Revenue Hub are delighted to welcome LodgIQ as a Thought Leadership partner.
The hotel operating environment is becoming increasingly complex, requiring new tools to maximize the likelihood of success. It’s why there are so many new tech tools being introduced to improve the guest’s stay, for example. Today’s buzzwords are ‘personalization’ and ‘experience’; a far cry from the old days when ‘color TV’ and ‘air conditioning’ were crowed about as new innovations.
Guest behaviors have fundamentally changed, and so must the way hotels are priced on any given night.
On the operations side, the big leaps in next generation technology are still taking small steps, especially when it comes to figuring out how to accurately forecast the most money a guest will pay on any given night. That’s finally starting to change with advances in revenue management technology, or, as we like to look at it, revenue optimization.
It’s why LodgIQ™ was founded in early 2016 with $5 million in seed funding led by Highgate Ventures and Trilantic Capital Partners. Since then, the company has launched two revolutionary products; LodgIQ RM™/LodgIQ Mobile RM™ for full service hotels, and LodgIQ ONE™, specially designed for boutique, independent and focused service hotels.
Rather than examining only historical data and a select comp set, LodgIQ™ is leveraging the emergence of Big Data and machine learning to uncover more trackable pricing variables than ever before, and it’s giving them opportunity to reinvent the entire way hotels decide how much to charge guests on any given night. LodgIQ™ is finding clever new ways to solve forecasting and pricing issues in ways never possible before, so it’s no surprise their products are resonating with hoteliers.
In one year, LodgIQ™ has tripled the size of their team and now has five offices worldwide, including representation in 40 countries and 250 markets. LodgIQ’s patented technology is being deployed at more than 500 hotels across the globe, firmly establishing them as a revenue optimization market leader and technology trailblazer.
However, LodgIQ™ isn’t only a product – it’s a community of people sharing what they’ve learned with the entire hospitality revenue generation community. It’s why they’re partnering with Revenue Hub. We are looking to LodgIQ™ to provide thought provoking pieces throughout the year. The company will be sharing their in-depth understanding of this exciting new world of Big Data and machine learning with us. We very much look forward to learning how all that information can be captured and turned into actionable insight. Welcome to Revenue Hub, LodgIQ™.
Find out more about LodgIQ™