Boosts profitability with regional competitive and demand-driven pricing systems from long-term provider

Boosts profitability with regional competitive and demand-driven pricing systems from long-term provider

Hyatt Corporation recently announced a significant expansion of its revenue management capabilities using Maxim Revenue Management Solutions (MaximRMS) software.

The companies have agreed work to customise the global hospitality firm’s existing MaximRMS capabilities, which will feature competitive price and demand market response, along with dynamic pricing for profit optimisation.

Business insight and forecasting

The agreement also includes the deployment of the MaximRMS hospitality business intelligence (BI) system and long-term global licensing of MaximRMS patented advanced predictive analytic mathematical forecasting and optimisation system.

Greg Cross, senior vice president of revenue management for Hyatt, said the new investment in MaximRMS advanced predictive analytic technology was aimed at increasing the performance of Hyatt properties in the US, Canada, and the Caribbean.

“By deploying Maxim’s high value revenue management capabilities, we are endeavouring to improve revenue realisation, speed response to competitive actions and changes in demand, increase decision making efficiency, and improve profitability across all brands,” he said.

Strategic and tactical tool

“TheMaximRMS revenue management system has been a powerful strategic and tactical tool, enabling our teams to rapidly implement our strategies,” he added. “The MaximRMS revenue management technology is a significant competitive advantage for us.”

Full-service Hyatt properties have used the MaximRMS e.FLEX system since 2007. In 2009 and 2010, Hyatt deployed a version of e.FLEX at its select service properties. In late 2011, Hyatt rolled out the latest Group Sales functions of the Maxim system to manage and price group room business at full-service Hyatt hotels. Currently, the BI software is being deployed throughout Hyatt properties.

“The MaximRMS business intelligence analytic capabilities allow staff at many levels throughout the organisation to accelerate their access to important performance metrics and trends,” said Cross. “We can gain insights into competitive actions, quickly spot areas that need attention, and easily use the analytical tools to rapidly drive our business forward and improve hotel and chain-wide performance.”