Revenue management is crucial in the hotel business. Lack of one negatively impacts hotels profitability. Unfortunately, revenue management is not a cakewalk. Thankfully, nowadays, automated and affordable technology can help and is accessible for hoteliers.
In this post, we will understand the challenges that hotel and revenue managers face when optimising room prices without the assistance of a modern, automated Revenue Management System (RMS). After that, we will reveal the significance of automation in revenue management. Finally, we will discuss a highly trusted, well-rated, and fully automated RMS that you can rely on to optimise your room prices and boost your revenues by leveraging the power of dynamic pricing. So, without wasting any time, let’s get started!!
The Key Challenges for Hotel and Revenue Managers
Whether it is a boutique hotel, independent resort, motel, or any other hospitality property, irrespective of location and ratings, managers face several challenges when configuring and executing the right pricing strategy. Along with hands-on expertise, managers also need to analyse a massive data pool from various hotel operations to decide the right price for the right guest at the right time.
Collecting and analysing data is a time consuming and resource-intensive job. Besides, analytical knowledge and industry experience are also required to derive meaningful insights from the analytics report and set up the correct pricing. Thankfully a fully automated hotel revenue management software can streamline the process of setting up the right room price at the right time. In the below section, we will discuss how!!
Importance of Automation in Revenue Management
Automated revenue management software depends on business intelligence that works relentlessly 24/7/365 to understand critical factors like market trends, demand forecast, upcoming mega-events, competitors’ pricing, guest profiles, and seasonality. Modern RMS not only automates the data collection but also uses artificial intelligence (AI) to crunch it and maintain optimal prices on OTAs at any time. These analysis processes allow maximisation of occupancy, as well as revenue. Automated revenue management software eliminates dozens of hours weekly manual effort to analyse data and figure out the most profitable room rate. Moreover, the price recommendations of AI-powered RMS are never outdated as it keeps updating hotel you room rate continously in real-time in response to different market conditions.
Does it sound like magic? It’s not magic. It’s science.
Pricepoint – The Need of the Hour
So far in this post, we have learned the major challenges that hotel and revenue managers face and how they can overcome those challenges by leveraging the power of automated hotel revenue management software. Now the question is, what is the best automated RMS that you can bet for today to make the growth of your accommodation business sustainable even in the future? So far, Pricepoint has appeared as the best alternative for independent hotels. It is an AI-based RMS that provides hoteliers with the fully automated, real-time dynamic pricing that works within the limits that are easily set by hoteliers. It requires no installation, no training and no previous revenue management expertise. Within hours it can connect to a PMS or channel manager and return up to date smart prices for hotels’ next 365 days.
Once enabled, our pricing intelligence continues to evaluate hotel performances and push back the optimal prices to OTAs like Expedia, Booking.com, Airbnb etc. Furthermore, Yyou can gain the much-needed competitive advantage by checking Rate Shopper that is embedded in Pricepoint. So, what are you waiting for? Apply for a 30-day, no committement free trial today and learn how Pricepoint can maximise the occupancy rate of your hotel at the best possible price.