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A hotel revenue management system is a software solution that streamlines financial management for hotels. It allows a hotel to efficiently manage multiple revenue-related tasks such as data management, pricing, inventory, and reporting.
Rules-or analytics-based pricing algorithms factor data from hotels as well as markets to suggest and set pricing and other revenue-related decisions. Revenue management systems at large help a hotel to maximize occupancy, as well as profits.
Introduced in the 1980s, the technology of revenue management software has come a long way. As technology in general matured, this software added more and more value to the hospitality industry.
Revenue management system software helps a hotel increase revenue in the following ways:
Using this software, hotels make the most suitable data-driven pricing and revenue decisions, boosting their sales and profits.
RevMaxi by BOTSHOT, for example, has in-built analytics feature that offers hoteliers the tiniest yet essential revenue-related details such as Average Daily Rate (ADR), Revenue Per Available Room (RevPAR), etc. This enables hotels to monitor their performance over time and take the best measures to improve it.
For the cost of implementing the best hotel revenue management software, click here to check the Pricing Page.
Yes, a hotel RMS is suitable for small sizes of hotels as well. A wide variety of properties, from suites in global hospitality chains to rooms in small hotels, could leverage this technology.