Rate Table
This is used to control rates on a seasonal and yearly basis or to configure contracted rates with third parties. It’s an extremely course form of rate control which is usually also known as a “rack rate”. It’s updated very infrequently.
Yield Profiles
Yield profiles are used in ChartsBeds to apply discount or uplift to Rate Table determined rates to maximize yield. Variation to Rate Table determined rates is achieved using a reasonably complex pre-configured tables of adjustment based on room types and rate codes. While Yield Profiles are very powerful, they do require considerable management and are not considered extremely dynamic.
Rates Override
Rate Override determined rates within ChartsBeds allows an extremely dynamic and fine adjustment of rates on a day by day, room type and rate code basis. Adjustments don’t require any pre-configuration of any tables and can be performed using a spreadsheet approach that simultaneously displays current occupancy figures and competitor rates.
This allows management and yield control staff to respond very quickly to dynamically changing situations with absolutely no pre-configuration necessary and very little training. Simply move to a date, room type and rate code and change the rate offered.
Member/Loyalty Discounts
These discounts are applied to the resultant rate determined from Rate Table, Yield Profiles and Rates Override. This discount is based upon pre-configured Charge Codes, Rate Periods, Room Types and Rate Codes.
As can be seen from the various rate management tools available within Charts, Rates Override offers an extremely flexible and simply way of quickly responding to changing situations and thereby maximizing yield. In fact some properties choose to control rates using Rates Override ONLY with Rate Table and Yield Profiles, effectively disabled.