Silicon Valley-based LodgIQ™, the premier AI-powered revenue management technology provider, has announced the launch of four new revenue optimization products for the hospitality industry as part of the LodgIQ AI suite: MarketIQ, BusinessIQ, ForecastIQ, and GroupIQ.
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After years of research and development by the talented engineering team at LodgIQ, the company has unveiled highly anticipated solutions in the commercial space.
“We are delighted with all the buzz surrounding the launch of our newest products,” said David Millili, CEO of LodgIQ. “Now, more than ever, hotel companies look to simplify their business at all levels in the face of labor shortages, supply chain disruptions, inflation, and economic uncertainty. Our mission is to provide hoteliers with the most innovative and effective revenue optimization solutions to achieve effortless profitability. This suite represents a significant leap forward in revenue management technology, and we believe it will profoundly impact the hospitality industry. We can’t wait to share it with the world.”
LodgIQ revenue management can analyze various data sources to ensure the accuracy of their recommendations and forecasts, from historical data to real-time data, machine learning algorithms, demand modeling, different statistical models, and more. LodgIQ can factor in hundreds of variables at any given time, ranging from sales patterns and customer footfall to external information such as weather, current events, and public holidays. This data aggregation scope is simply impossible for hotels relying on legacy pricing strategies.
LodgIQ product highlights:
- MarketIQ is a powerful hotel market intelligence tool that combines data analytics, segmentation, forecasting, and competitive analysis to provide valuable insights into the market from a high level down to a neighborhood level. MarketIQ not only provides insights into the current and historic business on the books in their direct market by segment but in a revolutionary advancement in technology and AI, it has the ability to accurately forecast where the market will actualize in both occupancy and rate by specific segment.
- BusinessIQ provides hotels with a comprehensive drill-down into the current and historical performance holistically and by segment. This tool empowers hoteliers with data-driven insights to optimize their operations and maximize profitability. By analyzing current and historical business data, LodgIQ enables users to understand the hotel’s performance better, identify trends, and make informed decisions to enhance revenue and operational efficiencies.
- ForecastIQ is an advanced hotel business forecasting solution that leverages real-time data and sophisticated analytics to provide daily updates and accurate hotel forecasts. The tool analyzes historical trends, consumer buying habits, market dynamics, and consumer willingness to pay.
- GroupIQ is a comprehensive group pricing tool developed for and by hospitality industry professionals. It empowers your sales team to effectively price and manage group booking inquiries while considering incremental revenue, displaced revenue, and alternate date options.
- LodgIQ AI is the all-inclusive revenue management system utilizing each unique product above to develop the most impactful pricing strategy. There is also a custom combination of manual and automated.
- Manual mode requires a human operator to manually control the platform.
- Co-pilot mode provides suggestions, warnings, and recommendations, but the revenue manager is responsible for controlling the system.
- Auto-pilot mode takes over most tasks but still requires a revenue manager to be present and take control if necessary.
- Fully Autonomous mode is responsible for all tasks and decisions without human intervention.
LodgIQ’s fresh approach to hotel revenue management is making a significant difference in the industry, and with these highly-anticipated products, more heads are now turning in their direction. With these latest advancements, the company is building on the success of its previous offerings, which have been responsible for significant revenue growth for hundreds of properties around the globe.
The company CEO went on to say, “Our team has put in countless hours to ensure that these products are not only functional and effective but also sleek and modern in design. We believe that our customers will be blown away by the results and value of these products.”
These new products are available now. For more information, visit the LodgIQ website.