What are the benefits of Nexus Revenue Management?
You can expect increased sales and improved average margins. Simply put, our system will increase mark-ups for dates when demand is high and reduce mark-ups when demand is low. You will control how aggressively mark-ups are yielded up or reduced, so you can determine the balance between improving sales volumes and improving average margins. Our system not only provides smarter pricing, it simplifies and automates processes, allowing:
• retirement of legacy tariffing systems and
• reduction of pricing analysis and operations resources.
How does Nexus Revenue Management work?
Data is loaded and analysed: historic and open bookings for each destination are used to forecast future demand for each stay date over the year ahead. Bookings can be loaded from CSV or Excel templates or automatically using XML or JSON APIs.
The destination’s available supply is determined by querying your customer XML API.
Our dynamic pricing algorithm uses the demand / supply ratio for each check-in date to determine the optimal mark-up for that date.
If rate shopping data is available, this can also be used in the algorithm. Users are able to control the degree of influence competitiveness has over mark-ups.
Mark-ups can be exported for manual update into your back-end systems or updated automatically using XML or JSON APIs.
Does Nexus Revenue Management
price individual hotels?
Yes, provided a single hotel is generating sufficient room-nights, it can be set up as a pricing “target” in our system.
Accurate demand forecasting is key to effective revenue management and based on live testing, we recommend a minimum of 30 confirmed roomnights (average) per day for acceptable forecast accuracy. Not many hotels will generate this volume of room-nights so we have designed our system allow grouping of similar hotels.
Individual hotels are the building blocks in our system and pricing targets can be flexibly set up by aggregating hotels into hotel clusters (one or more similar hotels), city/star groups, cities, countries or regions according to the average room-night volumes generated.
What data is needed for Nexus Revenue Management ?
You only need to provide basic bookings and hotels data for each pricing target using a standard Excel or CSV template.
On set-up, historic bookings are loaded and then only new and modified bookings need to be updated. A minimum 450 day past booking history is required.
New hotel data is only updated when new hotels are added to the Destination.
Will my data be secure?
Each Nexus Revenue Management platform is fully stand-alone and is hosted on its own dedicated Amazon EC2 server instance which is backed up daily into a dedicated Amazon S3 bucket. Amazon access security is strong.
Customer access to the platform user interface is password protected.
Automated data load API’s read files from your secure FTP location and exported mark-ups are accessed by customers from our password protected FTP location.
How can I evaluate the Nexus Revenue Management
We can introduce you to a reference customer who can give you feedback on their experience of implementing the system, using the system and partnering with RevenueNexus.
We will support you in a free trial of the system and provide set up support and assist you in performance evaluation.
Does the Nexus Revenue Management
system generate prices?
The standard system generates mark-ups and not prices. However, if your back-end pricing system requires prices, we can adapt our standard system to accommodate this requirement.