What is a hotel revenue management system?
Hotel revenue management software automates the process of using hotel analytics to determine the right price for hotel rooms to ensure maximum profitability and revenue. The key role of a hotel revenue management system (RMS) is to sell the right product to the right customer for the right price at the right time on the right channel.
How does hotel revenue management software help?
Benefits of RMS
1. Provides accurate forecasting
The software ingests all the available data, past and present, to accurately figure out what the hotel’s demand would be in the future. This forecast help in making smarter decisions by revising the operations, sales, and marketing strategies.
2. Saves time
Automating your revenue management system means that you do not have to spend time in building spreadsheets, generating reports, calculating the demand manually, and entering data by hand into the system. This saved time can be used to strategically think about building the hotel’s reputation and enhancing the guest experience.
3. Improves RevPAR
Revenue management software is designed to optimize business mix, balancing the average daily rate (ADR) and occupancy to drive optimal revenue per available room.
4. Provides competitor information
RMS allows you to check the room rates of your competitors. This information arms you with information that you can adopt while developing a strategic pricing model.
Top 5 hotel revenue management software
- Fully integrated automated hotel revenue management software
- Provides 12 useful add-ons to address your hotel’s unique needs
- Uses artificial intelligence, machine learning, and big data to give efficient results
- Offers market segment and dynamic room type pricing
- Offers 1-month FREE trial
- Helps you make analytically-driven decisions through an automated machine-learning engine
- Uses SAS high-performance analytics to incorporate and analyzemultiple hotel and market data sources
- Recommended for large hotels
- Provides real-time data by continuously analyzing the historical data, competitors, and web searches
- Recommended for medium and big hotels
- More user-friendly and agreeable for the slightly less experienced, or technical minded, revenue manager
- Follows Open Pricing methodology that allows you to yield unlimited segments, channels and room types in real-time
- Updates automatically without costly and time-consuming upgrades
- Recommended for medium-sized hotels
5. Be on price
- Maximizes profit based on quality indicators and market segmentation
- Detects disparities and minimum stays on your official rates in OTAs and the main meta search engines
- Takes into account more than 21 objectives, high-quality features and synthesizes customer behavior when booking
Hotel revenue management is at the forefront of growth. Invest in the right revenue management software to ensure that you don’t want to miss out on opportunities to make the most of your hotel business. Which revenue management system is right for you? Picking the right one depends on your hotel’s size and revenue bracket. Know your business complexities and choose the software that can address them. It is recommended to go for software that provides free trials: this helps you understand its usage and relevance in a better way. You can also check https://wcitv.com which provides hotels with world-class entertainment and software.