9 Advantages of a revenue management system to Hotels
Reliable software solutions can be hard to come by; how do you know which software is most beneficial to your specific needs? If you are considering investing in a revenue management system for your property, no matter how big or small, consider the below. We’ve put together a list of why having an affordable, reliable revenue management system can be beneficial for your RevPar, forecasting and the valuable time of you and your staff.
1. Accuracy of Data
Using a revenue management system means the information needed to yield your rates effectively comes directly from your PMS so you are guaranteed the information is accurate and up to date. Don’t leave your properties valuable revenue decisions to guesswork, make sure you have the data you need to make informed decisions and remove the risk factor.
2. Save Time
How much time do you or your revenue team spend downloading and printing reports each day? Using an RMS cuts down on the amount of time you spend gathering valuable information as it is always on hand at the click of a mouse. Spend more time analysing the data to maximise your RevPar instead.
3. Better Analysis
The less time you spend gathering data and doing general admin work means more time analysing business trends and gives you a clearer picture of market segments and how they are performing year on year. Using an RMS, you have a clear 365-day view at your fingertips which ordinarily would take hours to compile.
4. Intelligent Decision Making
We’re not saying you aren’t perfectly capable of making intelligent decisions about your own property, but an RMS makes your life a lot easier. Having so much accurate information to hand at all times means you can make more informed decisions and takes out the guesswork.
5. Low Cost
We understand the financial impact installing an RMS can have, especially on small businesses so we’ve priced our services fairly. You pay a once-off set-up fee and one low-cost price per month allowing you to budget accordingly, making sure you are financially secure throughout the year with no surprises. Planning up to 365 days into the future also means you can accurately forecast your properties revenue stream
6. Improves REVPAR
Using an RMS ensures your hotel grows occupancy at the right price at the right time. Taking a full-year forecast into account means you can account for special event dates (concerts, matches, etc.) and yield rates in accordance with demand. You can also compare RevPAR with the year before analyzing differences, whether negative or positive.
7. Automation (to and from)
Using an RMS means your reports are automated. At a set time each day, your data is retrieved from your PMS, compiled into an easy to read format and delivered straight to your inbox. Don’t worry if your revenue manager is on holidays, the report will still be delivered on time every day. When you need to change rates, you don’t need to worry about updating a dozen OTA’s, our automated system does all of the work for you at the click of a button.
Revenue management software allows you to make better more informed decisions, meaning your guest has access to your best available rate at all times. Once your rate changes are loaded into Rate Wise, they automatically update your channel manager or PMS, streamlining the rate change process.
9. Kinder to the Environment
Last but often most importantly, using an RMS is kinder to the environment. It cuts down on printing and stationery costs, creating less waste and leaving a very little paper trail. With less paper to store, you can reduce storage space and create less of a fire hazard. This is important not only for the environment but cuts costs across the board.
Software Solutions in Dublin can be costly and ineffective if not researched and tested correctly. Choosing Rate Wise means you not only have reliable and predictable software, but you also have a support team on hand to help you tackle any issues or problems that may arise.
Contact our Business Development Manager, Liz Daly at firstname.lastname@example.org for any further information or for a demo.