Claims:We claim:
1) Revenue management system for hospitality industry by using big data technology is comprising of:
a. Revenue management application;
b. Any electronic device which has active internet connection;
c. Backend server – All data related to revenue management for hospitality industry is stored on server; and
d. Any open-source framework like Hadoop for data analysis which stored data on big data
2) The system claimed in claim 1, provides predication about hotel room rents.
3) The system claimed in claim 1, provides prediction about hotel room availability.
4) The system claimed in claim 1, provides predication about over or lower hotel staff for future.
, Description:Field of the invention:
The present invention is related generally to the hospitality sector, and more particularly to revenue management system for hospitality by using big data technology.
Background of the invention:
Revenue is the total income generated from any business operations and which includes discounts and deductions for returned merchandise. It is nothing but a gross income from which costs are subtracted to result into the net income.
Revenue management is the business process of disciplined analytics that predicts customer behaviour from the market levels, optimizes product availability and maximize to revenue growth.
In a hospitality industry, revenue management is most important concept. It allows hotel/restaurant owners to anticipate demand and optimise availability and pricing in a such a way to achieve the best possible financial gains.
Basically, in revenue management, combination of the data is gathered by industry and used that data for assessment. It includes past occupancy rates, current bookings on the system and various key performance metrics, external data such as information about school holidays, local events.
There are a few systems having revenue management inventions, which are patented, are listed below.
US patent application US7392228B2 by Chris Ternoey, Diana Jelescu discloses Revenue management system. A method and system for optimizing dynamic prices of reserved date-constrained services such as airline flight reservations or hotel stay reservations. Comparative trials of complex pricing policies are employed according to an application schedule that has a periodic character with respect to the arrival date of quoting circumstances. On the basis of the comparative trials, some policies are identified as contributing less revenue on average to the system than other policies. The underperforming policies are then eliminated from the application schedule, which increases the expected future revenue of the resulting system.
PCT patent application WO2004068306A3 by Jose Carlos Azcarraga, Javier Barrera discloses Hospitality management system and methods. The present invention is directed to methods and systems for managing a hospitality organization having geographically distributed business entities each providing one or more respective, revenue generating facilities such as hotel rooms, banquet facilities and the like. Arrangements with respect to use of the facilities provided by the business entities are made via one or more of a plurality of channels. In an embodiment of the invention, a method includes the steps of maintaining a centralized inventory system for the business entities and the respective facilities associated with the business entities, receiving via at least one of the plurality of channels a request for a pricing proposal associated with at least one of the facilities of at least one of the business entities, and, in response to the request for the pricing proposal associated with the at least one facility, generating a quote based on data residing in the centralized inventory system and transmitting the quote, via at least one of the plurality of channels, in response to the request for the pricing proposal.
US patent application US20120310706A1 by Anh Quan Nguyen, Denis Arnauld, Charles-Antoine Robelin, Benoit Lardeux discloses Revenue management system and associated method. A revenue management system comprising a first revenue management route which includes a forecast module and an optimization module and which calculates expected revenue for sales of inventory items based on historical data; a second revenue management route which is selected if the confidence in the forecasting in the first route is below a predetermined value.
Though the prior art patents disclose Revenue management system, Hospitality management system and methods and Revenue management system and associated method, they do not give any perfect solution for revenue management system for hospitality.
Big data is a field that treats ways to analyse, systematically extract information from, or otherwise deal with data sets that are too large or complex to be dealt with by traditional data-processing application software.
Object of the invention:
The primary object of the present invention is to provide revenue management system for hospitality industry by using big data technology.
Another object of the present invention is to provide revenue management system predicates demand of hotel rooms.
Another object of the present invention is to provides revenue management system optimize room rates.
Summary of the invention:
The present invention discloses revenue management system by using big data technology. The revenue management system is comprising of;
Revenue management Application
Backend Server – All data related to revenue management for hospitality industry is stored on server
Any Electronic device which has active internet connection
Any open-source framework like Hadoop for data analysis which stored data on big data
Hotel/restaurant has to installed invention application on any electronic device which has active internet connection. Hotel revenue team open the application. With the help of big data technology, hotel revenue team get predictive analysis related to room rates and room availability.
Brief description of the drawings:
Fig. 1 illustrates flowchart of system and method for this invention.
Detailed description of the invention:
The present invention discloses revenue management system for hospitality by using big data technology.
Big Data Technology can be defined as a Software-Utility that is designed to Analyse, Process and Extract the information from an extremely complex and large data sets which is difficult for the Traditional Data Processing Software.
Big data is the vast volume of structured or unstructured data that is readily available at our collective fingertips. These large data sets are analysed to reveal previously unknown patterns and provide insights into businesses, human behaviour, and more. Big data analysis is used for everything from financial services, to gauging someone’s productivity, to even monitoring the weather and now for hospitality sector also.
The revenue management system for hospitality by using big data is comprising of contents;
Revenue management Application
Backend Server – All data related to revenue management for hospitality industry is stored on server
Any Electronic device which has active internet connection
Any open-source framework like Hadoop for data analysis which stored data on big data
Big data consists of five stages such as-
Data sources- web and social media, machines, Sensing, IoT
Content format – structured, semi-structured, unstructured data
Data stores – document oriented, column oriented, graph database, key value
Data Staging – cleaning, transform and normalization
Data processing – Batch and real time
Fig. 1 illustrates revenue management system for hospitality by using big data technology is comprising of the steps are as;
Step 1) Hospitality revenue team install revenue management application on any electronic device
Step 2) Revenue team open the application
Step 3) With the help of big data analytics, revenue team get predictive analysis of room rents, room availability, list of ideal customers, etc
Step 4) Revenue team plan accordingly to maximize the profit margin
The embodiment of present invention includes backend server which stored data related to revenue management. Big data analyses the data such as past occupancy rates of rooms, available current bookings, different key performance metrics and external data like information about school holidays, social holidays, coming local events. Big data predicts demand in hospitality industry which helps revenue management to plan in a such way to optimise room rates which results to maximize revenue and profit of hotel/restaurant.
There are some advantages of the present invention such as;
It helps hotels for lower costs – Booking of rooms are dependent on a number of factors such as season, economy of the region, average age of travellers. The present invention helps to determine the best rate for selling rooms, optimize the manpower for higher demand periods and plan accordingly to avoid over-staffing during lower demand periods. Resource management as per need can make better use of resources which results in lower costs by avoiding unnecessary expenses.
Attracting the ideal customer – It helps in identifying the right customers which can provide the long-term value for the hotel property’s future. It evaluates all guest data including spending activities, restaurant, bar and gift shop expenses which help revenue management team to get clear idea about guest’s preferred activities and their overall value. This analysis of data help in decision making for promotions and marketing campaigns.
It improves branding of hotels. It helps in pricing the rooms occupancy, also make ensure that the hotel is selling its rooms at the highest possible price. Due to big data technology, time-consuming tasks such as manual data collection and report building is get easy.
Customer expectations – It provides hotel/restaurant a better understanding of customer’s expectation from them. Big data analysis helps hotels to look into the specific need and wants of their customers and which is result into a more attractive offers for the customer.
Competitive pricing – With the help of big data hotels can know the pricing strategy of competitors and according to that hotel can decide their pricing plan with any offer to attract the customer.
Market Segments – It gives the hotel completed idea about market segment and according to that hotel can start any new market segments that are available.
Company Divisions – It keep eye on different divisions of hotels, which results into smooth coordination of divisions resulting into the most effective profit.
The present invention can be better understood with the help of examples.
Example 1:
Hotel K uses revenue management system. With the help of application revenue team of hotel can discover which type of customers are more to visit their hotel. If business travellers who need access to the internet, then the hotel may incorporate a new policy which provides free wireless internet in all hotel rooms.
Example 2:
Hotel X uses revenue management system. With the help of application revenue team of hotel come to knew that the place where they are situated is actually a destination which can be popular family vacation spots. So hotel revenue team can plan and advertise for family travellers and making needed changes/modification like larger breakfast offering, play areas for children.
It should be kept in mind that the described embodiment(s) is only presented by way of example and should not be construed as limiting the inventive concept to any particular physical configuration.
The present invention is not limited to components, which is mentioned in the description. Based on the same concept, revenue management system can be built. Those who are familiar in the art will understand that a number of variations may be made in the disclosed embodiments, all without departing from the scope of the invention, which is defined solely by the appended claims.