Hotel yield management software

Atomize is an innovative automatic revenue management system for the hospitality sector. The system is already used in more than 20 countries across five continents by hotels of all sizes, making Atomize a leading supplier of automatic revenue management software. Atomize's Revenue Management System automatically sets the optimal hotel room price. The solution offers price recommendations according to competitors, regional demand and historical performance. We help hotels optimise revenue per available room.

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Content:

• 7 Reasons Why an RMS Should be a Must for Hoteliers in 2021
• Automated. Accurate. Actionable hotel revenue management innovations.
• Request a quote
• Hotel Revenue Management: Solutions, Best Practices, Revenue Manager’s Role
• Case study: How we created Hotel Revenue Management Software for USA hotel
• Unleash the Revenue Potential of Your Property

7 Reasons Why an RMS Should be a Must for Hoteliers in 2021

For those working in the hotel industry and looking to maximise business results, a revenue management strategy can be invaluable, and a high-quality Revenue Management System RMS can help to ensure success. In this article, you find more detailed information about the importance of revenue management within hospitality settings, as well as some of the main features and advantages associated with RMS software solutions.

Revenue management is a key concept within the hospitality industry, because hotels must contend with fixed costs, a perishable inventory and varying levels of demand. Typically, revenue management involves using analytics and available data in order to predict demand, make strategic pricing decisions and maximise revenue. For hotel owners, revenue management can be neatly summarised as the following: Selling the right room, to the right customer, at the right time, for the right price, via the right distribution channel, with the best cost efficiency.

Ultimately, revenue management allows those operating in hotel management to make more informed decisions, backed up by evidence and data, in order to optimise business practices. With a robust revenue management strategy in place, owners can bring more money in, ensure their costs are covered and, ultimately, maximise profit.

Essentially, a Revenue Management System, or short RMS, is a software solution, which allows you to carry out important revenue management tasks more efficiently and effectively. It will make use of data from your own hotel, and from the market at large, in order to help you to make more informed decisions. Typically, a good Revenue Management System will use the data and its own algorithms to carry out a real-time analysis of the state of the market, and of demand, in order to calculate ideal room rates.

As a result, most of the important hotel revenue management decisions can be carried out from a single, centralised dashboard. The primary reason why a Revenue Management System is important for those in the hospitality industry , regardless of the size of their hotel, is because it allows complex calculations to be carried out quickly and allows for the kind of real-time tracking of market data that is virtually impossible to replicate manually. A Revenue Management System makes it easy to adjust prices across various distribution channels, without having to individually log in to each of those different systems.

The use of an RMS is important in smaller hotels, because fewer rooms means it is more important to maximise the revenue each room generates. However, it is arguably even more important in larger hotels, because the sheer workload of manual revenue management becomes problematic, resulting in poorer decisions and more errors.

In most cases, Revenue Management Systems are comprehensive software packages, with a whole range of features and functions to make use of. With that being said, the following are the most important features:. Perhaps the most crucial feature for most Revenue Management Systems is the ability to quickly and accurately calculate ideal room rates, using sophisticated algorithms, past performance data, current market data and other information. Room rates can then be easily adjusted from the main dashboard, across distribution channels.

Most RMS software includes an integrated competitor rates feature, allowing you to easily check room rates for other hotels in the area, or other hotels of a similar size. In most cases, users will be able to see performance data from the prior month, from the same time last year, and a variety of other options. Finally, aside from displaying past data and helping you to set your room rates, a Revenue Management System will also provide you with estimates for both the revenue and the profit you are likely to generate through your current pricing strategy, and allow you to easily see estimates for alternative pricing strategies too.

If hotel revenue management is about optimising pricing and availability of hotel rooms by using data and analytics to predict customer demand, total revenue management is the process of applying these tactics to all revenue sources.

This might mean gyms, restaurants, spas, conferencing services, and more. Revenue management is the practice of selling the right room, to the right customer, at the right time, for the right price , via the right distribution channel and a Revenue Management System can assist with each of these aspects. RMS software solutions can help to calculate ideal room rates, allow rates to be adjusted quickly, provide projections of future revenue and profit, and offer information about competitors, allowing for a more strategic approach.

Would you like to learn more about hotel management software solutions which can help you to grow your hotel business? In the following articles you find more information about the most important hotel management software for hotels:.

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Automated. Accurate. Actionable hotel revenue management innovations.

Revenue management refers to the methods used to sell the right product or service to the right customer at the right time for the right price and in the right way. Data-based numerical analyses and customer estimations are performed for revenue management. Price and availability information is subsequently determined for the presented product or service. Revenue management systems collect all of the data that affects the revenue of company. They then analyze the collected data according to the customer groups, make estimations for each customer group, and update the price and availability information based on the feedback received. Revenue management software, which can utilize retrospective data that is accumulated in your hotel software can then provide you with statistical data regarding your sales. Hotels are perfectly suited businesses for revenue management applications.

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You just need Mews' hotel revenue management software to optimize your inventories and maximize your profits. Your rates, your rules. Create and customize product rates and rules to suit your property, including special deals, dependencies, and restrictions. The Mews hotel yield management tool is easy to use, flexible, and will help to deliver growth for your business. Create space categories so that you can adjust prices for all spaces in that category at once. Override rates for specific dates, days of the week, and space categories for more revenue control. Create a base rate and link to other rates, so base rate changes will also reflect in dependent rates. Automatically adjust rate behavior based on set parameters such as occupancy level or public holidays. Mews hotel revenue management software makes managing package rates simple by automatically adding products to create packages within the reservation. You can set up your own product rules and the rates included within each product, driving revenue by giving guests a choice of booking options.

Hotel Revenue Management: Solutions, Best Practices, Revenue Manager’s Role

Revenue management software is the hottest topic in hotel technology these days. But although everyone is talking about it, not many people have it. Revenue management software is a new thing for most hotels — in fact for most hotels it was not an option before. But times are changing, property management systems are becoming more open, and software can help you to simplify your life, save you time and make more revenue.

Case study: How we created Hotel Revenue Management Software for USA hotel

By submitting this form, you accept our Privacy Policy. Stands for constant improvement, we believe in working closely with our hotel partners to improve the platform to address their needs. All our systems are cloud based so you can access it anytime anywhere. Revenue Management System Maximize your revenue by pricing intelligently. Hotel City.

Unleash the Revenue Potential of Your Property

The whole can sometimes be greater than the sum of its parts. Marriott International Inc. Revenue data collected by Marriott has many uses, such as predicting customer needs. But two separate revenue management systems kept the hotel chain from easily analyzing revenue data for forecasting and marketing insights generated by 62 million reservations annually at 2, properties. It was also expensive to operate one system for its full-service hotels and another for select-service or extended-stay facilities. And system upgrades and training typically required IT visits to hotels around the globe. The new system, known as One Yield, has accomplished that.

Revenue management is the application of disciplined analytics that predict consumer behaviour at the micro-market levels and optimize product availability, leveraging price elasticity to maximize revenue growth and thereby, profit. The primary aim of revenue management is selling the right product to the right customer at the right time for the right price and with the right pack. The essence of this discipline is in understanding customers' perception of product value and accurately aligning product prices, placement and availability with each customer segment. Businesses face important decisions regarding what to sell, when to sell, to whom to sell, and for how much.

Hotel management homework, huh? Yield management involves using a variable pricing strategy to set rates to optimize room revenues pricing and occupancy bookings volume. In other words, in the hotel biz, yield management is the art science? The airline industry has been using this approach since the s. The hospitality industry started following suit in the next decade and now uses a variety of sophisticated software to analyze and forecast booking patterns and to implement shifting prices. Now, more directly, to your question, here are five conditions that favour the application of yield management system in the hotel industry.

Track up to three properties similar to yours. Identify when they increase or decrease their rates and when they're sold out. Use real-time market data and pricing insights to focus your time on decision making, not research. Set a yield rule to automatically modify and adjusts your rates. With RaccoonRev, you can create unlimited yield rules. Whether you operate a bedroom guesthouse or a booming hotel with two restaurants and bedrooms, you need to know who your competition is to win business.

Read more. View more. Your success is our mission. IDeaS works with hospitality organizations of all shapes and sizes to drive greater profitability and productivity.