If you’re planning on implementing a revenue management system for your property, you’ll need to do some research before you make an investment. No matter the size of your property, from large upscale resorts to small family run hotels, Rate Wise has something to offer you.
Here are some tips to keep in mind when investing in a revenue management solution for your business.
1. Create your revenue strategy.
Regardless of the software you choose, you need to have a functioning revenue strategy in the first instance. You should have a defined revenue strategy for each of your market segments. The software you choose will help you implement this strategy for all future dates, seamlessly, accurately and efficiently. Whatever system you choose, it should give you access to detailed reports that will help you analyse your strategy and its effects. If your property doesn’t have our revenue strategy, we have a team of consultants that can help you devise one.
2. Launch connectivity to PMS
Having a direct link between your PMS (Property management system) and RMS (Revenue management system) is vitally important when considering an upgrade or an initial connection. Connecting your RMS directly to your existing PMS allows an automatic feed of data between the systems, meaning the information you are analyzing is current and up to date. This allows you to make quicker, more informed decisions on rate yielding and forecasting by eliminating the time it takes to manually collect data and analyse it. It also saves a huge amount of time & minimizes errors if your rate suggestions are feeding back to your PMS and/or channel manager.
3. Check if the system is user-friendly.
How many times has your property been in a situation where the only manager or member of the revenue team is not available and there is no one able to change rates when you have a spike in bookings for a particular date? Having a user-friendly system means all of your team can be trained in the basics of rate yielding so you can be sure you are maximizing your property’s revenue, no matter what time it is or who is on duty. Rate Wise is a very user-friendly RMS and our customer care team can provide training for as many staff as you need.
4. Examine if the system is/can be automated.
An automated RMS is one in which the connection is instant, without relying on human interaction. You won’t need a member of staff present every day wasting time populating reports manually. Your new RMS should be automated saving your team time and allowing them to focus on the property and your guests. Having an automated system also means at the click of a button you can update your channel manager, reducing the risk of human error and ensuring no time is wasted. Making sure your new RMS is automated saves your property man hours and money in the long run.
5. Provide reliable support.
Before you invest in an RMS, make sure there is a good quality support team available when you need them to help you troubleshoot any difficulties you may encounter. So often support teams are outsourced and on different time zones, and have difficulty understanding your problem or are unable to help instantly. Investing in a Revenue Management System with 24-hour support such as Rate Wise means your support team is available when you need them.
6. Set up amalgamated yielding tools & reports.
Rate Wise offers yielding tools 365 days into the future as well as historical reports for numerous years. All of our tools allow you to yield smarter as all of our tools are inter-linked. Your historical data is stored for future reference, the principals of which can be incorporated into future yielding strategies.
Whichever system you choose, ensure that the option you choose can incorporate your revenue basics like a business on the books, budgeting, forecasting, group displacement, event calendars, revenue reporting, pacing reporting, etc.
Katie McGarr holds a Bachelor’s Degree in Communication with expertise in digital marketing and media management. She currently writes for Rate Wise Dublin, a leading revenue management company in Dublin City, providing cloud-based software solutions and management consultancy to hotels and serviced apartments.