If you manage a hotel your main goals will be to facilitate reservations, sharpen operations, increase direct reservations… Organization and administration becomes much easier and more organized if you have a revenue management software for hotels. A hotel management system can give your business the boost it needs.
Of course, finding the perfect revenue management system for your accommodation and its characteristics is not so obvious and requires a good preliminary study. A decision that will allow you to increase revenue, optimize pricing strategies and, above all, stop losing guests due to poor management. To make your research easier, we have gathered in this post the 5 best revenue management software for hotels in the market. Let’s see that!
What is revenue management in hospitality?
Before starting with the list, it is important to know the factors involved in revenue management in hospitality. The degree of demand from travelers is rising, people are increasingly digitally connected, and therefore, they want their holidays to be as digitalized as possible. They seek to have all the information collected on their devices: their reservations, available rooms, services offered, check-in and check-out times, prices…
In addition to this, there are more and more competitors and they are more and more prepared. To stand out and have the most efficient service possible, it is essential to have a system that allows you to automate tasks to perform them quickly and efficiently.
Thanks to management software, it is possible to improve the user experience before, during and after their stay. Some of the most common functions of these programs are:
- Management of reservations and cancellations.
- Billing management.
- Control of income and expenses.
- Collection and analysis of customer information.
- Channel Manager, for managing reservations with online travel portals.
- Competitor analysis.
- Analysis of supply and demand.
- Dynamic pricing strategy recommendation.
- Results reports.
- Integration with other softwares.
We have to tell you that there are many tools that make it possible to exchange data between machines and staff, and that allow to reach opportunities that would be impossible to reach otherwise. Next, we will see five of the best revenue management systems (RMS) that are revolutionizing the world of hotel management.
Hotel revenue management softwares
Cloudbeds
A software designed to streamline operations, increase your hotel revenue, automate operations to increase the productivity of your staff and improve the experience of your guests. It is specially created to be implemented in any type and size of hotel.
Duet
Duetto is a cloud-based hotel revenue management software that provides real-time information on prices, forecasts, and demand. It enables hoteliers to capture dynamic demand, increase efficiency and agility.
Pricepoint
A real-time price optimization software that uses artificial intelligence to analyze the market and update room prices automatically. That way, you can stay ahead of your competitors, increase your revenues, save time and stay in control.
IDeaS
A revenue management software that enables accurate forecasting, rigorous pricing and higher profitability in a shorter period of time.
RoomPriceGenie
A solution that promises to increase your income by 22% and save you up to 10 hours of work per week. Also, you can customize it based on your needs and preferences. You can set minimum and maximum prices, define the types of rooms and the seasonality and the cycles of days of the week.
If you still do not use it, it is time to implement a revenue management software for your hotel. Only this way you will be able to make the most of all the opportunities offered by the market and increase profitability. The goal is to exploit all your hotel’s potential to get more reservations and improve your guest’s experience: two actions that feed back each other.
In addition, a good RMS can be ideally complemented by a web app like Goguest: organization, management and maximum performance of the possibilities perfectly aligned.
