Precium Technologies LLP

  Is it really updating the room prices in real-time that could keep you tuned? In the hospitality industry, where everything needs to be on time. But room pricing is no longer something that hotels can afford to adjust once a month or even a week. Where there will be the involvement of occupancy, travellers’ behaviour, competition will be tough and market demand shifts faster than most Revenue teams can track manually. If we observe traditionally, then we will get that earlier hotels were reviewing their pricing strategies based on seasonal trends or monthly forecasts. But now modern travellers have become unpredictable and uncertain. So, demand can surge on a random day, like Wednesday or any particular day, dip during a holiday weekend or swing based on weather, events or competitor actions. When pricing remains static during these fluctuations, then chances increase to miss out on these opportunities, then you can sell either too low during high demand or too high during low ...

In this ever-evolving digital era, the hospitality industry is also adopting advanced technology to monitor competitors' pricing with rate parity check and help to make smart Revenue decisions. When these tools become more powerful and accessible, what happens when it comes to implementing the technology on the ground level? Is there a shortage of time, skills or insufficient training? If you observe your hotel staff, you will see, they already have a burden of responsibilities and a long list of work, like inventory updates, daily operations, managing guests, Revenue optimisation, OTA coordination and administrative activities. And then add the manual competitors’ price tracking can increase their workload, which makes the process slow, inconsistent and increases the chances of human error. This increasing pressure on hoteliers is exactly the reason why Competitor Pricing Intelligence has become the new growth advantage for modern hotels. Where modern hotels are utilising AI has...

  If we are talking about hotels' slowdown, then let’s be honest, it's not a lack of effort that slows down most hotels. It’s how that effort is being used. You may have hardworking staff, dedicated managers and guests who expect the best and put effort to get good results, but still it’s slowing down and feels like you are always one step behind and juggling price changes, responding to guest messages, chasing maintenance requests, and managing overbookings that should never have happened in the first place? But, not to worry, the best way to be active is that which can save your time, making the workflow more efficient. For instance, instead of avoiding managing bookings or price changes, you can use a system that automatically pushes rate updates, like Precium Technologies , to all your connected OTA channels. In that way, you will not only save your time, but you will also get the chance to work proactively instead of reacting to what competitors are doing. With the pricin...

Staying ahead in this competitive market needs more than just intuition because it demands precision. This is where Precium Software comes in. Powered by AI, Precium is a revolutionary pricing and rate intelligence platform that is designed to help small and big hospitality businesses to optimise Revenue, maximise occupancy and boost profitability. Precium is not just a tool. It is a Real-Time Competitor Rate Shopping and insights tool that provides valuable and updated data on what competitors are charging and allows hoteliers to adjust their pricing dynamically. With this critical information, hotel businesses can easily make more informed pricing decisions and ensure they remain competitive even against other players. But the magic doesn’t stop there. Precium’s Automated Pricing Recommendations will leverage historical data, market trends and AI algorithms to suggest more optimal rates in real-time and these recommendations can easily help your hotels’ Revenue and Sales teams to...

Managing or adjusting daily rates, demand forecasting, OTA rate adjusting or technology, what exactly? Revenue management is an essential part of a hotel’s success, including balancing occupancy, pricing and profitability. Without it, we can’t even imagine the success. But in today’s fast-changing hospitality market, the toughest part is not just setting the right room rates but also navigating and integrating the constant pace of change. When you observe that businesses are struggling with highly unpredictable demand and shifting consumer behaviours, all while harnessing complex technology and disparate data to make profitable decisions. With that, Revenue managers are also challenged by a new level of volatility in demand patterns, which will make accurate forecasting incredibly difficult. Such as demand fluctuations, unreliable historical data, that are shifting rapidly due to unforeseen seasonality, events, circumstances and others. If you observe, then you will get that many trav...