The PXMS focuses on the guest experience (X) beyond the guest room and enables resort leaders to sell their experience-based inventory with as much flexibility as their rooms
Six months ago, operators of hotels, resorts and casinos were introduced to the hospitality industry’s first official Property Experience Management System (PXMS) — a full-stack technology platform that provides the ability to sell, yield, and operate on-property experiences. Because managing each experience on a different, siloed system is a real pain point for operations and their customers, the PXMS was created to manage them all in one place, making it an integral part of resort operations, just like the hotel’s property-management system or PMS.
Since the launch of this new technology category, there have been several articles written to dive deep into the technology to learn more about it and uncover its benefits. Queries coming in from hoteliers have been flooding in with most people asking: “Is this technology for real?” and “Is this a trend or do you believe this solution will gain traction and receive mass adoption?”
As someone who has spent the last 30 years in the hospitality, entertainment, and gaming industries working for iconic hotel, restaurant, nightlife/daylife, retail and residential brands such as Caesars Entertainment, Intercontinental Hotel Group, Hakkasan Group (now Tao Group), and MGM Resorts International, I am passionate about any technology that delivers customer-centric hospitality innovation and overcomes industry pain points, especially those focused on enhancing the overall guest experience and driving incremental revenue.
Here is what I believe the outcome will be for the PXMS:
Luxury and All-Inclusive Resorts Will Be Early Adopters of the PXMS
These resorts tend to be hyper-focused on the guest experience, have the most non-room inventory (NRI), and clientele willing to pay for elevated experiences. These resorts will be most attracted to the unified booking cart and itinerary management capabilities, as well as the ability to sell third-party experiences, which can drive significant incremental revenue.
Third-Party Marketplaces Will Leverage the PXMS
As this technology category matures, I see hospitality organizations leveraging PXMS capabilities to connect their NRI to third-party marketplaces in ways they cannot do today. While marketplaces for experiences exist, very few are connected to the property’s inventory or operational system and very few are able to package a room with an experience in a connected way.
Significant Revenue Management Advancements Will Result from the PXMS
The PXMS will turn the revenue management (RM) world upside down — but in a good way. By layering in NRI into distribution and RM models, the hospitality industry can start rethinking profitability through revenue diversification. In addition, with the PXMS, operators will have more concrete insights into guest value and willingness to spend beyond the room, enabling more personalized offers and dynamic packages.
Big Brands Will Adopt the PXMS
When I look at all the top global hotel brands and their ever-expanding portfolios, I ask myself “What is the big differentiator between them?” They all have amazing brands, great properties, exceptional service standards, and off-the-charts loyalty programs. But, if I were a hotel owner looking to become a franchisee, I would want a hotel brand that could sell all my inventory, not just my rooms, through its central reservation system (CRS). I would want their CRS to connect to my PXMS, like they connect to my PMS. No big brands are doing this yet, but the technology is there to start this exploration. I’m really interested to see which big brand claims this competitive advantage first.
The PXMS is innovative technology that is going to alter how we conduct business and how our guests interact with us. With any cutting-edge solution, education will be key to drive adoption. We are at an exciting starting point for this technology, which will continue to evolve and grow as forward-thinking organizations work with solution providers to develop new, innovative uses for it. The PXMS is a game changer, and our industry needs to take note.
Read the original article on HospitalityUpgrade or on HospitalityNet.
About the Author
Tracee Nalewak is Chief Growth Officer at UrVenue, pioneer of hospitality’s first property experience management system and the leading hospitality technology platform that powers commerce, enhances the guest experience and monetizes resort real estate by leveraging non-room inventory across all customer touchpoints in the booking and in-stay journey. Nalewak’s 30-year career in the hospitality, entertainment, and gaming industries encompasses varied executive roles in marketing, customer experience, CRM, and sales on a global scale for iconic hospitality brands including MGM Resorts, IHG, Caesars Entertainment and Hakkasan Group (now Tao Group).