Skift Take
“It’s not uncommon for reservations to be received from a channel and then sit with a hotel for days without ever being captured into its PMS or CRS ... the inaccurate data means those hoteliers never truly know their correct, real-time supply, making it impossible to make good and informed business decisions.”
Revenue managers have a tough gig.
Being responsible for the pricing decisions of a hotel is not a responsibility many would envy, and of course hoteliers who can’t afford a revenue manager have it even tougher.
Nevertheless, revenue management is essential for any hotel today. Without it, hotels simply forfeit the ability to boost their bookings, revenue and profit; offer competitive rates and promotions; and forecast the upcoming booking season. However, successful revenue management requires full visibility of all revenue streams for a hotel – from the online booking websites where it chooses to advertise its properties, to its marketing and sales – in order to provide meaningful decisions that are based on one of the most fundamental principles of economics: supply and demand.
For support, many hotels turn to a revenue management system (RMS) – and there are some brilliant RMSs out there. SiteMinder is proud to partner with a number of them.
At its most basic level, an RMS uses data to determine, primarily, a hotel’s supply and demand, and recommend the optimal price at which hoteliers should sell their rooms.
An RMS is clean and efficient for business. But to be effective, it first needs
