LodgIQ to develop and power IBC Revenue Management Systems
New York, N.Y. and Phoenix — IBC (InnDependent Boutique Collection), a leading provider of hospitality technologies for independent hotels, today announced an agreement with LodgIQ to bring its sophisticated, machine-learning based revenue management system (RMS) to IBC customers. In December, independent hotels using the proprietary IBC hotel management platform will have access to two RMS solutions: IBC RMS for full-service properties and IBC ONE for focused service properties, both powered by LodgIQ.
“After an extensive evaluation of many revenue management platforms on the market, LodgIQ had the platform most aligned with our independent-minded hoteliers’ needs,” said Pamela Barnhill, President, COO and Founder of IBC. “We are a cutting-edge company, and the services we deliver to our member hotels must be as well. LodgIQ is the only revenue management company enmeshing machine learning into its unique solution, plus it delivers unparalleled value through market insights at an affordable cost. We are thrilled to be offering this innovative solution to our members. LodgIQ turns big data into smart data for the sole purpose of uncovering revenue potential.”
By placing two LodgIQ powered RMS solutions on the IBC Marketplace (which includes managed distribution, an advanced central-reservation system and soft brand benefits), independent hotels can leverage scalable machine-learning technology that continuously collects and analyzes market variables such as room rates of direct and indirect competitors, historical room rates, flight patterns, meteorological patterns and other demand generators such as local events. As data signals are received, both systems analyze the information to determine its importance, then integrating this newly gained insight into its pricing recommendations, making increasingly accurate pricing recommendations over time.
“IBC is a forward-thinking company, and we are honored to be selected by them to provide this critical business solution,” said Ravneet Bhandari, CEO at LodgIQ. “Our goal is to help IBC member hotels think differently about how to approach setting rates, forecasting and revenue management as a whole.”
IBC ONE (powered by LodgIQ) is particularly suited for hotels with less complex operating environments, whether independent or branded, select-service or full-service, and can be self-launched by any hotel, in any market, within a matter of minutes. This platform harnesses the power of LodgIQ’s patented market-based forecasting and optimization algorithms and machine learning platform, and completely eliminates any dependencies on PMS or CRS connectivity.
Original article found here.