MaximRMS Announces Expanded Relationship with Hyatt
MaximRMS shared more details today on Hyatt Corporation’s significant expansion of its revenue management capabilities using MaximRMS advanced technologies. “This investment by Hyatt expands Hyatt’s long-standing business relationship with MaximRMS,” states Steven Gelb, CEO and founder of MaximRMS. Hyatt and MaximRMS have agreed to three major initiatives:
- Customization of highly advanced market leading revenue management capabilities, featuring competitive price/demand market response and dynamic pricing for profit optimization.
- Immediate full deployment of the MaximRMS hospitality business intelligence system.
- Long-term global licensing of MaximRMS patented advanced predictive analytic mathematical forecasting and optimization system.
Greg Cross, Senior Vice President of Revenue Management for Hyatt said, “As a key part of our strategy to remain leaders in the hospitality industry, we are making new investments in the MaximRMS advanced predictive analytic technology in order to increase the performance of Hyatt properties in the U.S., Canada, and the Caribbean. By deploying Maxim’s high value revenue management capabilities, we are endeavoring to improve revenue realization, speed response to competitive actions and changes in demand, increase decision making efficiency, and improve profitability across all brands.”
Hyatt Relies on MaximRMS Technology Across Hotel Segments
“The MaximRMS revenue management system has been a powerful strategic and tactical tool, enabling our teams to rapidly implement our strategies,” said Cross. “The MaximRMS revenue management technology is a significant competitive advantage for us.”
Steven Gelb, CEO of MaximRMS said, “Hyatt has tightly integrated the MaximRMS revenue management technology into its operations at Hyatt hotels. This technology has the advanced predictive analytic capabilities to handle the largest and most complex full-service convention hotel, is nimble and easy to use for smaller resort or limited service properties, and includes comprehensive business intelligence capabilities to answer critical business questions and enable immediate actions across properties and brands.”
The MaximRMS e.FLEX system has been in use by full-service Hyatt properties since 2007. In 2009 and 2010, Hyatt deployed a version of e.FLEX at its select service properties. In late 2011, Hyatt rolled out the latest Group Sales functions of the Maxim system to manage and price group room business at full-service Hyatt hotels. Currently, the market leading MaximRMS hospitality business intelligence system is being deployed throughout Hyatt properties.
Market Leading Analytic Business Intelligence System Accelerates Decision Making
Hyatt is deploying the MaximRMS hospitality business intelligence (BI) system. This technology provides a comprehensive package for hotels and hotel chains to understand, manage, and profit from their various hotel properties. This hotel business intelligence system combines all the detailed hotel and competitive data available with advanced analytics to explain and evaluate past and future hotel performance, deliver recommended actions, and optimize decision-making.
According to Cross, “The MaximRMS business intelligence analytic capabilities allow staff at many levels throughout the organization to accelerate their access to important performance metrics and trends. We can gain insights into competitive actions, quickly spot areas that need attention, and easily use the analytical tools to rapidly drive our business forward and improve hotel and chain-wide performance.” Steven Gelb, CEO of MaximRMS, characterizes the MaximRMS hospitality business intelligence system as, “Extending the e.FLEX revenue management system to become a crucial analytic, decision-making, and action-oriented center for hotel chains and properties of all types.”
Additional MaximRMS Capabilities Extend Hyatt’s Revenue Management Leadership
Hyatt is also adopting and customizing advanced new features and capabilities in the very adaptable MaximRMS technology. The new capabilities span advanced mathematical forecasting and optimization methods, new predictive analytic tools, and group revenue management functions. The market leading capabilities and features are designed to contribute to better hotel performance, greater revenues, and less manual efforts by the users. The system includes the advanced revenue management capability to:
- Dynamically incorporate price elasticity from changing customer behaviors into the MaximRMS patented “state contingent” price sensitive optimization to produce profit maximizing pricing and optimal rate control.
- Optimize hotel rates based on the market’s dynamic response to competitive demand and rate actions.