National Storage Adopts Industry Leading AI Pricing Software
Partnership with US-Based Prorize Expected to Optimize Revenue, Improve Customer Experience
National Storage recently announced the successful deployment of a new revenue management system at all of its 190+ locations. Aptly named Self Storage Revenue Optimizer (SSRO), the enterprise software was developed by Prorize, an award-winning US-based company that specializes in revenue management solutions.
The announcement comes after an extended period of testing in its facilities and follows a recent global trend that is seeing entire industries upended by advances in Artificial Intelligence (AI) and machine learning.
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“We’re always looking to be on the forefront of the digital revolution. With Prorize, we have a partner that is on the cutting edge of this revolution, helping support our aggressive growth strategies with a data driven pricing solution that allows us to maximize revenue while still putting the needs of our customers front and center,” remarked Stuart Owen, National Storage’s Chief Financial Officer.
McKinsey expects that AI is poised to deliver around US$ 13 trillion, or 16%, to annual global GDP by 2030. The impact will be felt across many industries, including the self-storage industry, and early adopters are expected to capture most of the economic benefits.
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“The self-storage industry is highly dynamic and having the right prices for our units all the time is key to our ongoing success,” remarked Brian Menke, Head of Revenue Generation at National Storage. “Previously we tried rule-based pricing systems, which were more labor intensive and had greater fluctuations. We actually began rolling out Prorize’s solution in March this year, in the midst of the global pandemic, and we’ve been impressed how efficiently and effectively their software reacts to changing market conditions,” he continued.
Prorize’s entry into the Australian market follows the successful deployment of its AI pricing software in the US, Europe and South America. “While every market is different, the data driven insights that allow self-storage companies to succeed are largely based on the same principles, no matter where you are,” commented Ahmet Kuyumcu, CEO of Prorize. “Ultimately, allowing data-driven algorithms to adjust pricing brings operators greater revenue, occupancy, and efficiency, but it also needs a forward-looking company like National Storage to be willing to trust the science,” he concluded.
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