Automate and Integrate Your Hotel Systems
All managers realize that poor communication causes problems, and the same is true with the various systems used to boost hotel profitability while maintaining brand value. Integrated RMS gives hotel owners a new tool in boosting revenue and upping the occupancy rate every night. Travelers are online searching for the best hotel deals at all hours, and only a fully automated system can track their activities and make changes whenever they are necessary. It is the assistance Revenue Managers are looking for, similar to having a 24-hour revenue management team that can analyze minute variables within the marketplace and constantly make adjustments so that your hotel is edging out the competition at all times. Trying to manage hotel demand using multiple programs that are not well integrated is problematic and rarely leads to a boost in sales. The RMS must be able to work well with all other applications while crunching all available data in order to squeeze every possible dollar out of today's tight hotel market.
Implement Truly Dynamic Pricing
This term has recently been tossed about in hotel management circles, but few hotel operators are using true dynamic pricing to its full advantage. Dynamic pricing should work so that the rate strategy is automated and reflects the constantly changing supply and demand for hotel rooms online. Hotels are able to grab more of the market share when they use a revenue management system that sets rates based on minute-to-minute changes in the demand for hotel rooms at specified rates. A good RMS uses all of the data available online, including comp set rates and room demand from a wide variety of Internet sales channels to determine the best possible rate based on real-time information and fluctuation in the market. That means analyzing all available data such as booking pace, booking window, guest reviews, Internet demand, page positioning, prices at competing hotels, etc...And this is a mere sampling of the categories that must be considered in order to offer truly dynamic pricing. Further, these facts must be collected in real-time and analyzed continuously and repeatedly 24 hours a day to keep up with constant market changes.
Switch to Real-time Systems
A proper RMS customizes pricing to reflect the distribution channels and business climate specific to your hotel. The successful revenue management system of today must be automated in order to be effective and squeeze out maximum sales in the current travel market. Using historical data only is just not an effective thermostat for making rate decisions anymore.
It is the difference between making rate and occupancy decisions in real-time, based on current market temperatures, or adjusting rate and rooms using an outdated system that simply does not work in this climate.
Look For All-In-One User-Friendly RMS
An automated revenue management system is only effective if all aspects of revenue management are working together to achieve results. Automation must also be flexible and easy to use. There is no sense in changing to a new RMS that is difficult to use and cannot adjust to the hotel's specific needs. Successful systems are able to fully integrate in real time revenue yield management, GDS distribution, page positioning, booking pace, rate optimization, inventory control, competitive pricing and channel management. At the same time, the system must be user-friendly and provides up-to-the-minute results utilizing data specific to the current market for your hotel.
The next decade will inevitably transport more automation into hotel revenue management systems with more available diverse tools that will bring this science from an old fashioned 'gut feel' to more scientific solutions. Hotels will invest into super computers to integrate or crunch more data, or will look for integrated one stop shop solutions.
About REVPAR GURU
REVPAR GURU provides hotels around the world with an alternative revenue management software solution, to manage RevPAR intelligently and effectively, and deliver maximum profits. REVPAR GURU's custom-designed Yield Dynamic Price Engine meets the rapidly changing hotel needs in a demanding business environment - dynamic rate optimization, real-time pricing, integrated internet and extranet yield channel management, and GDS sales distribution - to increase a hotel's RevPAR while maintaining rate integrity and automated rate parity. It is the only revenue management solution that automatically optimizes and updates hotel rates across all major consumer travel websites, based on all market variables and in real time, and provides a strategic room inventory control. Once deployed, hotels can boost their occupancy rates and cut their distribution costs dramatically. Headquartered in Miami, Florida, additional information can be found at www.revparguru.com or by calling +1.786.478.3500.
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