News Briefs

Silicon Valley-based LodgIQ™, an AI-powered revenue management technology provider, has announced the launch of four new revenue optimization products for the hospitality industry as part of the LodgIQ AI suite: MarketIQ, BusinessIQ, ForecastIQ, and GroupIQ.  After years of research and development by the talented engineering team at LodgIQ,  the company has unveiled highly anticipated solutions in the commercial space.

"We are delighted with all the buzz surrounding the launch of our newest products," said David Millili, CEO of LodgIQ. "Now, more than ever, hotel companies look to simplify their business at all levels in the face of labor shortages, supply chain disruptions, inflation, and economic uncertainty. Our mission is to provide hoteliers with the most innovative and effective revenue optimization solutions to achieve effortless profitability. This suite represents a significant leap forward in revenue management technology, and we believe it will profoundly impact the hospitality industry. We can't wait to share it with the world." 

LodgIQ revenue management can analyze various data sources to ensure the accuracy of their recommendations and forecasts, from historical data to real-time data, machine learning algorithms, demand modeling, different statistical models, and more. LodgIQ can factor in hundreds of variables at any given time, ranging from sales patterns and customer footfall to external information such as weather, current events, and public holidays. This data aggregation scope is simply impossible for hotels relying on legacy pricing strategies.

LodgIQ product highlights:

• MarketIQ is a powerful hotel market intelligence tool that combines data analytics, segmentation, forecasting, and competitive analysis to provide valuable insights into the market from a high level down to a neighborhood level.  MarketIQ not only provides insights into the current and historic business on the books in their direct market by segment but in a revolutionary advancement in technology and AI, it has the ability to accurately forecast where the market will actualize in both occupancy and rate by specific segment.

• BusinessIQ provides hotels with a comprehensive drill-down into the current and historical performance holistically and by segment.  This tool empowers hoteliers with data-driven insights to optimize their operations and maximize profitability.  By analyzing current and historical business data, LodgIQ enables users to understand the hotel’s performance better, identify trends, and make informed decisions to enhance revenue and operational efficiencies.

• ForecastIQ is an advanced hotel business forecasting solution that leverages real-time data and sophisticated analytics to provide daily updates and accurate hotel forecasts.  The tool analyzes historical trends, consumer buying habits, market dynamics, and consumer willingness to pay. 

• GroupIQ is a comprehensive group pricing tool developed for and by hospitality industry professionals.  It empowers your sales team to effectively price and manage group booking inquiries while considering incremental revenue, displaced revenue, and alternate date options.  

• LodgIQ AI is the all-inclusive revenue management system utilizing each unique product above to develop the most impactful pricing strategy.  There is also a custom combination of manual and automated. 

  • Manual mode requires a human operator to manually control the platform.

  • Co-pilot mode provides suggestions, warnings, and recommendations, but the revenue manager is responsible for controlling the system.

  • Auto-pilot mode takes over most tasks but still requires a revenue manager to be present and take control if necessary.

  • Fully Autonomous mode is responsible for all tasks and decisions without human intervention.

LodgIQ’s fresh approach to hotel revenue management is making a significant difference in the industry, and with these highly-anticipated products, more heads are now turning in their direction. With these latest advancements, the company is building on the success of its previous offerings, which have been responsible for significant revenue growth for hundreds of properties around the globe.

 

The company CEO went on to say, "Our team has put in countless hours to ensure that these products are not only functional and effective but also sleek and modern in design. We believe that our customers will be blown away by the results and value of these products."

 

These new products are available now. For more information, visit the LodgIQ website.

For electric vehicle owners in British Columbia, Tim Hortons is now fueling road trips in more ways than one.  The company has announced the expansion of its electric vehicle charging station pilot launched earlier this year in Oakville, Ontario, by unveiling six new charging stations at restaurants throughout  British Columbia.

Tim Hortons announced the pilot in February in an effort to study the technology, its usage and opportunities.

"We have been thrilled with the results of the pilot so far.  Usage of the charging station in Oakville has surpassed our expectations and we received many calls with requests to expand the pilot," said Paulo Ferreira, Senior Director, International Strategic Restaurant Design and Building Standards, Tim Hortons. "With more than 3,300 eligible restaurants across the country, we continue to look for opportunities to expand the pilot and contribute to the EV infrastructure."

The BC expansion, supported by the Province of BC's Community Charging Infrastructure Fund and Koben Systems Inc. (KSI), placed charging stations strategically in Nanaimo, Langford, North Vancouver, Burnaby, Abbotsford and Coquitlam to create paths within the province, allowing guests to travel from restaurant to restaurant strictly on electric power.

Tim Hortons offers charging stations as a courtesy to guests at six locations.  As of March 31st, 2013, Tim Hortons had 4,288 system-wide restaurants, including 3,453 in Canada, 808 in the United States and 27 in the Gulf Cooperation Council. 

Zume, a company that raised $445 million from investors to for pizza-making robots before switching to developing sustainable packaging in 2020, has shut down, The Information reported.

Launched in 2015, the startup promised to remake traditional pizza delivery with pie-making robots. Its Doughbot was said "to make each pizza crust five times faster than before while improving the quality of work for staff and speed of delivery for customers."  

• Silicon Valley Bank and Beyond: What You Need to Know

"SoftBank’s $375 million investment symbolized the huge checks investors were spending on startups attempting to reinvent conventional businesses with technology," stated The Information.

Knowland, a provider of data-as-a-service insights on meetings and events for hospitality and a member of the Oracle PartnerNetwork (OPN), announced the Knowland platform is available on Oracle Cloud Marketplace and will enable integration with the Oracle Hospitality OPERA Sales and Event Management sales and catering management application. Oracle Cloud Marketplace is a centralized repository of enterprise applications offered by Oracle and Oracle partners.

The Knowland Platform enables high-level operations and sales benefits by integrating data from the Oracle Hospitality OPERA Sales and Event Management application with Knowland's world-class meetings and events database for Knowland customers.

Oracle Cloud Marketplace is a one-stop shop for Oracle customers seeking trusted business applications offering unique business solutions, including ones that extend Oracle Cloud Applications. Oracle Cloud is an enterprise cloud that delivers massive, non-variable performance and next-generation security across a comprehensive portfolio of services, including SaaS, application development, application hosting, and business analytics. Customers get access to leading compute, storage, data management, security, integration, HPC, artificial intelligence (AI), and Blockchain services to augment and modernize their critical workloads. Oracle Cloud runs Oracle Autonomous Database, the industry's first and only self-driving database.

Jeff Bzdawka, CEO, Knowland, said: “Expanding Knowland’s data-as-a-service platform with rich data sources like the Oracle OPERA Sales and Event Management application is a key focus for us to deliver increasingly valuable sales insights that fuel hotel growth and profitability. Knowland’s participation in the Oracle Cloud Marketplace further extends our commitment to the Oracle community and enables our common customers to easily reap the benefits of rich, actionable data. We look forward to leveraging the power of the Oracle Cloud to enhance data access for the global hospitality industry.”

This collaboration will deliver sales efficiency and performance benefits to the hospitality industry in these areas:

• Increase data volume and quality using electronic data collection through an approved API. Enables the delivery of sales and event data from the Oracle Cloud directly into the robust Knowland database. Event information is quickly available to supplement market data and enhance account profiles, informing sales teams and thereby improving decision-making outcomes.
• Accelerate revenue velocity across hospitality businesses by taking advantage of the strong growth in meetings and events. Increase and maintain revenue base when other segments, such as business travel, are less steady.
• Improve efficiency and enhance sales productivity by providing accurate, timely access to market data. The Knowland and Oracle partnership enables customers to enroll in automated data contribution, thereby streamlining their reporting processes and providing timely insights to fuel sales decisions by leveraging the two powerful platforms together.

The City of New York has set a minimum pay rate for app-based restaurant delivery workers.

Starting July 12, app-based restaurant delivery workers in New York City will be paid $17.96 per hour, approximately 30 cents per minute before tips.  The hourly rate will increase to $19.96 when it is fully phased-in on April 1, 2025, and will be adjusted annually for inflation.

Restaurant delivery apps will also have flexibility in how they pay the gig workers the new minimum rate. According to the statement, apps have the option to pay delivery workers per trip, per hour worked, or develop their own formulas, as long as their workers make the minimum pay rate of $19.96, on average. Apps that pay workers for all the time a worker is connected to the app. Apps that only pay for trip time (the time from accepting a delivery offer to dropping off the delivery) must pay at least approximately 50 cents per minute of trip time in 2023, not including tips.

According to a statement by the NY Mayor's Office, the city's estimated 60,000 delivery drivers make an average of $7.09 per hour.  Department of Consumer and Worker Protection (DCWP)  considered all comments submitted during the public comment period. For more information visit DCWP's website.

SevenRooms, a guest experience and retention platform for the hospitality industry, released its latest consumer report, “2023 Dining Discovery & Booking Report,” highlighting how guests discover new restaurants and book reservations. One thing is clear – diners are utilizing many channels for discovery - from word of mouth to a variety of online channels. Nearly two-thirds (61%) of diners hear about or discover new restaurants from friends, family and co-workers, followed by 33% using Google, 29% searching social media for restaurant profiles and 22% discovering through social media influencers or trusted sources. Only a small percentage use third-party platforms such as OpenTable (9%) and Resy (3%) to discover new restaurants.

“Coming out of the pandemic, operators are navigating an entirely new landscape which includes how diners are discovering and booking reservations,” said Joel Montaniel, CEO & Co-Founder of SevenRooms. “In this new world three things are clear: being everywhere diners are online is table stakes, diners prefer to book directly as opposed to using a third-party app, and while third-party apps are still important, Google is quickly becoming one of the preferred destinations for diners when they don't go direct to the restaurant.”

Defining today’s restaurant guest

In the United States, today’s guests expect more than just a meal, and creating opportunities to build loyalty will set restaurants apart. Each experience can turn a one-time diner into a loyal guest – but it must include personalized touches from start to finish. It is critical for operators to own their data to create a relationship with each guest based on preferences, past visits and upcoming special occasions noted when booking direct. By building this relationship, operators are able to be more proactive with their guests, personalize dining experiences and use the data they collect to curate experiences that will ultimately drive more revenue. 

The beauty of a direct booking platform is the ability to capture that data; for example, asking the guest when they are booking if they are celebrating anything special, or noting dietary preferences. Guests are also willing to make that extra step to make sure they have an excellent experience - nearly half (45%) of diners will call the restaurant directly to book a reservation, and 35% will book through the restaurant's website. Twenty-nine percent of diners also say that they receive better experiences at the restaurant when they book direct, and more than 1 in 4 (27%) feel restaurants prioritize their reservation when doing so. 

Similar to how today’s diners are catching on to the experiential benefits of booking direct, they are also realizing that third-party platforms are not actually in the best interest of the restaurant. Sixty-one percent believe that making reservations directly with the restaurant, rather than with a third-party reservation platform, is better for the restaurant. Additionally: 

• 29% of respondents want to do all they can to directly support restaurants
• 17% of respondents noted that third-party reservation platforms charge too much in fees to the restaurant, and guests would rather not have the restaurant incur that cost

“As the expectation for incredible experiences grows, third-party reservation platforms are losing market share as diners prefer to book directly with restaurants to ensure they get the best experience,” said Montaniel. “SevenRooms has always been dedicated and focused on empowering operators to deliver the most personalized guest experiences. Our omnichannel approach, enabling restaurants to meet guests wherever they are, whether through global discovery and booking channels or a restaurant's own website, helps operators serve diners in this new world while helping them operate more sustainable and profitable businesses.

To learn more about SevenRooms, please visit www.sevenrooms.com.