As a revenue manager or hotel owner, it’s important that you have access to the right revenue optimisation software so that you can collect the data you need in order to create an effective strategy for maximising revenue and profits. But with so many tools and platforms on the market, it can be difficult to know where to start.
Which revenue optimisation software solutions will help you improve your hotel’s performance so you can boost the total revenue in your hotel? Most revenue managers use an RMS connected to a PMS, but there are other tools that can also have a positive impact on your revenue streams.
Let’s take a look at some of the most commonly used revenue optimisation software solutions that are currently available on the market.
Property management system software
A PMS is a centralised revenue optimisation software application that you use to organise, schedule and perform the day-to-day functions and transactions involved in selling accommodation. In other words, it streamlines your reservation and administrative processes so that all data is centralised, and everything runs more smoothly and efficiently. Common features include tools for front-desk operations, reservations, channel management, housekeeping, rate and occupancy management, and payment processing.
Hotel rate shopper
A hotel rate shopper is a software solution used to monitor online room rates. This includes both the rates that third-party platforms are offering for your own hotel, as well as those being offered by your main competitors. Hotel pricing data is collected from a variety of sources, including major OTA platforms (such as Booking.com and Expedia), metasearch engines, price comparison engines, and hotel-branded booking engines.
A rate shopper allows you not only to compare your pricing strategies to those of your competitors, but also identify and monitor any rate disparity in your distribution channels.
Central Reservation System (CRS)
A central reservation system, or CRS, is a computerised system that maintains a hotel’s room availability, rates, guest information, payment processing, and hotel information all in one place. Popular CRS systems include SynSix or Pegasus.
A booking engine, also known as IBE or Internet Booking Engine, is typically an application or software whose primary function is to collect reservation and credit card information from guests and integrate this data with other hotel management software such as a PMS, channel manager, CRS, or payment gateway. The booking engine is integrated in the hotel website, and allows you to convert web visits into direct reservations, avoiding distribution channels.
A channel manager is a highly valuable form of revenue optimisation software that you can use to automatically update your prices and room availability on all your connected booking platforms each time you adjust your revenue management pricing strategy, close a room sale and make changes to your inventory. Its power lies in automation, two-way integration, and real-time data sharing.
The biggest benefit of using a channel manager is that you save a huge amount of time compared to updating each channel manually, plus you can be sure that all the right information is updated wherever your hotel is promoted, helping you sell more rooms at the right price. And this, in turn, frees you up to spend more time on more strategic tasks including marketing and improving the guest experience.
Online Reputation Manager
A software solution used to manage your hotel’s online brand and reputation. Features enable you to monitor online reviews and ratings so that you can get a real-time pulse of what your target market thinks of your hotel. You get notifications whenever someone mentions your hotel online, and the software collects and aggregates review scores from multiple online sources. And this information is priceless because your brand reputation has a direct impact on your revenue.
Upselling & cross-selling tools
Upselling & cross-selling tools are a form of revenue optimisation software that uses AI and machine learning technology to promote personalised offers to your target market. You can also use these tools to share discount coupons with existing customers and push upselling opportunities to guests who have recently confirmed a reservation with you, helping you to expand your revenue streams at the various touchpoints in the guest journey.
Direct reservation tools
Direct Reservation tools such as Triptease or The Hotels Network, that integrate into your website and prevent a potential guest from abandoning the website and increase the likelihood of a visitor converting to a reservation.
Revenue management system
All these solutions can give you access to the internal and external data you need in order to understand market supply and customer demand and, ultimately, calculate the ideal rates for your rooms. However, without a doubt, the solution that can provide you with real-time access to the widest variety of data and analytics is revenue management software.
A revenue management system, or RMS system, is a form of hotel revenue management software that enables you to collect all the data you need in order to make informed strategic decisions. The ultimate purpose of revenue management solutions like an RMS is to generate maximum revenue for your hotel. The right system enables you to track performance data in real time and create realistic and accurate forecasts so that you can anticipate demand and make the necessary adjustments to your pricing strategy in order to maximise the revenue that your hotel is generating.
It’s important to pick an RMS that understands the changing nature of the hospitality industry. For example, we are now seeing a shift to a new type of revenue management known as total profitability. BEONx’s Total Profit Platform has been designed in response to the hospitality industry’s need for more advanced revenue management tools focused on this concept of total profit. That is why our Total Profit Platform includes a state-of-the-art revenue management solution for hotels, as well as a selected set of partner applications, allowing you to analyse and optimise beyond a simple revenue per room calculation, taking into account additional streams from each and every touchpoint during a guest’s stay, such parking, lounges, meeting spaces, restaurants and spas. And all this makes it the most valuable form of revenue optimisation software on the market, and one that you can’t afford to miss out on.