Silicon Valley-based LodgIQ has launched four new revenue optimization products for the hospitality industry as part of the LodgIQ AI suite: MarketIQ, BusinessIQ, ForecastIQ and GroupIQ.
"We are delighted with all the buzz surrounding the launch of our newest products," LodgIQ CEO David Millili said in a statement. "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."
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 and different statistical models. 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.
Other highlights include:
- MarketIQ is a 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 can accurately forecast where the market will actualize in both occupancy and rate by specific segment.
- BusinessIQ provides hotels with a drill-down into the current and historical performance holistically and by segment. This tool provides 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 hotel business forecasting solution that leverages real-time data and 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 group pricing tool developed for and by hospitality industry professionals. It empowers the sales team to effectively price and manage group booking inquiries while considering incremental revenue, displaced revenue and alternate date options.