Top Features of the Best Hotel Revenue Management Solutions
Are you looking for the best hotel revenue management solutions in the hospitality industry?
Whether you own a small-sized hotel, a luxe one or work as a revenue manager for a big chain, you’ll want to maximise business revenues and performance at a certain point. Therefore, concentrating on a robust revenue management strategy is essential.
You are guaranteed success and profitability if you invest in a high-quality revenue management system.
To be clear, revenue management software isn’t a brand-new concept. They have been in the hospitality industry for a long time. However, revenue management software could excel, if not become indispensable, only after the arrival of advanced tech and big data applications in the last few years.
In this blog, you will learn about the key features to look for in a revenue management system and the benefits you will receive if you invest in one.
Let’s get to it!
What Is a Revenue Management System?
A hotel revenue management platform is a tool that can critically analyse internal metrics, market supply and customer demand to evaluate the optimum rates for your hotel rooms. You can optimise room rates from a single centralised dashboard across your distribution channels.
It also updates the channel manager software and property management system software of any changes. A robust revenue management software solution analyses the industry and demand in real-time using the data provided and a set of advanced algorithms.
Revenue management solutions are the latest addition to the suite of tools that automate most hotels’ tedious and manual hotel operations. These systems are increasingly becoming more adaptable, accessible, and beneficial with changing times. They not only save your time and effort but also result in increased revenue.
The use of revenue management tools in hotels has increased dramatically in recent years. However, 80-90 per cent of hoteliers have yet to embrace any type of RMS hotel.
Bearing this in mind, adopting revenue management systems now will push your hotel to be successful in the market and provide a significant edge over its competitors.
Top Features You Should be Looking for to Choose the Best Hotel Revenue Management Solutions Software for Your Hotel
The best hotel revenue management solutions are advanced software tools with several functionalities. Although, the specific needs of the features of a revenue optimisation system will vary depending on your location, inventory, and workforce.
However, here is a list of features that we recommend you look for to get the best revenue management software :
Your hotel doesn’t run solely on its income. When hotel industry tools such as property management systems, channel managers and booking engines are integrated, they function considerably more efficiently.
When choosing the best revenue management system for your hotel, look for uninterrupted, two-way integrations with some of these essential hospitality industry solutions. This will make the transfer of data automated and smooth, with no additional effort on your part.
Management of forecasts
Forecasting supply and demand is a vital step in effective revenue management. Industry’s best hotel revenue management solutions must include comprehensive and accurate forecasting capabilities.
A variety of data sources should determine these forecasts. They should also be adaptable, allowing for real-time updates.
Your revenue management system’s primary function is a pricing model. This function maximises your room rates based on available data for different room categories and dates. The pricing system should also be separated into individual, business, and group reservations.
Some revenue management platforms go to the extent of allowing you to customize the price for each channel. Look for flexible pricing if you don’t want to be tied down by an agreement.
With additional integration possibilities, you can get demos of revenue management systems before committing to one. You can keep looking for one until you find the perfect solution for your hotel.
Dynamic and versatile reports
Everything in a revenue management system revolves around data. It is, however, meaningless if you cannot access, comprehend, and act on it.
Whether you let your revenue management system do all the work or if you have a strong influence on management and decision, you’ll need accurate, reliable reports to showcase your progress.
Reports should be not only personalised but also be quick and easy to export and share with other members of staff. Look for revenue management software to generate detailed performance reports and charts for all platforms and hotel operations.
Finding the best hotel revenue management solutions for your hotel will be very beneficial with such brilliant features.
Benefits of hotel revenue management software
Revenue management systems are even more vital for smaller and mid-sized hotels since fewer rooms optimize revenue per room.
It’s a great tool for larger hotels too, because it’s almost impossible to handle the task of revenue management manually. And performing revenue management calculations manually could lead to more human errors and poor judgments.
Here are some benefits for owning the best hotel revenue management solutions software for your hotel:
Increased efficiency and time management
When you switch to hotel revenue management software, you will discover that it saves you a lot of time. It does so because it eliminates any manual pricing job requirement, which often saves several hours each week.
The top revenue management systems are all cloud-based revenue management tools that facilitate users to sign in from anywhere and access information from a dashboard.
You’ll be able to instantly monitor all of your price data, as well as industry and competitors data if you use quality revenue management software. You’ll have access to all this information on one platform, which means no further excel spreadsheet or manual investigation.
Additional income opportunities are frequently overlooked when your revenue department reacts rather than forecasts. A revenue management system can accommodate changing seasonal or special requirements. If your region has an event, it will make sure that you stay ahead of the competition.
Machine learning algorithms can analyse huge volumes of historical information and correctly predict patterns. This helps you not scramble at the last minute to change your prices due to an unforeseen event or a decrease in competitor pricing.
Attract the ideal guests to increase revenue
When you price your hotel rooms appropriately, you attract the right kind of guests—the kind who will increase revenue by maximising auxiliary sales.
You can formulate strategies based on visitor profiles with a revenue management system, and you’ll be able to upsell more efficiently with customised, promotional and tailored packages.
Ensures flexibility to focus on customer satisfaction
Hoteliers can use revenue management systems to optimise staff efficiency and make the best use of their skills.
Revenue management system benefits hotels by automating processes, reducing manual effort, cutting expenditures, and delivering great customer satisfaction.
How Can AxisRooms Be Your Best Hotel Revenue Management Solutions Partner?
AxisRooms’ revenue management system can help you optimise your revenue by pricing smartly. Our revenue management system can accomplish dynamic pricing based on demand, seasonality, day of the week, competitors, and other factors.
You can also use advanced analytics to evaluate your hotel’s key performance metrics. Our revenue management system can deliver the best rate 365 days a year, 24 hours a day, seven days a week for your hotel.
With a demo, you can try out our revenue management system and see for yourself how efficient it is.