Hotel property managers face a myriad of challenges in today’s fast-paced, constantly changing marketplace. Getting their arms around revenue management is one of them! As technology gets more sophisticated, it can be overwhelming to keep pace with the latest trends and tools in order to manage revenue effectively. The right cloud hotel PMS system can help property managers take control of revenue management, as well as other essential revenue-producing functions. Be in the know with the following key tips from SkyTouch Technology:
Does the Hotel-PMS include revenue management?
Not all revenue management tools are created equally. Do your homework! This entails going through print and online system training materials to familiarize yourself (and all internal users) with the full functionality that your PMS can offer. Today’s best-of-breed cloud PMS systems feature a built-in revenue management tool. For example, the SkyTouch Hotel OS® features a “Best Available Rate” (BAR) pricing function that gives hotel property managers access to real-time market conditions that strategically impact pricing. This feature works hand-in-hand with an integrated distribution management approach so that hotels can seamlessly interface with OTAs and fill rooms at the most competitive rates.
Does the Hotel PMS actually make managing revenue easier?
Keep it simple at all times. A simple, intuitive hotel PMS interface is another essential aspect of successful revenue management. In other words, the PMS should be built to make your job easier! The most-up-to-date and accurate information about your property should always be readily available to you – via one login and a few simple clicks. This includes functionality that allows you to set and adjust triggers and monitor real-time financials — whether you are onsite or managing on-the-go using a mobile, WiFi-enabled device.
What industry trends are affecting revenue management?
Don’t stop there! The technology and hospitality landscape is constantly changing. Make it a priority to stay informed of new releases and trends impacting hotel revenue management. Hospitality industry blogs, whitepapers, and a wealth of helpful resources are at your disposal… take advantage of them. Staying on top of industry trends will help you stay on top of the competition!
Armed with the right hotel PMS, property managers can handily take control of the revenue management function. So, instead of viewing it as a challenge or a chore, they can utilize revenue management as a key competitive advantage.