Even before the COVID19 lockdowns revenue management was a core aspect of every independent hotel in the US. In 2019, a conclusive SKIFT research identified that more than 80% of hotels did not employ revenue management technology for more informed decision making.
While the specialist expertise of revenue managers and their proficiency with Excel sheets is essential, these two must be compounded with leading edge revenue management tools for more precise and profitable room pricing.
So What Exactly is Revenue Management ?
At AHT Inc. we define revenue management as standards and practices that assist hoteliers define profitable room pricing based on industry data, occupancy rates, competitor pricing, and demand patterns.
By optimizing room pricing through real time data, hoteliers develop the ideal formula that positively reinforces customer buying behavior.
What is Revenue Management Technology?
Revenue management technology systems are software built specifically to collect and analyze real time hospitality data to provide accurate pricing for hotels. RMS (Revenue Management Systems) deliver more informed revenue decisions.
Revenue management systems interpret data using algorithms built into their code, analyzing market trends, demand projections, and other insights to deliver more accurate room pricing. A RMS simplifies tasks and analyses through a single dashboard usually under the operation of a finance manager.
Advantages of Revenue Management Technology
Revenue management systems offer hoteliers significant advantages that allow hotels to be more efficient, profitable, and connected to industry trends. Below are some of the most commonly observed advantages of RMS technology:
- Improved Efficiency Across the Hotel
- Fewer Errors During Pricing & Costing Processes
- Proactive Decision Making
- Agility and Versatility for Team Members
- More Accurate & Detailed Reports
- Identifying Ideal Customer Demographics
4 Top Revenue Management Systems for Independent Hotels
GameChanger by Duetto
Gamechanger is a finalist of the 2021 Hotel Tech Awards and is termed a revenue management powerhouse for hospitality providers. This leading edge software allows hoteliers to develop unique strategies for their assets.
Gamechanger has the special advantage of analyzing more data than any other RMS. This allows hoteliers to overview advanced pricing and analytics that help optimize revenue. Gamechanger integrated big data from hotel and industry databases providing highly actionable insights to build more accurate pricing policies.
IDeaS Revenue Management Systems
IDeaS is a very popular global revenue management provider used by over 10,000 organizations across the world. Their simplistic revenue management systems accumulate critical industry, traveler, and economic data to provide insights that allow highly accurate room pricing.
IDeaS allows hoteliers to optimize controls to enable environments for profit enhancement. The software utilizes forecasts and real time data to develop more optimal room pricing strategies.
The IDeaS system accumulates data from multiple markets and hotels to arrive at more accurate prices. IDeaS also automates pricing informing hoteliers about constant changes arriving at the more profitable rate based on changing market trends.
PACE Revenue Management Systems
This leading revenue management software is used across the world by hotels to determine hourly automated pricing. PACE offers a specialist data science team that regularly optimizes the RMS algorithm to learn from unique hotel big data storage.
PACE offers the exclusive capability to monitor sudden changes in industry trends, allowing hotels to manage the revenue strategy for the entire year. PACE’s algorithm provides revenue managers insightful forecasts so hoteliers can prepare for erratic changes in consumer behavior.
Atomize is slowly gaining great popularity among hotels for its primary focus to grow revenue and lower costs. By integrating big data, Atomize’s machine learning allows hoteliers to enhance efficiency and improve profitability in real time.
With a footprint in almost 50 countries, Atomize was known to be the first RMS to forecast future demand and revenue data for hospitality providers. This amazing mobile friendly software delivers breakthrough features including autopilot, group pricing, dynamic pricing recommendations, Business Intelligence, analytics reports, future demand forecasts, and multi-property management from one dashboard.
To learn more about revenue management systems and technology based pricing tools, connect with our sales team today.
Our team will guide you and your management about breakthrough practices and tools to enhance revenue while lowering costs in your hotel. For more news, insights and hospitality tools stay tuned to our blog or consider joining our social feeds.
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