About Rate Management Configuration
The Configuration>Rate Management module places all the vital information needed for optimum operation at your fingertips. The menu options offer an excellent overview of all rate configuration that allow you to maintain precise management controls. Rate Management can be used as a profitable marketing tool as it captures a wide range of data needed to make the correct marketing analysis. Information analysis is simple and precise, emphasizing revenues, budgets and yearly comparisons in combination with data of occupancy, segmentation and other guest information.
OPERA enhances and streamlines Rate Management with all the tools necessary to give better, more personal, and more efficient service to the guests, the result being an increase in the average price and the occupancy of the property in an environment that is constantly more demanding and more competitive. A property may define unlimited number of guest packages and plans connected to different prices controlled by a sophisticated rate management structure. Other services in the system can be easily defined including fixed or flexible prices. Room rate tables are as flexible as they can be and can be entered in different formats.
Rate Management configurable options include:
Codes - This option gives you the ability to create, define and maintain Market Groups and Codes, Turnaway Codes and Source Groups and Codes.
Market Groups - Market Groups allow you to group market segmentation codes into categories corresponding to the property’s marketing strategy. This segmentation provides both statistics and financial reporting at the group level as well as at the code level.
Market Codes - Use market codes setup to manage and track the source of property business, and analyze industry statistics and trends. Among other uses in OPERA, market codes display on Arrival and Guests In House reports, and are required on the reservation.
Turnaway Codes - Turnaway Codes are used to assist in recording the number of reservations or possible reservations that were "turned away" or could not be made by the property.
Source Groups - Source Groups allow properties to cluster source codes (single market segments under the Corporate main group such as Local Company, Contracted Rate, Corporate Day-use).
Source Codes - Use Source Codes to manage and track the source of business (mail, telephone, fax, central reservations, travel agency). OPERA maintains source of business statistics and just like market codes, source codes are attached to reservation records in order to track how the reservations come to the property.
Rate Classifications - Choose to use a breakdown of rate classes to assist your property in establishing their yield management.
Rate Classes - Rate Classes define rate structures for individual properties or for multiple properties.
Rate Categories - Rate codes are grouped into logical rate categories. These categories can be used to help speed up the search for rates from within the Reservations module. Using the Rate Category code, the user can select to display the available rate codes for one certain category only, for example only Group Rates, only Package Rates, Business Rates, Rack Rates, etc.
Rate Tiers - OPERA provides for the ability to configure and sell rates by Length of Stay or Tiers. When the Rates>Rate Tiers application function is set to Y, additional features for configuring and selling rates by lengths of stay are available within OPERA from System Configuration>Rate Management>Rate Classifications>Rate Tiers. Tier configuration is property specific and cannot be changed at the rate code or reporting levels. Properties can define up to a maximum of 5 tiers and must define a minimum of 2 tiers.
Rate Codes - Define the various prices for each room type over a particular date range or rate season.
Rate Info Template - Create a Rate Info Template which will be the default long info text for each individual rate code. Specify further information about each rate code and view it on the Rate Availability Grid.
Rate Seasons - OPERA allows rate seasons to be defined for a range of dates. The rate season can then be used to configure the valid dates when setting up rate details. Rather than having to type in the dates for the rate detail, you may select a rate season to automatically populate the dates.
Rate Groups - You can create rate groups used to further classify rate codes. Best BAR rate codes can be grouped and also dependent rates for more flexibility in rate management. Rate groups configuration is required for the ORS function of Dynamic Best Available Rate configuration and for the PMS and ORS functionality of Grouping Best BAR Rates.
Daily Rates – OPERA provides a means for properties to conveniently change the rate for a room type on a daily basis, raising or lowering prices as needs dictate. Properties can set up rates designated as "daily" rates for any number of rooms and then apply them for a date range through the Daily Rate Entry screen.
Packages - Work with the OPERA package system using a pool of reusable package components. You define a package component one time, and this component can then be used on many different packages. For example, you may wish to include a bottle of wine in 10 different packages. The "wine component" is defined one time, including its price, general ledger account, etc. This component can then be used on any package. Create new packages "on the fly" in less than one minute. OPERA can have thousands of different packages, each with up to multiple components. Packages are configured with "start and end" dates, and other parameters, to make the reservations department as efficient as possible. When a reservation agent enters the arrival date, departure date, and number of guests OPERA then displays the rates and packages available for those dates immediately.
Groups - A package group is a collection of package elements. Package groups allow commonly associated elements to be defined as a single unit that can be attached to a rate code or to a reservation. An example might be a Bed and Breakfast package which encompasses a room and breakfast service for a set rate.
Codes - Package setup involves defining package elements, or codes, and collecting these elements into groups, or packages. A package element is defined as an additional product or service that is sold as part of the rate or in addition to the rate. A package group is a collection of package elements.
Forecast Groups - This feature is used to configure the Package Forecast Report which shows the forecasted number of breakfasts, lunches, dinners, cocktails, tennis lessons, green fees, etc., per day.
Rate Strategy - Fluctuate your rack rate based on occupancy. Or, if you'd like more control over the rates quoted to customers, use occupancy tiers to specify which rates are available at different occupancy levels. Several pre- defined rate formats are available (per person, per night, etc), or user-definable rate formats can be customized to work with any unique or special rates you may have. Rate type designations are also available. Specify whether a particular rate is a rack rate that applies to all guests, a special rate that only certain guests qualify for, a group rate that only applies to groups or a contract rate that has been negotiated with a company.
Rate Availability (F5) - The Rate Availability Grid shows the availability of all rate and rooms restrictions for a given month. A year view is also available where properties can evaluate is selling strategy long term. It is here where restrictions for rooms and rates can be set and controlled.
Property Calendar - See at a glance an overview on all the events and day types that were defined for a certain period of time and a broad view of the daily status of the property. Define those events and day types that are visible within the calendar functionality.
Calendar (Ctrl+F4) - The Property Calendar provides a quick overview on all the events and day types that were defined for a certain period of time.
Day Type Codes - Certain day types can be configured in OPERA which allow rates to be either increased or decreased on these days depending on the forecasted occupancy. Rates will be temporarily increased for that day type by a percentage or additional amount. Day type can be reused for multiple dates and are viewable from the Property Calendar as well as the Control Panel.
Event Codes - Event Codes are used to define events that may affect property rates and occupancy (e.g., conventions, festivals, entertainment galas, sporting events). OPERA allows special events to be entered and then displayed in the Rate Query screen and the Property Calendar screen.
Global Rate Update - Change the price associated with rate codes globally for all your rate codes or for certain rate categories.
Yield - Yield Management is an add-on OPERA module based on license code activation. Yield management can significantly increase occupancy and average daily rate thereby increasing property profit and value.
Hurdle Rates - Hurdle Rates represent the monetary hurdle value calculated by the yield management software after considering information extracted from OPERA’s tables.
Yield Categories - Yield Categories allow you to actively define the number of rooms to assign to a yield category.
Adjustment Codes - Yield Adjustment Codes allow you to define negative or positive adjustments amounts and use them in conjunction with rate codes. A negative adjustment amount will reduce the ratable value compared to the hurdle rate when determining if the rate code is available. Likewise, a positive adjustment amount would most likely be used with negotiated corporate rates where the rate amount charged to the guest is low due to a contractual agreement.
Promotions - When the Application Settings>Membership>Promotions function is set to Y the Promotions menu option can be used to create promotions and market programs that are easily communicated to a guest.
Marketing Programs - Marketing Programs simplify the process of defining various marketing promotions which are accessible from either the Rate Query or the Reservation screen.
Promotion Codes - Promotion Codes are used to configure, identify, and track promotional opportunities and can be attached to either reservations or profiles.