New VRMS Updates: Competitor Pricing, Workflow, and Dashboard
Veritec Solutions has introduced several new capabilities in the Veritec Revenue Management System (VRMS).
The latest VRMS updates include a new AI-based competitor alert capability, expanded Automated Queue Processing options, and a new Auto Update Dashboard. Together, these features give pricing teams additional ways to focus attention on important market changes while increasing workflow efficiency.
More Focused Competitor Price Alerts
The new AI-based competitor price alert capability gives operators greater control over which competitive price changes receive their attention. Users can identify the specific competitors that are most important to their pricing decisions and customize the relative importance assigned to individual competitor companies. This helps focus attention on competitor actions that are most relevant to a particular store or market.
The new capability also extends the workflow beyond monitoring. When appropriate, users can update Starting Rates directly from the competitor alert screen rather than returning to the normal Queue workflow.
Expanded Automated Queue Processing
VRMS Automated Queue Processing (AUP) allows operators to automate selected Starting Rate changes according to parameters they establish.
The latest enhancements provide additional controls, including the ability to specify maximum rate changes as either a percentage or a fixed amount, as well as establish a maximum rate per square foot. These controls can provide additional flexibility when operators need to manage Starting Rate adjustments within specific pricing limits, including situations involving emergency pricing regulations.
Operators also have additional choices for incorporating competitor prices into Automated Queue Processing, along with a new option for incorporating Average Occupied Rent into the VRMS recommendation process.
Greater Visibility Into Automated Updates
A new Auto Update Dashboard provides a centralized view of changes made through Automated Queues.
As pricing automation expands, visibility into automated actions becomes increasingly important. The dashboard makes it easier for pricing teams to identify and review the updates generated through their automated processes.
Continuing to Expand VRMS Capabilities
These VRMS updates build on a broader set of system capabilities supporting Starting Rates, Good, Better, Best Pricing (Value Pricing), Rent Increases, Promotion Recommendations, competitive pricing analysis, and Reporting.
Veritec also provides training and support to help operators understand new functionality, evaluate how it fits their existing pricing processes, and make effective use of both new and established VRMS capabilities.
As VRMS continues to evolve, the objective remains consistent: provide self-storage operators with practical analytics, flexible automation, and greater visibility into the information supporting their pricing decisions.