Revenue Management Systems give you greater control over your revenue potential by taking a number of variable factors into consideration, such as competition pricing, available rooms, current pricing, in an attempt to drive up your revenue.
Most providers in the market will need connectivity to your Property Management System (PMS), which can be challenging since not all hotels use the same systems. New connections may need to be developed and thoroughly tested to ensure they work correctly, which can be time consuming and costly.
A relatively new concept for most hoteliers is the idea of ‘Predictive Analytics’ which is very powerful, however it does have its challenges! The idea is that the revenue management system will take your current availability, current pricing, current competitor pricing into account, and then offer optimized pricing suggestions. Continue reading →