Revenue Management Live! Overview (Desktop) 🎥
The Revenue Management live section of Visual Matrix provides users with multiple ways to manage rates. This not only allows to change rates but also provides data and reports to assist the decision-making process.
Rate Change Hierarchy
Visual Matrix users have multiple options to use to change rates.
They could use one option or they could use all of them simultaneously. If a user decides to implement two or more of the options at the same time, Visual Matrix will use a built-in hierarchy system to determine what rate to use.
Example: A user applied Tier 7 manually for Oct 31st. Then later that day another user decided to create a peak date with different rates also for Oct 31st. Will Visual Matrix use the manual tiered rate, or will it use the peak date rates? Below explains what rate change options supersede the others.
2- Manual Tiering & Manual Enhanced: Both are on the same hierarchy level and will override Auto Tier levels
3- Peak Dates: Override Auto and Manual Tiering, as well as Manual Enhanced.
4- Best Rev & 3rd Party RMS: Create Peak dates in Visual Matrix. If a peak date already exists it will override it.
Disclaimer before getting into Revenue Management Live!
You have to Click OK to be able to enter in Revenue Management Live!
"By using the VM Revenue Management Live! (“VM RM”) features of the Visual Matrix PMS (“VM PMS”), the hotel, company or entity that is using VM PMS (“you” or “your”) agrees to these terms. VM RM provides occupancy estimates based on your current number of reservations on the books and the current pacing of reservations compared to last year, with options to incorporate year over year trending.
YOU AGREE THAT YOUR USE OF THE VM RM, ITS CONTENT, ITS RESULTS, SERVICES AND ITS FUNCTIONALITY (AUTOMATED OR OTHERWISE) IS AT YOUR OWN RISK. IN NO EVENT WILL IMAGE TECHNOLOGY SYSTEMS (‘IMAGE”) BE LIABLE UNDER OR IN CONNECTION WITH YOUR USE OF VM RM UNDER ANY LEGAL OR EQUITABLE THEORY. VM RM IS PROVIDED TO YOU "AS IS." TO THE FULLEST EXTENT PROVIDED BY LAW, IMAGE HEREBY DISCLAIMS ALL WARRANTIES OF ANY KIND, RELATED TO OR IN CONNECTION WITH YOUR USE OF VM RM, WHETHER EXPRESS OR IMPLIED, STATUTORY, OR OTHERWISE."
YOU AGREE THAT YOUR USE OF THE VM RM, ITS CONTENT, ITS RESULTS, SERVICES AND ITS FUNCTIONALITY (AUTOMATED OR OTHERWISE) IS AT YOUR OWN RISK. IN NO EVENT WILL IMAGE TECHNOLOGY SYSTEMS (‘IMAGE”) BE LIABLE UNDER OR IN CONNECTION WITH YOUR USE OF VM RM UNDER ANY LEGAL OR EQUITABLE THEORY. VM RM IS PROVIDED TO YOU "AS IS." TO THE FULLEST EXTENT PROVIDED BY LAW, IMAGE HEREBY DISCLAIMS ALL WARRANTIES OF ANY KIND, RELATED TO OR IN CONNECTION WITH YOUR USE OF VM RM, WHETHER EXPRESS OR IMPLIED, STATUTORY, OR OTHERWISE."
Revenue Management Live!
Path: Revenue Management Live! > Revenue Management Live!
The way this section is used depends on the individual hotel's rate management strategy. The features below can work independently or together, and it's up to the user on how to best use them.
Using any of the tiering options requires hotels have rate tiers set up in Management> Rates > Room Rates.
Auto Tiering
Allows the user to change rates automatically based on a certain Occupancy %. The changes happen automatically as soon as the hotel reaches that occupancy level.
The occupancy is based on the hotel's available rooms as a whole.
Auto Tiering has 3 tabs:
- Tier Set up: This is where you will activate the use of auto-tiering, set up the levels at which the rate will change, and which rate to apply to which level
- Rate Level Open/Close: If you do use Rate Levels, from this tab, you can choose to Open or Close a Level if your occupancy reaches a certain occupancy;
For example: when the occupancy reaches 80%, you may want to close out your deep discounts. You can set the Rate Levels that contain the deep discounts to close. If you have a reservation interface (2way), the Rate Plans assigned to the closed Rate Levels will close out online. You can also set the rate levels to open if the occupancy drops below 80%, by setting your rate levels to Open for the 70% occupancy level.
- CTA: You can also decide to preemptively close to arrivals if your hotel reaches a certain occupancy to avoid overbooking.
For example: if we set it up to be at 65% occupancy 90 days in advance, the system will automatically close to arrival (CTA) any Saturday that has 65% occupancy between 0 and 90 days in advance.
Manual Tiering
Allows hotel users to manually select the tier level. Users can change one specific room type, or update all.
Just double-click in a field crossing a room type and a date and choose the Tier to apply and Click OK.
The Apply Range feature at the bottom allows updating multiple days and room types at once.
The update can also be applied to one specific day every week for a certain amount of time...
Manual Enhanced
This section's main purpose is to provide tier recommendations based on settings the user entered in the Setup section.
Users can also pick a specific rate tier from this screen as well, much like Manual Tiering.
However, this screen does provide users with data that can help them make decisions on what tiers to select. Data such as the current number of rooms sold, group allocations, current revenue, historical data, and more.
It will not automatically change the Tier, but it does allow the user to update the tiers quickly based on its recommendation.
The setup section allows users to input a variety of settings that will help users make decisions on changing rates. Most of the settings are all going to be used in the Manual Enhanced section of Rev MGMT.
Current OTB
OTB stands for On The Books.
This section shows 3 different reports ADR, Occ%, and # of Rooms in a graph form
The Graph shows Current, as well as Historic data.
Competitors
This section only works if the hotel has signed up with a 3rd party company that is able to provide rates of competitors.
Visual Matrix pulls in the data, so it can be viewed and used when making rate-changing decisions.
Reports
The Report section has a few different reports that provide data to help choose the best option for maximizing revenue.
Five reports are available:
- Forecast: Estimated Occupancy Forecast;
- Analysis: Forecast Trend Adjustment Analysis;
- History: Rate History;
- High Occ Report: High Occupancy Report;
- Action Log.
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