HOPERMAN is currently a pilot project working in 6 hotels in Portugal, delivering insights on social reputation, pricing and availability against their competitive sets, among other analysis.
Until now, the main focus has been to predict booking cancelations on 2 of these units. During a try-out period of 3 months HOPERMAN was able to predict booking cancellations with almost 90% accuracy and through the information on each specific reservation, these hotels managed to take a proactive approach and act immediately, reducing 80% of their booking cancellations, increasing profit, improving cancelling policies and reducing overbooking related costs.
So, yes, there is a clear value in creating a strategy to identify and act on potential cancellations. But there’s so much more that can be done to improve Hotel Management through Data Science.
This is why we’re looking for investors and partnerships to expand HOPERMAN and turn it into an actual marketable product so we can better serve the hospitality market. But how did we came to this?
WITH EVERY PROBLEM COMES AN OPPORTUNITY
Working with hoteliers for a long time, ParallelWisdom founders noticed hotel managers spend too much time dwelling in daunting tasks that usually take a lot of time and resources, and often fall behind, missing a lot of information in the process, while also losing the focus on providing the best care to their guests. Yet, nowadays, in such a competitive market where information runs so fast, that’s not acceptable.
More and more, hotel managers feel the pressure to have all the information to make informed decisions, even though they don’t have the tools to do it confidently. Often this leads to hazardous moves that can compromise the entire business and it shouldn’t be this way.
Actually, everyday operations in any hotel can lead to a much better purpose by taking advantage of all the potential in data that’s being overlooked. ‘Which data?’, you ask. Every day, a huge amount of data is created around a hotel. Further to the PMS (Property Management System), there’s a multiple array of systems collecting important business data, that sits in databases not being used to its owner’s advantage. Also, there are a lot of external data sources that can add more information to the business history. It was here that Nuno and Carlos saw an opportunity. They realized that by looking at these issues through Data Science they could change the way hoteliers do business every day, in every way – from how they manage their offers to how they should treat their guests, how to manage their teams or on what, and how much, to invest for the future.
How? On one hand, by delivering a dashboard view of hospitality key performance indicators, built over historic data, displaying a descriptive and current overview of the hotel’s actual performance; simultaneously, by using Artificial Intelligence to work with all the available data, delivering a powerful tool to create prediction scenarios.
HOW DOES IT WORK?
HOPERMAN’s magic relies on the sheer value of data and what can be done with it. By gathering information from multiple sources and systems, HOPERMAN manages to read all that massive amount of internal and external relevant data, analyze it with specific classification models and, by factoring in vectors such as pricing, reputation and ever changing business rules, translate the data into valuable high quality insights about the overall business performance. This provides users the knowledge and confidence to make well-informed decisions and define and redefine strategies, tactics and operations.
Regarding future predictions, through A/B tests, the classification models validate the gathered information improving themselves in the process. Combined with Machine Learning, the models get automated and, over time, deliver more and more precise and accurate predictions. Artificial Intelligence takes this to the next level: not only can HOPERMAN predict cancelations/demand, revenue, expenses, but also suggest strategical, tactical and operational decisions, such as the best rate, or for which market and when efforts should be applied, as a virtual know-it-all assistant.
WHAT SETS US APART
The Hospitality industry has its own specific needs, most large spectrum solutions can’t really tackle and HOPERMAN is designed exactly with those in mind. By delivering a descriptive vision, it helps hoteliers monitor the hotel’s performance with easy to read visual elements – dashboarding – so crucial for hospitality management excellence. But it does more, taking a big step forward and using Artificial Intelligence it adds extra value, providing future predictions on relevant aspects.
Built over extensive knowledge and experience in the field, HOPERMAN is a solution that talks to hoteliers in their language, from their perspective, with the KPIs they care about, with models and dashboards that match their concerns better than any other.
Yes, HOPERMAN is an ambitious project. And we believe we can change the Hospitality industry with it.
WOULD YOU BE INTERESTED IN BEING PART OF THE RIDE AS AN INVESTOR OR PARTNER?
Send us as e-mail to [email protected] and we’d be delighted to discuss having you aboard.