IDeaS RevPlan Total Revenue Forecasting Module to be Driven by Loews Hotels & Co
IDeaS, an SAS company, the world’s leading provider of hotel revenue management software and services, today announced that Loews Hotels & Co will pilot the Total Revenue Forecasting module in IDeaS RevPlan, a cloud-based tool that streamlines forecasting and budgeting processes for rooms, food and beverage, and other revenue.
Loews has already successfully leveraged RevPlan’s automated financial forecasting capabilities for bed and breakfasts, realizing significant time savings across its entire portfolio. The company will now move into the next phase of its RevPlan rollout by piloting automated forecasting and budgeting of food and beverage and other revenue to increase efficiency and profitability.
- Agile Revenue Forecasting – Loews used IDeaS RevPlan for regular operational forecasting and new forecasting throughout the pandemic. As demand returns, the company continues to appreciate the ease of use and flexibility that RevPlan offers with the ability to analyze data from a variety of sources to produce quick and accurate forecasts.
- A Breakthrough in Food and Beverage – The hospitality industry has long been challenged to forecast food and beverages accurately and efficiently, often resulting in understaffing or overstaffing. RevPlan will solve this problem by allowing Loews to budget and plan its restoration activities based on more scientific forecasting methods.
- Total profit optimization – IDeaS RevPlan will enable Loews Hotels & Co to increase the profitability of all its revenue streams, from bed and breakfast to food and beverage, through automated forecasting for more accurate planning and operational efficiency.
Monica Xuereb, Chief Revenue Officer, Loews Hotels & Co, said: “IDeaS RevPlan has become an essential tool for our revenue team, saving us time each month that was previously spent creating and managing forecast spreadsheets. With the success we’ve had with RevPlan’s room forecasts, the team is confident that the Food and Beverage forecast module is the next step in bringing us towards a science-based total revenue forecast and closer to our goal. total profit optimization.
Sanjay Nagalia, Co-Founder, COO and Chief Technology Officer, IDeaS, said: “Hoteliers face many challenges when it comes to planning and budgeting their entire business. That’s why we developed RevPlan for our customers like Loews. RevPlan enables Loews to make tactical and strategic operational decisions based on data they can trust, and now the day has finally arrived when a hotel’s food and beverage forecast can be as accurate and precise as the forecast. of rooms.
About Loews Hotels & Co
Based in New York, Loews Hotels & Co is rooted in a deep heritage and service excellence. The hotel company includes independent Loews branded hotels and a strong mix of partner branded hotels. Loews Hotels & Co owns and/or operates 26 hotels and resorts in the United States and Canada. For reservations or more information about Loews hotels, call 1-800-23-LOEWS or visit: www.loewshotels.com.
IDeaS, a SAS company, is the world’s leading provider of revenue management software and services. With over 30 years of expertise, IDeaS provides revenue science to over 18,000 clients in 145 countries. Combining industry insights with innovative data analytics technology, IDeaS creates sophisticated yet simple ways for revenue managers to make accurate, automated decisions they can trust. Results obtained. Transformed income. Discover greater profitability on ideas.com.
For more information on IDeaS, visit ideas.com
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