Revenue Management System Roadmap

Project Description

Our vision is to construct a revenue management system that will forecast customer move-ins at a segment level and price point and optimize based on property-level constraints (e.g. available inventory & attrition rates). The revenue management system will need to be fully automated, and capable of extracting data from our various systems as well as publishing prices back into those systems. This vision will require a significant amount of data mining and systems architecture.  

Our current state is we are working off of manual reports and making judgement-based decisions when to adjust prices at a property. We typically decide to price a property every other month and we use a rules-based excel model to guide the new rate decisions. When we have selected our new rates, we manually input the rates into a cloud-based property management system so that our stores can view the new prices. The current state lacks the scientific approach needed to optimize inventory and maximize revenue. Additionally, the manual approach is inefficient and leaves room for data input error.