Running a hotel is cool, but it can also get quite difficult. You need to manage guests, solve staff problems, ensure the rooms are clean enough, the meals are delicious enough, and so on, and so forth. Plus, if you need to take care of the long and annoying financial spreadsheets and determine the room rates yourself, you might have little to no time to eat, sleep, and… live.
You most likely need to have a reliable person or team that will work 24/7 and manually track market trends, competitor pricing, and analyze your hotel performance. But finding and paying this person or team can be quite challenging. Here is where hotel revenue management software is just right. No more need for human resources for the time-consuming revenue management processes.
In this article, we cover some of the best hotel revenue management software in the digital market to help you start boosting revenues as soon as possible!
What Hotel Revenue Management Software Does
With a hotel revenue management software, you get a super-smart assistant that can analyze data, predict demand, and suggest the perfect rates, all right in your pocket. This way, things are made faster, better, and more reliable, so you can enjoy peace of mind while also enjoying greater revenues.
Top Solutions to Maximize Hotel Revenue
Here are some of the most efficient platforms for managing your hotel’s revenues.
HotelSmarters
HotelSmarters provides modern guest experiences with smart hotel technologies, including hotel revenue management software, that helps hotels organize and manage their financial data with automation and make better and faster decisions.
Key Features
- Offers control and storage of financial information sources and calculations related to your hotel revenue management, all in one platform.
- Provides detailed analytic data on bookings, sales, total revenue, guest segmentation, and geographical metrics.
- Generates custom reports, so you can use time range filters to find and compare related statistics and obtain daily summary reports.
- Syncs with your other hotel systems, including F&B, POS, and PMS.
- Works with Interactive TV solutions to gather richer, real-time data from devices already in the room.
- Allows access to detailed information about orders, favourite amenities, and overall guest “likes” and “dislikes” collected from in-room devices.
- Has best-in-class guest data protection, keeping both the hotel and guests safe from breaches.
Atomize
Atomize helps automate the pricing process for your hotel rooms, so that you can boost revenue and improve occupancy.
Key Features
- The system provides you with access to competition data, so you can benchmark and compare your performance and pricing against competitor hotels.
- It analyzes and presents potential future demand data, which makes it easier to anticipate market shifts and optimize your hotel strategy for what might come.
- The software offers a real-time pricing feature. It adjusts room rates based on demand surges and other market changes. Also, it has a specific feature named “Price Insights” by Generative AI that gives insights into the ‘why’ behind every price recommendation made by Atomize.
- It comes with multi-property support, which is a good option for hotel groups that need to manage revenue across different locations from a single platform.
- It is cloud-based, which means you can access it from anywhere.
- The platform helps hotels manage and boost their ancillary revenues beyond just room sales.
BEONx
BEONx is an AI-driven RMS that helps hotels and resorts increase revenues with flexibility and transparency.
Key Features
- It measures overall hotel quality to see if the hotel is competitive in the market and if it has chosen its pricing correctly.
- It offers AI-powered automated revenue optimisation that’s both dynamic and personalized, so your hotel can obtain value at every turn.
- It uses automated double segmentation that is determined by channel and market. It also uses several pricing models for different segments.
- It provides market forecasts so that you are ready for potential future events.
- It provides data and automation in real time, so your updates are never late.
- It groups everything in an integrated platform, so there are no more disconnected apps, annoying spreadsheet piles, or departmental blind spots.
- It works with leading PMS, Channel Managers, Booking Tools, BI, and other systems.
Lighthouse
Lighthouse is a technology platform that helps you explore hidden insights to transform complex data into revenue.
Key Features
- It claims to provide accurate forecasts so you can adjust your hotel operations based on anticipated demand.
- It gives you a market pricing database so you can track and compare your pricing against the backdrop of your competitors.
- Lighthouse enables you to monitor, optimize, and report on your portfolio’s financial performance.
- It allows you to detect and solve parity problems across your distribution channels.
- The Smart Compset feature helps you monitor competitive trends and gain insights into important KPIs.
- The AI-driven personalization, powered by The Hotels Network, helps increase direct revenues and profits.
- You can take care of every guest query 24/7 with KITT, which is Lighthouse’s special AI Receptionist, powered by The Hotels Network.
What to Look for When Choosing A Hotel Revenue Management Software?
- Will it work with your current PMS, channel manager, and booking engine, or will you need to cause your IT team some headache to figure out how to integrate?
- How exactly does the platform forecast demand and suggest rates? Does it just use some generic pricing algorithms, or does it actually analyze real data and give you something you can at least partially rely on?
- Does it come with a built-in rate shopper to monitor your competitors’ prices? Does it do so in real time? You need data about your competitors almost as much as you do for yourself.
- Can you generate clear reports on pacing, pickup, and RevPAR without the technical or accounting know-how? Is it easy to use in general?
- Does it let you automate pricing updates while still being able to manually set rules and overrides?
- Does the software help optimize revenue for different room types and segments? Can you use it to analyze group booking proposals?
- What training, onboarding, and ongoing customer support are provided?
Get Money, not Problems!
When you invest in a revenue management software for your hotel, you completely change how you do business and how you make money. It’s not about getting automated pricing or cool-looking charts; it’s about doing business the smart way and putting your focus where it needs to be.
As your software predicts what the future may potentially bring, you focus on building that future the best way for you, your guests, and your team. It may seem like a financial investment you don’t necessarily need to make, but in the longer term, it becomes an investment that truly pays off and brings you so much in return.
Choose one of the smart solutions above and start creating new revenue chains instead of creating new problems!