San Diego, CA (PRWEB) September 12, 2012
iRates has introduced second version of its new generation Hotel Revenue Management System. This new system is extremely intelligent, inexpensive, and simple to use. It sells hotel rooms at optimal price every day, automates daily routine tasks, provides all necessary information for the strategic analysis and significantly increases the property’s bottom line. It is able to adapt to each specific hotel property and operate in conjunction with the manager. This provides a comprehensive dialogue and mutual learning between a human and a computer system. iRates is the only RM system that provides easy installation and results from day one.
“This one of a kind decision engine optimizes pricing assessments at all time scales, from broad market position of the hotel, to quick adaptive reaction, to the most recent booking data. The unique thing about the program is it will produce incredible results with little expertise to run the system,” said Vadim Asadov, iRates CEO and Founder. “The second version of iRates has new features and improvements we made based on our first customers recommendations.”
iRates algorithms are based on three equally important levels of system adaptation to particular market conditions, tuned and working simultaneously as a whole:
The first most basic level takes into account the relatively stable property information, such as capacity, comp set, distribution channels, default seasonal patterns and decisions, and historical sales (either at detailed level, if available, or final statistics for at least one year). This level is devoted to describe the overall market position of the hotel and its revenue and profit fluctuations. The information is aggregated into 10 to 30 most stable “scenarios” (demand patterns), which are individual for each property. This data is initially generated during the iRates installation, and is normally updated every 1-2 years or sooner if desired.
The second intermediate level is responsible for automatic recognition of what kind of scenario, or mix of scenarios, is most likely relevant to observed sales for each traded night. Proprietary recognition algorithms, based on statistical neural networks, utilize the running sales and market information (in full dynamics). The current sales pattern will follow one of the scenarios, with infrequent switches between them. Automatic recognition of these changes in sales patterns constitutes the second, more sensible level of adaptation.
The third level is designed to react to local changes in collected data (so-called changes of system state, termed from control theory). The dynamic optimization of strategic decisions from current state in context of a running scenario leads to the most refined and reactive level of adaptation.
Such hierarchical decision engine optimizes pricing decision at all time scales, from broad market position of the hotel to quick adaptive reaction to the most recent booking data.
iRates also allows for the manager’s involvement into the system operation by providing additional information about the expected demand level. This interactive way of using iRates will leverage the manager’s skills and knowledge to incrementally improve the revenue and profitability resulting in higher ROI.
If the manager’s predictions don’t materialize – iRates will suggest moving to the nearest most suitable scenario (demand pattern), based on the newly obtained information from the current sales flow. This ensures yield optimization in the situations of minimal market knowledge, or when a person who doesn’t possess skills of an experienced Revenue Manager, producing incredible results with little time or required expertise, runs the system.
About iRates LLC
iRates LLC, was founded in 2011 as spin off from Neurok Techsoft LLC, a San Diego based company that provides intellectual data processing services for industrial and commercial customers. Our company’s success rests on extensive experience in programming, R&D, in-depth marketing research, and Revenue Management.
The iRates Development Team has twenty years of experience working with data. During this time our specialists have worked with economic, technical, seismic, medical, logistical, chemical, and various other industries. Solutions made in close cooperation with businesses have allowed our customers to obtain competitive advantages and to make major advances in their markets. This new-generation in Hotel Revenue Management system has taken its roots in the theory of Machine Learning, and while the algorithms have been applied successfully to various problems they are unprecedented in the Hospitality Industry.
Through the efforts of our iRates group of diverse experts in varying fields from programmers to long time hotel and business professionals, we have created new revisions that will empower hotel properties to yield greater profits with less effort, and provide maximum control over day-to-day Hotel Revenue Management functions.
For a 30 day no obligation free trial, or for more information, contact Ira Vouk (iravouk(at)i-rates(dot)com ) or visit http://www.i-rates.com