Innovative next-generation software for pricing and forecasting and managing hotel revenues
Funding: research work commissioned by yieldPlanet S.A. a project funded by the Narodowe Centrum Badań i Rozwoju.
The project is implemented by: Instytut Automatyki i Informatyki Stosowanej.
The amount of the contract: 1061119 PLN.
Implementation period: 2016-2018.
The objective of the project is to develop a prototype of an innovative IT solution for dynamic forecasting of hotel room prices and revenue management of hotels in Poland and worldwide - Hotels' Management Optimizer (HMO). The basic problem which will be solved by the tool developed in the project will be to support hotel managers in answering the question: what price should I set for today, tomorrow and next days? The planned target solution is an innovative product unique in the world software based on self-learning algorithms processing large data sets in real time (e.g. weather data, data from hotel systems and tourist portals and OTA e.g. booking.com, historical price data) using autonomous neural networks and other advanced data processing methods (e.g. random forests, support vector machines). It will allow to forecast price behaviour with great accuracy and in advance, supporting decision making by the managerial staff and thus increase revenues and profitability of hotels. The developed product will also enable direct management of hotel pricing policies from the software level (publication and price changes in a wide range of booking systems
More information: yieldPlanet S.A.