of other variables, these modelling techniques are constantly determining the rates that will yield the best results. Consequently, the new platform is able to pinpoint the optimal prices for each day and rate type to maximize revenue. RateManager already generates more than 5 million unique real-time rate recommendations each day for accommodation providers around the world.
“RateManager is making me more revenue and my ADR is higher than it was last year,” said Jeff Durham from The Redwood Riverwalk Hotel in Fortuna, California. “RateManager has also made me a better manager and operator. I know my hotel better than I ever have and RateManager has helped me to do that.”
RateManager is the latest innovation of BookingSuite, a new unit of Booking.com dedicated to empowering accommodation providers with smart, powerful technology that enables them to serve the needs of their customers and at the same time grow their businesses. The BookingSuite platform integrates with numerous reservation systems, channel managers, social media channels, and property management systems to help accommodation providers to thrive in a fast-paced, increasingly complex, digital world. As with the previous version of RateManager, the new update allows for direct integration with most channel managers, including one-click uploading of rates. Like all of BookingSuite’s cloud-based products, RateManager is easy to set up, easy to use, and absolutely risk free. There is no software installation required and accommodation providers are free to cancel their subscription at any time if not 100% satisfied with the product. For more information, please visit suite.booking.com.