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Revnomix Solutions launches "RevSeed," a version 2.0 of Artificial & Machine Learning platform for hotels and resorts

Tuesday, March 22, 2022, 17:43 Hrs  [IST]
HBI Staff | Hyderabad

Revnomix Solutions LLP, recognized as a startup by the “Department for Promotion of Industry and Internal Trade”, is a seven-year-old revenue management firm with a pan-India presence, provides revenue management services to hotels. With the use of its data analytics, Revnomix has developed “RevSeed”, which is based on Artificial Intelligence (AI) and Machine Learning (ML). RevSeed version 1.0 is already being used by over 200 Indian hotel brands. The 2.0 version of RevSeed is loaded with effective planning and revenue forecasting tools that will help the properties’ to achieve their goals faster and effectively.

 

The unprecedented times over the last 2 years have taught the Industry that one cannot ignore data for distribution decisions.  The present market share of internet retail trade is in excess of 25%, compared to only 12% in the pre-Covid era. This is a big shift in consumer and corporate purchasing behaviour that one may not want to overlook.

 

Revnomix Solutions LLP, driven by passionate industry experts, Sainath Vernekar and Prakash Singh, who have had the opportunity to handle the revenues of companies such as IHG, Hyatt, and Marriott for many years. Commenting on the launch of RevSeed 2.0, Sainath Vernekar, Partner of Revnomix Solutions LLP said, “With the on-going unprecedented circumstances that the entire world is experiencing, there is a need for the hospitality industry to rethink their revenue management strategy. Hotels and resorts must adapt swiftly to evolving consumer buying patterns as human efforts will be insufficient to handle the data-driven business ecosystem of the future."  Further adding to the launch, Prakash Singh, Partner & Head of Operations of Revnomix Solutions LLP commented, “The Hospitality Industry needs to embrace technology-driven Revenue Management & OTA (Online Travel Agency) Management in tandem with the goals of the Hotel Yield on real estate”.

 

After the successful management of data by RevSeed 1.0, the data team accelerated the research to enhance the forecast processes in their version 2.0. Technically, it's impossible for a non-IT set up to collect the data without employing technology, thus guesswork is the only option. Revnomix's project team consults their hotel clients by advising through data-driven reports, suggesting rate changes, and assuaging positioning concerns.

 

 
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