VS1 Cloud Blog
For hotels, finding the perfect automated hotel revenue management software is vital to provide clients a stellar guest experience.
Deloitte claims that understanding guests has always been the linchpin of delivering outstanding hotel guest experience, which is why hotels must concentrate on providing exceptional high-touch hospitality while working on supplying instant utilities received by guests from other industries.
There’s no denying that this slips from the mind of some hoteliers, thanks to the time and effort they spend to improve hotel revenue management. A quick fix would be acquiring a hotel management software. An all-in-one hotel management system can do wonders for your enterprise, especially when the hospitality industry landscape is rapidly evolving.
There’s no shortage of platforms that offer AI-driven hotel management, but we do understand that you want to get more bang for your buck once you select a solution.
Read on to find out how to choose the best-automated revenue management system for hotels:
Did you know that dynamic pricing is the most powerful profitability lever? According to AI Multiple, 1% increase in dynamic pricing will yield a 10% profit boost for an enterprise with 10% profit margin. Compared to manual pricing, dynamic pricing brings more accurate level prices, swift demand fluctuation response as well as price shifts based on multiple essential factors.The hotel industry is on the brink of a dynamic pricing revolution. Although this pricing strategy has been lingering for over a decade now, hoteliers have only just begun to climb the ropes.With dynamic pricing, hotels can simplify the time-consuming steps for request for proposal, which also reduces expenses. Loading rates into global distribution systems also become more simple and precise, and rate management becomes easier as dynamic rates put in discounts on the best available rate 24/7 across all kinds of rooms. In addition to this, the challenge of monitoring corporate accounts reserving promotional rates will be totally eradicated.From a strategic standpoint, dynamic rates are ideal for revenue management for the hospitality industry because it enables you to match supply and demand across all levels of your business. This delicate art can be mastered with the help of the right hotel management software that utilizes real-time elements to alter rates to boost bookings and occupancy as well as cut down operational expenses.
The goal of hotel revenue management is to always get the best rates. You can achieve this with the appropriate software that helps you optimize your prices.Hotel technology now offers easy-to-grasp reporting tools that assist hoteliers in amending room rates according to demand. Anchored on algorithms, they provide solutions that enhance price strategies to sell rooms at more optimal rates, reducing costs as it takes into account room rates during low and high season.For AI-driven hotel revenue management, during high demand, your platform can automatically up average daily rates for you, which eliminates the need for manual calculations and rate adjustments.As different technologies in the hospitality industry constantly evolve, it’s an obligation to pick the right hotel software that will provide your enterprise solutions that result in the most favorable rates.
Hotel software integration
Hotel technology will only succeed in supplying intuitive guest data when there is reliable hotel system integration.When your system is compatible with a property management software, your inventory availability is instantly updated. In turn, potential guests can always view the number of vacant rooms, beds or properties that you have. This enables you to fully utilize your assets while preventing reservation and pricing errors. So, you should definitely guarantee that the software you’re purchasing seamlessly integrates with your present property management system.
Analytics and visual reports
Search for a software for hotel revenue management that includes tools for reporting and analytics that are configurable and easy to share. Ideally, you would also be better equipped with a revenue dashboard that keeps you in the loop with a single view and enables you to monitor your top reservation histories and compare key performance indicators.
Product demos and free trials
Hotel revenue management is not easy. Most of the time, you’ll be pulled away in different directions. To overcome these obstacles, you need to have an agile and advantageous hotel revenue management software.Amidst the plethora of platforms offering AI-driven hotel revenue management, it becomes tougher to choose the perfect one, which is why we recommend viewing a product demo or acquiring a free trial prior to making your purchase decision.Product demos and free trials help you comprehend a product’s usability and availability and allows you to test support, among other aspects.