Hotels’ Management Optimiser (HMO) – Pricing, Forecasting, Distribution – innovative new generation software for setting and forecasting prices and managing hotel revenues
Reference number of the aid programme: SA.41471(2015/X) Purpose of public aid: Article 25 of EC Regulation No 651/2014 of 17 June 2014 declaring certain types of aid compatible with the internal market in the application of Articles 107 and 108 of the Treaty (OJ L. I'm sorry. EU L 187/1 of 26.06.2014). The subject of the project is the implementation of research works and the development of new advanced algorithms allowing for forecasting hotel services prices depending on a wide range of internal and external factors and managing hotel pricing policy based on knowledge. The main aim of the project is to develop a prototype of an innovative IT solution for dynamic forecasting of hotel room prices and hotel revenue management in Poland and around the world – Hotels’ Management Optimiser (HMO). The project aims to develop a global product innovation. The main problem that the tool developed in the project will solve will be the support of hotel managers in response to the question: what price should I set for today, tomorrow and the next day? The planned solution is an innovative product – unique software based on self-learning algorithms that process large data in real time (e.g. weather data, hotel system data and tourist portals and OTA e.g. booking.com, historical price data) using autonomous neural networks and other advanced data processing methods (e.g. random forests, support vector machines). It will allow to predict price behaviour with high accuracy and in advance, supporting decision-making by managers and thus increase the revenue and profitability of hotels. The product developed will also allow direct management of hotel pricing policies from the software level (publication and price changes in a wide range of booking systems).