Prorize, a provider of revenue management solutions, announced today that they and their customer, Holiday Retirement, the largest private owner and operator of independent senior living communities in the United States, have been jointly awarded the Franz Edelman Award. The award, sponsored by the Institute for Operations Research and the Management Sciences (INFORMS®), recognizes and rewards outstanding contributions of analytics and operations research in for-profit and non-profit sectors around the globe.
Prorize was recognized for implementing its Senior Living Revenue Optimizer™ (SLRO™) solution at Holiday Retirement. Prorize’s SLRO, the first SAAS-based revenue management solution for the senior living industry, enables consistent and proactive dynamic pricing across Holiday’s 300+ communities, while simultaneously providing optimal pricing recommendations for each individual unit.
“Prorize dramatically changed our business in ways that have truly impacted our employees, our customers, our communities and our shareholders,” said Scott Shanaberger, COO of Holiday Retirement. “We now have control over our corporate pricing process, eliminating inventory devaluation and maximizing long-term revenue.”
Experts estimate the U.S. population over 65 will double by 2030, dramatically impacting senior living industry growth. In 2011, Holiday benefited from this growth, but knew it was leaving money on the table. Prior to Prorize, Holiday set prices at the corporate level each year and passed them down to its sales team. This resulted in frequent requests for exceptions, which led to sales people constantly negotiating prices between both corporate and prospective residents.
Prorize’s SLRO removed the distraction of discounting and price negotiation, enabling Holiday’s sales team to focus on value-based selling. This raised Holiday’s organizational “pricing IQ” and transformed the sensitive process of choosing a senior living facility into a positive customer experience.
“We couldn’t be more proud of this recognition by INFORMS and our work with Holiday Retirement,” said Ahmet Kuyumcu, Co-Founder and CEO of Prorize. “Our team worked tirelessly to create a world-class solution for senior living and other rental-revenue industries. The results at Holiday Retirement prove that revenue management is transformational to a company’s bottom line.”
Prorize is a leader in revenue management solutions for the senior living, self-storage and other rental-pricing industries. The company’s SAAS-based pricing solution enables its customers to realize maximum value from their products and services. Setting the right prices empowers sales teams to focus on customer needs and sell products based on value. Prorize delivers bottom-line results with customers, achieving 5% to 15% incremental revenue increases. To learn more about Prorize, visit http://www.prorize.com or email info(at)prorize(dot)com
About Holiday Retirement
Since 1971, Holiday Retirement has endeavored to provide its signature “Holiday Touch” to residents and their families. Today, Holiday is a trusted name in senior living and provides security, comfort, and value to independent seniors seeking a fulfilling lifestyle. Holiday operates more than 300 retirement communities, making it the second largest senior housing operator in the United States. For more information about Holiday Retirement, please call 800-322-0999 or visit http://www.holidaytouch.com.
With more than 12,500 members from around the globe, INFORMS is the leading international association for professionals in operations research and analytics. INFORMS promotes best practices and advances in operations research, management science, and analytics to improve operational processes, decision making, and outcomes through an array of highly-cited publications, conferences, competitions, networking communities, and professional development services. Visit http://www.informs.org or @informs.Source: PRweb