Whether you’re balancing a full plate of work priorities, searching for ways to maximize your revenue, or looking to gain better control over the fluctuating demands of the hospitality industry, a revenue management system (RMS) offers a comprehensive solution.
Revenue Management is a Rapidly Growing & Changing Field
More than anything, an RMS helps you manage times of uncertainty. And with labor shortages and inflation complicating the hospitality industry further, it is more crucial than ever for hotels to employ revenue management solutions that help create more resilient and profitable organizations. Travel and hotel bookings are on the rise, and with an RMS, you can capitalize on this opportunity and harness your hotel’s full revenue potential.
Revenue management is a rapidly growing and changing field, and more and more companies realize its benefits. An RMS helps with revenue management by accounting for fluctuating supply and demand issues so hoteliers can adjust their day-to-day strategies accordingly. It helps you find ways to fill revenue gaps when you have less time and resources to search for opportunities yourself. An RMS offers you the extra protection, reassurance, guidance, and information you need to ensure your hotel stays on top of its game.
What is an RMS?
An RMS gathers and analyzes different data points that factor into pricing decisions before producing a pricing recommendation that optimizes revenue.
When you price a room or decide whether to take one reservation over another, data from previous years, demand rates, inflation, industry comparisons, and more go into the final decision. An RMS will gather and compute the data and create the insights you need to make informed pricing decisions, save time, and maximize your profits.
How Can an RMS Benefit Me?
A revenue management system benefits everyone in your company because it helps your organization make more money. However, a few roles within a hospitality organization directly benefit from using an RMS.
Hotel owners and executives can increase their organization’s asset valuation using an RMS. An RMS helps organizations earn extra revenue so that owners gain the extra capital to invest in their businesses. Filling hotel rooms is a competitive challenge in today’s market, and an RMS ensures your business takes every opportunity it can to gain an advantage in that competitive landscape.
General managers are stretched thin as they run the various aspects of a hotel. But an RMS can help by crunching numbers, providing insights, and acting as a virtual assistant, so that general managers have time to invest in strategic endeavors beyond managing revenue.
Revenue managers benefit the same way owners, and execs do from using an RMS, but they’ll see a more direct effect on their work. An RMS automates the time-consuming parts of the job, like manual and repetitive pricing, data entry, and analytical tasks, making them faster than the typical spreadsheet practices. An RMS also factors those insights and data points into pricing decisions, so revenue managers get less bogged down by tedious work.
Save Valuable Time
Here’s the best part: investing in an RMS could save your business 20-40 hours of employee time per month, according to a recent study by Hotel Tech Report. Think of all the strategic initiatives you could tackle with that extra time.
So, save yourself time, maximize your profits, and grow your organization by investing in an RMS today.