LodgIQ: Simplifying Revenue Management for Hoteliers through Machine Learning
Ravneet Bhandari, CEO
Sensitive, perishable, intangible, limited lifespan are challenging characteristics of the hospitality industry that makes it hard to predict consumers’ behavior, set price, optimize inventory and set future goals. The industry has never been able to leverage technological innovations in addressing its challenges. But LodgIQ is ushering the industry by introducing advanced machine learning in revenue management system—changing the scenario. Through deep learning, LodgIQ extracts intelligent revenue insights making revenue management and forecasting market much simpler and more accurate resulting in increased Return on Investment (ROI).
As one of the leading revenue optimization provider solution for the hospitality industry, LodgIQ leverages the power of Artificial Intelligence (AI) and Big Data allowing hoteliers to get market insights. Traditional revenue management systems have not been able to utilize the available possibilities with Big Data, which has remained a major limitation for the industry. With advanced machine learning and Big Data analysis, LodgIQ enables hoteliers to uncover revenue potentials and achieve informational insights. LodgIQ employs outside-in forecasting approach and mathematical modeling to get clear insights on the market and predicts its future. By analyzing external market, hoteliers can set a robust pricing strategy. LodgIQ allows hoteliers to take informed decisions by analyzing the vast unstructured data related to the hotel industry. Fabian Bartnick, VP of Asia-Pacific, LodgIQ remarks,
With advanced machine learning and big data analysis, LodgIQ enables hoteliers uncovered revenue potentials and achieve informational insights
“Data in the hotel industry are fast and unconnected, and LodgIQ is trying to solve that by using the power of machine learning to find connections between the processes.”
The first of its kind in the hotel industry, LodgIQ has two offerings in its portfolio that leverage the power of AI and cloud technology—LodgIQ RM and LodgIQ ONE. LodgIQ RM utilizes the power of machine learning allowing users to look into numerous market variables and derive intelligent market insights. Users can use drag and drop functionality to merge different data sets. LodgIQ RM instantly analyses the data sets and delivers optimized pricing recommendations in real time. LodgIQ ONE is a cloud-based platform that enables hoteliers to take smarter pricing decisions by summarizes all market intelligence and price suggestions in a single view. Moreover, the platform offers self-implementation ability giving the user insights on potential revenue opportunities, in a considerably short period, without any external assistance.
Within a year, LodgIQ has witnessed an astonishing growth deploying its service to over 500 hotels. Clients across the globe testify the robust technology of LodgIQ and its forecasting ability. One such on-boarding case is that of a hotel where LodgIQ was able to train, set up, and run intelligent revenue management system within days rather than the standard industry deployment time of months. From the revenue perspective, LodgIQ has been successful in driving its clients to outperform the market by 11.1 percent by drafting the market forecasting approach of LodgIQ. Such testaments prove that LodgIQ is truly a trusted partner for hotels in propelling their business forward.
Marching forward with the same momentum, LodgIQ stays abreast with new technologies by researching the market requirements and indulging in product development to enhance the features in their existing offerings. The company's third product is scheduled to be launched by the end of the year.