The Software Algorithm That Turns Hotel 'Lookers' Into 'Bookers' - 0 views
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n't they just lower their prices to fill all their rooms?
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The problem for them (and hotels too) is determining how low to go to sell any empty inventory. They can't, so they don't.
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Miami start-up helps hotels determine this ethereal price-point and maximize the revenue yield for each property and its rooms.
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The article "The Software Algorithm That Turns Hotel 'Lookers' Into 'Bookers'" poses questions about the pricing algorithms in the airline and hotel industry. It then introduces and explains the software developed by Bruno Perez and Jean Francois Mourier called REVPAR GURU. In essence, the software is a revenue management system that analyzes data points online and internal factors within the company to provide suggested price-points to maximize profit. I believe that this software simplifies the job of the revenue manager because with the software they no longer have to agonize over data about reaching capacity at the highest room rate, they now focus on the data given by the software and its suggested prices. The idea for the software stemmed from the fact that we are going through a shift from offline to online in our society and more and more people are now doing their bookings online. I believe that this software has the right idea and is available at the right time during the shift to online. As more and more companies adapt, adjust, and use the online world, this program will continue to succeed.