1. System automatization
First and foremost, think about the time you'll need to spend on revenue management. If you don't have a dedicated revenue manager, it's easy for such tasks to slip through the cracks. That's why it's crucial to consider the automation capabilities of any system.
How much of the work can the system handle for you? Some only update rates weekly, while others do it up to every 15 minutes. The more frequent the updates, the more optimized your rates will be.
2. Personalized support
Next, evaluate the quality of support provided by the software company. While we assume the integration between your revenue management system and PMS will be smooth, the support team's willingness to assist with practical revenue management questions is vital.
Do they direct you to a chatbot and a knowledge base, or do they offer free Customer Success calls to answer your queries? Also, consider how they guide you through the onboarding process. These are critical aspects to keep in mind.
3. Budget
Budget is another significant factor. The price of revenue management systems varies widely, often based on the level of innovation and automation they offer. Typically, higher-priced systems can automatically send rates to the PMS or channel manager more frequently, maximizing your room revenue potential. Opting for the cheapest system might save money initially but could require more manual effort to achieve the same results as a more automated system.
Remember, that promised increase in room revenue by up to 25% isn't just a sales pitch. Automated revenue management genuinely leverages your room revenue potential, leading to these impressive results.
4. Rate management
Consider how the system calculates your rates. In today's tech-driven world, innovations like artificial intelligence are increasingly important, but it's crucial to maintain control as a manager. Avoid "black box" systems that provide set room rates without any explanation or rationale. Trusting the system is easier when you understand how and why it makes certain recommendations.
5. Innovation
Finally, assess how quickly the software company handles complaints and their commitment to continuous innovation. You likely don't want to switch systems frequently, so it's essential to choose a product that evolves with the times. Ask the team about their product release schedules and unique development projects.
In conclusion, selecting the right revenue management software isn't just about boosting your room revenue; it's about finding a partner that aligns with your hotel's needs and goals. By considering automation, support quality, budget, rate calculation transparency, and innovation, you can choose a system that truly elevates your hotel's performance.
Ready to unlock the full potential of your hotel's revenue? Dive into the world of revenue management and watch your bottom line soar! Get in contact with our sales team or schedule a demo via our website!
