Bookassist And RateWise Form Strategic Alliance On Revenue Management To Help Hotels Win Back Profit
By Editor | On Wed, June 08, 2016
June 8, Dublin
Dublin-based leading hotel digital strategy company Bookassist (bookassist.com) has announced a strategic alliance with Dublin-based rate management technology company RateWise (rate-wise.com) to combine both companies’ rate management and smart distribution management technologies for hotels under a shared vision of giving hotels the best tools in the market to maximise profit per room.
The newly-enhanced RateWise Rate Management System (RMS) directly controls rate feeds to both the Bookassist Booking Engine and Bookassist Distribution Manager to allow for dynamic rate changes in a hotel’s distribution based on changes in availability, lead time, length of stay, distribution channel and other criteria. Bookassist and RateWise will now jointly bring the service to all existing Bookassist markets.
“Managing rate in such a dynamic marketplace has become increasingly difficult”, said Dr Des O’Mahony, CEO and co-founder at Bookassist. “Hotels are losing profit opportunity every day by not being able to continually optimise the rate they sell at across all their distribution channels. With this strategic alliance, combining our technology vision, we intend to solve that problem.”
“With RateWise, a hotel can dramatically reduce staff time and effort in the process of rate management”, according to Niall O’Meara, CEO at RateWise. “The rate strategy provided by RateWise is fully customised to each hotel based on current and historical sales patterns from the hotel’s property management system. With Bookassist integration we can now also dynamically push those rate strategies online to manage rate 24/7/365.”
RateWise RMS is a cloud-based Rate Management System for hotels that calculates optimised room rates to ensure higher room sales at the best achievable rates. Every recommended rate is realistic and instantly traceable back to the property’s own rate rules and overrides.
Through full integration with Bookassist systems, RateWise will help hotels optimise their rate not just for the short lead-in times that hotels typically concentrate on, but also for the increasingly problematic long lead-in times.
The rate strategy developed is of course equally applicable offline and brings profit improvement across all of a hotel’s room sales.
Having better control of rate has become a key topic for independent hotels, especially as online travel agents increasingly push for more and more inventory to sell for future dates, dates that hotels may not have the time to properly optimize. Bookassist has long focused on helping hotels maximize their profit, and has published two recent articles highlighting the dangers for hotels in not acting: “Why you need smarter rate/profit management” (http://bookassist.org/blog/post/you-need-smarter-rate-profit-management/en/) and “Hotels must act to avoid profit erosion” (http://bookassist.org/blog/post/hotels-must-act-to-avoid-profit-erosion/en/)
For further details, see Bookassist RateWise Rate Manager
Bookassist® develops and manages award-winning digital strategies for hotels to help them drive direct bookings and improve their profitability while reducing dependence on third parties. With over 100 staff at offices in Dublin, Paris, Madrid, Rome, Vienna, Munich and Prague, the company is a three-times winner of the World’s Leading Booking Engine Technology award.
RateWise provides systems and consultancy to hotels with particular focus on the area of yield management, driving increased ADR and occupancy while minimising the hands-on time needed by a hotel to manage their rates. Formed in 2007, with offices in Ireland, Australia, Moldova and The Philippines, RateWise has a client base throughout Europe, Asia and Australia.