Revenue Management Software

Revenue Management Software:

Revenue Management Software is a software that is used to  automates the process of using analytics to determine the right price for hotel rooms to maximize revenue and profitability.
You will be able to to sell the right product to the right customer at the right time for the right price on the right channel by using this software.

Features and Benefits of Revenue Management Software:

The Revenue Management Software has several features that can benefit the user in many ways to grow their business. Some of these include:

• As our RMS can be integrated with your PMS, CRS, CRM and booking engine with a reliable, two-way connection, the systems can share the right data.
• The software can price room types and channels independently of each other.
• As the software runs on multi-tenant cloud architecture, your systems are allowed to integrate and share data more seamlessly, and developers are allowed to push updates to your software in real time. So, purchasing new versions of software just to get the latest features is not required.
• Your most critical reports can be build, exported and shared. Reports can be shared by the revenue teams at the push of a button with management, ownership and other departments within the hotel.
• Your data can not only be presented in tabular reports, but also allows you to view your data and reports in graphical form. This allows revenue teams to better understand trends, outliers and patterns in data.
• An accurate forecast can be provided by takin in to consideration  all of the available data such as past history and forward looking data to help hoteliers determine what their demand is going to be for every single day as far as 365 days into the future.
• Each department in the hotel will be able to make smarter operations, marketing and sales decisions by accurate forcast.
• There is no need to build spreadsheets and reports, calculating the demand by hand every day, and then entering those numbers into a spreadsheet and reporting system by the hoteliers as your revenue management can be automated with a revenue management system. So, employees can get free up time for more strategic thinking around positioning their hotel in the market.
• Optimal business mix of your hotel can be found, balancing occupancy and ADR to ultimately drive revenue per available room.
• Emphasis can be placed on net revenue per available room after operating costs like labor and acquisition costs are deducted.
• Hoteliers will be able to to focus on bottom line profitability such as gross operating profit per available room as well as top line revenue.
• The revenue of a hotel versus it's defined competitors in the market can be measured.
• Not only the  RevPAR can be incresed but also the long-term strategy of a company can be optimized, driving total revenue (TRevPAR) and profitability.
• Your revenue management tactics can be streamlined as more time can be gained to focus on revenue management strategy.
• The optimal room rate can be decided by the pricing algorithm at any time in order to maximize your hotel revenue
• The optimal price can be decided by the artificial intelligence based on demand forecasts, competitor rates, and price sensitivities as well as other factors, such as type of room and length of stay.
• Knowledge and insights can be continously gained by the latest innovation in machine learning and artificial intelligence that enable it to progressively improve the accuracy of its forecasts and pricing decisions.