Loews Hotels & Co. is set to pilot IDeaS' total revenue forecasting module as part of the IDeaS RevPlan, a cloud-based tool that aims to streamline forecasting and budgeting processes for rooms, food and beverage and other income.
Loews has already leveraged RevPlan’s automated financial forecasting capabilities for guest rooms, gaining significant time savings across its portfolio. The company will now move to the next phase of its RevPlan rollout by piloting automated food and beverage and other income forecasting and budgeting in a bid to drive greater efficiency and profitability.
IDeaS expects RevPlan to help the Loews team budget and plan for food and beverage operations at the company's hotels based on more scientific forecasting methods. Inaccuracies in food and beverage forecasting can lead to under- or overstaffing. The platform aims to boost profitability of all Loews' revenue streams—from guestrooms to food and beverage—with automated forecasting for more precise planning and operational efficiencies.
“IDeaS RevPlan has become a vital tool for our revenue team, saving us time each month, which used to be spent creating and managing forecast spreadsheets," said Monica Xuereb, chief revenue officer, Loews Hotels & Co., in a statement. "With the success we have had with RevPlan’s rooms forecasting, the team is confident the food and beverage forecasting module is the next step in taking us toward a scientific total revenue forecast and closer to our goal of total profit optimization.”