Large hotels leverage the AI-driven power of today’s revenue management systems to simplify and streamline their day-to-day processes. For example, it can be helpful to optimize prices after every single availability change, or to understand their competitive position in the marketplace and be notified whenever their prices are different from competitors.

A Hospitality revenue management system has become an integral part of today’s hotel, hostel, and airline businesses especially. Whatever the popularity or the amount of investment a hotel, hostel, or an airline makes in its guests’ comfort, they can only make profits by properly managing its revenues.

The majority of small hotels, however, use traditional methods to make predictions, adjust prices, and maintain inventory, but large hotels use revenue management systems that automate these procedures more efficiently. Most unfortunately, many small hospitality businesses don’t even bother to focus on optimizing their revenue, either because they lack expertise and resources, or just find it overwhelming. On the other hand, large hotels, hostels and airlines use revenue management systems as a tool to increase revenue and optimize their prices.

Does any revenue management system fit your needs?

Really a good question! Because there are so many revenue management systems out there on the market, making the right selection out of them becomes a real challenge.

As a client user, what you should look into is whether the hotel revenue management system you are choosing features those solutions that can save you time and increase your business revenue with dynamic pricing.

See the most necessary features of a revenue management system:

1: It should enable connection/integration

A robust revenue management system should allow its users with two-way integrations to enable them to analyze their booking trends, competitive positioning, and update optimal rates in real-time to all OTAs. This should involve no-complex workflows,  so performing these tasks will be a breeze!  

#2: It should generate prices

Today’s revenue management systems come with AI-power capability that helps derive demand forecasts and provides hotels with the most optimal price that has the highest probability of increasing hotel revenues. 

#3: Its full control should rest on its users’ side

Even though an AI-powered revenue management system can work automatically and also can be handled manually, its users should have full-control across individual modules. Take the example of PricePoint that can be accessible from a web browser or via mobile app to view, accept, refuse, or overwrite the price recommendations. PricePoint also allows for setting up the price floor or using its smart notification feature whereby notifications can be called for whenever any date requires your attention. 

#4: It should notify occupancy demand-specific notifications

Intuitive revenue management systems have the capability to recognize low and high seasonal stay dates and use dynamic price adjustments to respectively maximize your revenue.

How PricePoint Stands Out?

First off, PricePoint has all these features and a fully-automated revenue management system that can integrate with OTAs like booking.com, AirBnB. It uses precise AI-based price recommendations to optimize prices after every single availability change, which means you can keep a tab on property performance 24/7 and push back optimal prices to OTAs. 

Want to learn what more benefits you can leverage by implementing PricePoint to your hospitality business? Book a FREE demo Today!

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