The entire premise of hotel revenue management is based on the ability to predict demand ahead of time. As a result, any RMS software you use should include comprehensive forecasting management capabilities.
Fremont, CA: Revenue management is a crucial factor for companies in the hotel industry, and a revenue management system (RMS) can help you make informed decisions based on data and evidence.
In this article, we are pointing out important features of RMS:
Integrations with Third-Party Software
Rather than relying on a single hotel management software solution, a modern hotel will typically employ a number of different software solutions. As a consequence, it is critical that your revenue management system integrates with third-party applications or systems so that they can work in tandem. Channel management, property management systems, rate-shopper software, and customer relationship management are some of the most important software integrations. Two-way data sharing must be possible in all cases.
Channel Management
A high-quality RMS will also include channel management capabilities, allowing you to distribute inventory data across multiple channels. This information could include real-time room availability and rates via channels such as the hotel website, OTAs such as Expedia, and hotel booking platforms. Importantly, this channel management capability should also allow you to manage rates and availability on each of those channels. For instance, you could designate a certain percentage of your rooms to be distributed exclusively through the hotel website, avoiding commission on those while still catering to other channels.
Forecasting Management
The entire premise of hotel revenue management is based on the ability to predict demand ahead of time. As a result, any RMS software you use should include comprehensive forecasting management capabilities. This should include the ability to generate accurate forecasts quickly and easily based on all available information and data. Forecasts should be able to be generated with maximum accuracy using past performance data, information currently in your books, previous booking patterns, local events, and pricing patterns. These forecasts should also be able to be adjusted in real-time by simply changing the data.
The entire landscape of hotel revenue management is heavily dependent on being able to predict demand ahead of time. As a result, any RMS software you use must provide comprehensive forecasting management functionality, including the ability to generate accurate forecasts fast.
