Revenue Management System – Benefits And Features

In today's unpredictable markets, the benefits of employing a revenue management system are growing. Due to the Corona crisis, most established booking patterns have vanished, and demand changes during the recovery phase will be unpredictable. This makes it more crucial than ever to keep an eye on your market so you can keep your rates competitive and avoid losing business to your rivals. During a market recovery, using a cutting-edge revenue management system could mean the difference between failure and success. A revenue management system has several advantages, some of which are listed below. The following are the main advantages of utilizing a revenue management system:

1. A revenue management system can be used to increase revenue by capturing future demand - Your pricing adjustments are automated using a contemporary revenue management system. You can guarantee to sell at the best price at any moment and increase your hotel revenue by letting software handle pricing adjustments in real-time. The pricing also takes future demand information into account. With millions of top-of-funnel search and pricing data sources, including OTAs, travel data, events, holidays, alternative lodging inventory, and meta-review sites, Market Insight is the source of the future data pillar.Users will benefit from a unique perspective on peak demand days and market anomalies thanks to demanding data that shows hotel booking demand and booking intent in any geographic hotel market, 365 days in the future. For hotels to be able to make more reservations before the competition, access to future demand data is crucial. Try the RMS if you want to truly get a head start. When set to automatic, the system adjusts your prices as necessary, allowing you to take advantage of even the tiniest changes and draw in more business at the most competitive rate in the industry.

2. Enhancing forecast accuracy with a revenue management system for better outcomes- You will no longer need to manually enter figures into Excel spreadsheets or report systems by automating your revenue management strategies. This gives hotels more time to think strategically and tactically about how to position their establishment in the market.

3. A revenue management system can improve operational efficiency and reduce the number of man-hours required - As a revenue management system typically involves little to no manual application, it will reduce man-hours. By reducing manual workflow, you will not only place your hotel on the market but also save 20 to 40 hours each month, giving you more time to communicate with your team on the floor and boost guest-facing interaction. The product is perfectly suited to the current reality of hotels, where there are fewer human resources, a greater demand for automation, and higher profit margins.

Additional advantages of putting in place a revenue management system include:

• Hoteliers can use efficient hotel revenue management tactics.
• Utilize information on market demand fluctuations and comp set rate modifications.
• Whenever demand fluctuates, automatically adjust pricing around the clock.
• With the help of market intelligence data, you can capture future reservations while saving time and effort on competitor and market research.
• You can also access OTA Insight's comprehensive BI reporting.
• Utilize price automation to save a tonne of time.

What Characteristics Of Revenue Management Software Should You Search For?

You should anticipate a few elements from any respectable revenue management system on the market, which you can think of as hygiene aspects. In today's hotel industry, features like a cloud-based solution and a mobile-friendly interface are essential for any revenue manager.

Additionally, certain additional distinctive characteristics of revenue management software can make a difference. A "Next-generation" revenue management system, which is built on self-learning algorithms and is more accurate over time, is based on machine learning and AI. Among other things, a system of this kind should handle real-time pricing, competitive intelligence data, price group bookings, automatic price recommendations, and reporting capabilities.

• Automated suggestions

Your PMS will immediately reflect your price recommendations after pressing a button. There is no need for manual updates or analysis. Select whether to accept your suggestions individually, in bulk, or even to easily override some suggestions.

• Compset data

Since every hotel is different and requires a customized plan, using your data to decide your pricing strategy is a wonderful place to start. However, it's critical to take competitor intelligence data into account in your pricing management if you want to flourish in a real-time and dynamic market where properties actively fight for visitors.

• Future Demand

Revenue managers may effectively estimate demand even during uncertain times with the help of future demand data, which provides booking and trip intent data. Future demand data will monitor your reservation 365 days a year, rolling 24 hours a day. Modern technological solutions are skilled at providing these insights, giving you an unmatched advantage over your rivals. Using this information provides you the chance to anticipate high-compression dates and spot trends as they develop.

• Autopilot

You have the option to put the system on autopilot if you'd like. Without requiring you to spend time reviewing them, price recommendations will be instantly forwarded to your PMS.

• Display of Multiple Properties

Hotel managers will know which properties require attention immediately thanks to the Multi-Property UI. Using real-time, 360-degree monitoring of the performance of your whole hotel portfolio using aggregated KPIs. No matter where you are, you will always be able to follow through and act.

• Pricing module for group reservations

Having a tool like this might help you stand out from the competition since groups frequently request proposals from several hotels. You'll not only be able to present a competitive rate that is by the market, but you'll also be able to send it out before your rivals have even had a chance to complete their preliminary calculations.

• RMS real-time pricing

By using real-time prices, you can maximize prices during times of high demand and secure market share while staying one step ahead of your rivals. Real-time pricing optimization will keep you competitively priced no matter how quickly your rivals change their prices. You shouldn't be surprised to learn that this extremely dynamic pricing method will significantly improve your bottom line.

These are the few benefits and suggestions to select the right revenue management system.