What is a Revenue Management System? This is a system that assists with the running of a hospitality strategy that predicts consumer demand, while optimizing inventory and pricing in order to maximize profits. A combination of forecasting and analytical skills are used to deduce a long-term strategy as part of the automated system it uses to create a profitable balance of occupancy and rates.
Learn about the 3 top Revenue Management System features that will benefit your hotel.
By combining Revenue and Property Management platforms, hoteliers can gain a deeper understanding of guests and automate decision-making processes better when it comes to pricing and inventory. Through data integration, data is seamlessly shared and connected in as real-time as possible for accurate forecasting.
The Power of the Cloud
With large volumes of data across disparate and fragmented technologies, cloud processing allows data silos to be consolidated. This means hotels within the same brand can share information across the board, including shared information on individual or group consumer behavior, and customer lifetime value (CLV) important for pricing and availability measures. Loyalty and total property spend data can also be tracked and stored, while expanding on the limits of on-premise data storage.
Channel Management Optimization
To minimize human error, rates and inventory information should be seamlessly communicated across all touch points in an automated way. To be presented in a consistent manner, this means reliability on prices and availability that customers can count on no matter which site they are on.
The ideal channel manager efficiently manages inventory from a single monitoring point that transmits updates on availability and prices to a combination of channels. Control your revenue from a single system with the help of an efficient channel manager that can adjust inventory while enabling individual price plans to be applied.
Ensure your Revenue Management System has an intuitive interface that also supports your hotel with tools, such as report generation to aid decision-making, while making the best use of your system.
To learn more about revenue management and some pointers, read 4 Revenue Management & Distribution Tips For 2019.
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