Hotels’ Management Optimizer (HMO) Pricing, Forecasting, Distribution – innovative new generation software for pricing, forecasting and revenue management in hotels

Financing

Research activity for yieldPlanet S.A., financed within the POIR 1.1.1 framework

The consortium

Project conducted by the Institute of Control and Computation Engineering, Warsaw University of Technology

Timeframe

01-05-2016 – 30-04-2018

Project description

The main objective of the project is to create a prototype of innovative software solution for dynamic pricing & price forecasting for hotel management in Poland & the world Hotel
Management Optimizer (HMO). The effect of the project will be a global product type innovation. The key problem, which will be solved by the project will be helping hotel managers in answering prominent question: what price should I charge for the room today, tomorrow and next days? The planned target solution is an innovative and unique software based on selflearning algorithms for realtime processing large data sets (weather forecasts, hotel systems inputs, reservation engines, OTA (Online Travel Agents such as booking.com) data & historical prices) using neural networks and other sophisticated methods of data processing (eg. random forests, support vector machines). It will help to forecast the behavior of prices with high accuracy & be a key tool in supporting decisionmaking and thereby increase revenues and profitability of hotels. The developed product will also allow for the direct management of pricing policies of hotels with the software (publication of price developments in a wide variety of reservation systems).

Keywords

forecasting, price, hotel, big data, algorithm

Useful links

yieldPlanet website