Why you should choose Infinity Scrigno for the Revenue Management
Budget drafting and monitoring of variances
The budget defines the economic targets that the company intends to achieve during the course of the year and constitutes an essential tool for implementing revenue management policies.
With the aid of Scrigno, you can draft highly detailed budgets, even for a single “rate segment,” i.e. the number of rooms to be sold month-by-month for each rate: in this way, sales objectives can be assigned on the basis of the rate matrix.
By methodically and regularly comparing achieved results with the budget, rate-by-rate, the sales policy can be timely adjusted, thereby enhancing the possibility of achieving the targets for a specific time period.
Analysis of “refused” reservations
Scrigno Revenue Management also allows for analysing “refused” reservations for each period, on the basis of the reasons for failed reservation. In this way, the Revenue Manager can obtain precious information when defining an effective rate policy.
Knowing that on a certain date your structure had to refuse several reservations due to lack of availability (“regrets”) implies that on that date, the demand was higher than the satisfied requests (“spill”): this information may suggest decision-makers not to accept low-rate reservations too long in advance in future.
In the same manner, observing that on a certain date your structure received many contacts but failed to convert these into reservations (“denials”) regardless of the high number of unsold rooms (“spoilage”), may suggest that lower rates should be applied in future.
Setting of constraints on availability and rates and differentiating them by channels
Thanks to Scrigno Revenue Management, you may implement effective multi-channel sales policies and offer each contract in a different form, using “sales constraints”.
The module allows for implementing the following:
- Opening/closing date (also for single rates and room type).
- Minimum length of stay constraints.
- Maximum number of rooms to be sold at a certain rate (or type).
Using constraints enables you to:
- Limit the promotional offers to a maximum number of rooms to be sold, for example by linking them to a minimum length of stay.
- Limit the sale of certain rates only to certain types of rooms (e.g. promotional offer only linked to standard rather than deluxe rooms).
- Sell certain types of rooms on specific dates only, at a higher price.
- Ensure that booking and reception staff are able to carry out the indications of the Management Dept. during the sales phase.
According to revenue management theory, an empty room constitutes the highest cost sustained by a hotel manager. In order to minimise this risk, it is exremely useful to analyse your structure’s historical data: once you have the historical series of cancellations and those relative to allotment performance, you can estimate a reasonably “safe” overbooking ratio.
With the aid of Scrigno Revenue Management, after checking the cancellation ratio recorded for each date over the past 3 years, you can increase the room inventory by a percentage amount that can be differentiated according to the no. of days prior to the reservation date (e.g. 60, 30, 15, 7 … days before the expected arrival).
Unsuccessful allotments are another frequent cause of incomplete occupancy: often, hotels are unable to resell the room once the release date has expired, which occurs only a few days before the expected arrival.
Nowadays thanks to Scrigno you can check the historical success ratio of allotments over the past 3 years (total, by agency, by contract and also by type of room) and leave a certain percentage amount of rooms available, which you do not expect agencies to confirm, according to the statistics.
Management of special offers on online booking system
With Scrigno you can create a daily Best Available Rate by selecting one of the available rates (Rack-20, BAR6, BAR5, etc.) each time. The BAR thus created may be automatically made available on your website’s booking engine, on the hotel’s front-office, on IDS portals and also on the B2B booking engine dedicated to associated companies/agencies.
Thanks to Scrigno Revenue Management, you can create and publish special offers on your online booking system and fix specific validity dates or rates for them. These offers can be combined with certain types of offers or a minimum length of stay.
Management of the B2B booking engine for associated companies and agencies
Scrigno allows for managing a reserved area in the booking engine for associated companies and agencies, in order to automate the reservation process and offer more flexible solutions for companies, within a context of transparent prices.
With Scrigno B2B, you can allow associated companies/agencies to choose between their agreed rate or the Best Available Rate of the day dedicated to individual customers, when they place their reservation.
Besides safeguarding the customer, by always offering him/her the lowest possible price, this solution contributes to promoting customer loyalty and minimising complaints.
In the case of a hotel company, Scrigno B2B provides customers with an overview of all the company's hotels located in the area, thereby allowing for direct comparison between the prices of the various structures.
Scrigno B2B may also become an effective tool for selling "B2C" hospitality solutions: special offers may be promoted in the area dedicated to companies, in addition to packages reserved for individual users of the associated company, who may purchase them for its own vacation solutions.