SevenRooms, a guest experience and retention platform for the hospitality industry, today announced the launch of a new solution for restaurants: Revenue Management. The product serves as an engine for operators to generate more sales and profitability from the same seats, using data science to recommend how to optimize availability and increase table utilization.
To survive current economic conditions, restaurants need solutions that can save them time, reduce their labor costs and increase their sales and profits. Inspired by effective revenue man-agement strategies long-used by the travel industry, Revenue Management extends this prac-tice to the restaurant industry. The product automates these processes without the need for analysts, additional staff or high-priced consultants to manage changes, helping to:
- Fill more seats, more often to increase sales by reducing the time seats sit empty
- Save time and reduce burdensome labor costs by automating in-depth analysis, quickly
- making changes with a ‘do-it-for-me’ option
- Provide operators with easy-to-digest insights along with ready-to-use actions that
- demystify proven steps taken by revenue leaders
Other systems on the market today may offer reporting on a handful of insights, but none help operators immediately action revenue-focused suggestions with a ‘do-it-for-me’ op-tion that has an instant impact on their operations. Sample actions include recommendations on party size or dining duration configurations, when to institute cancellation policies to decrease last-minute cancellations, floor plan configuration recommendations and more. Diners also benefit, with more available reservations, a better dining experience (e.g. being sat on time and not being rushed out the door) and more unique experiences and offerings to choose from when dining out as operators have more time to focus on the guest experience.
Notably, Revenue Management also gives operators insights into how much demand was missed across booking channels by summarizing data on recent reservation at-tempts. This helps operators better manage these channels and optimize their books to offer more reservations across their most profitable channels.
“With Revenue Management, we are delivering on our promise to help operators make more money, providing a product that automatically executes on strategies used by the most successful hospitality brands throughout the world – without having to add team members or search out implementation experts,” says Angela DeFranco, VP of Product at SevenRooms. “This tool is both proactive and reactive, helping operators uncover un-tapped opportunities while simultaneously working to identify potentially harmful configuration issues that may restrict ven-ues from maximizing sales and profitability. Today’s operators are busier than ever, and we are excited to bring Revenue Management to hospitality operators, helping them automatically fill more seats, more often while continuing to elevate their guest experiences.”