Best Hotel Revenue Management Solutions (RMS) of 2018
Gone are the times when you can have a simple reservation book, housekeeping, and accounting system to run your hotel. These days there are multiple, cloud based, property management systems with connected or integrated channel managers to consider. Your website must be designed and developed to reflect your brand and function efficiently, so the booking engine you choose is crucial.
Your business needs to drive traffic online and upkeep constant bookings to maximise revenue.
It’s challenging to compare prices for every room category on a daily basis and aligning your rates with competitors can be almost impossible, right? Couple that with demand in your given sector and it can feel like you’re using guesswork. It’s like being at an Ed Sheeran concert and a rainstorm creating a washout. Even the weather can significantly mess up your calculations!
Never fear, we’ve done our homework and combined a list of the most popular Revenue Management Systems available on the market right now. A good revenue management system can give you optimal pricing suggestions, 365-day forecasts in advance, competitor rate checks, alerts for special events and much more. If you want optimal pricing, competitor analysis and realistic forecasting then read on…
Note: The systems below are not ranked by order of preference; one solution cannot suit all types of properties. If you would like us to help you choose the best application for your property, book a free call back with one of our consultant.
LodgIQ is a powerful cloud-based platform which summarizes all market intelligence and price suggestions in a single view.
Simple and easy to use and understand, it features smart alerts which help you to deliver optimized price recommendations in real time.
LodgIQ analyses numerous market variables, including the current supply and demand for the destination, room rates of direct and indirect competitors, historical rates, local events, and many other variables. It allows users to quickly note and share data, graphs, pricing grids, and reports, to choose up to ten competitors in a set and to act on intelligent pricing recommendations and manage any property on the go a with mobile app. Review recommended rates, approve and send, it’s that simple.
We recommend LodgIQ for:
Small to Medium sized Hotels.Link to LodgeIQ website
RevParGuru RMS has a cloud-based, intuitive dashboard and real-time pricing option for 365-days advance forecasting.
It extracts data from the marketplace and the hotel’s own Property Management System (PMS) and also monitors relevant factors, such as the overall market and competitor rates, hotel occupancy, booking pace and booking window.
You can also set an Autopilot mode and adjust for special events in your Event Manager, allowing RevParGuru RMS, with its intelligent algorithms, to make strategic pricing decisions for you.
We recommend RevParGuru for:
Medium sized Hotels.Link to RevParGuru website
Hotel Scienz is an affordable hotel revenue management software built on advanced algorithms which highlight demand trends.
It has a clear and easy to use dashboard, with data presented in numbers and easy to read graphs, charts, and tables.
Analysis on your occupancy, average room rate and revpar are broken down by market segments, event performance and comparisons to last years’ performance on the following: revenue on the books, day by day pick up trends, booking pace, inventory overview, pricing, and up to five predefined competitors.
It also has the additional benefit of being able to supply daily revenue reports with KPI’s by email, in a comprehensive format that is easy to read for any hotel department.
Hotel Scienz Integrations:
We recommend Hotel Scienz for:
Medium to Large accommodation types.Link to Hotel Scienz website
Climber RMS is an intelligent solution which automatically detects new revenue opportunities and recommends on-time actions.
The software gives you optimal pricing suggestions for each type of room on any given day.
It has a simple and clean design to help you analyse your data and provides automatic generated reports on your hotel, with all the key performance indicators. It also offers daily notifications on important occurrences, to help you take immediate action regarding availability, pricing, campaigns, group management, overbookings etc.
Note that Climber Hotel isn’t making the decision for you, you make independent decisions following their recommendations.
Climber Hotel Integrations:
We recommend Climber Hotel for:
Medium Independent Hotels.Link to Climber Hotel website
Using Rateboard you can respond in real time to changes in your market, saving valuable time and the system is easy to learn and operate.
Analysis and machine learning help you better understand and forecast the booking habits of your guests, measure your performance, and derive concrete measures from data.
The algorithm takes into account the historical and current booking situation, competitor rates, market demand, events, holiday times, weather, guest reviews, and much more.
We recommend RateBoard for:
Medium Independent Hotels.Link to Rateboard website
BeOnPrice maximizes profitability based on quality indicators and market segmentation.
It’s a smooth, integrated package featuring real time comparison of competitor prices and room availability and demand.
This system detects disparities and minimum stays on your official rates in the main meta-search engines and OTA's and it filters and analyses all reviews and ratings.
An additional feature with BeOnPrice is BQI®, which takes into account more than twenty-one objective, quality features and synthesizes customer behaviour when booking.
We recommend BeOnPrice for:
Small to Medium Hotels.Link to BeOnPrice website
Atomize provides real-time data by continuously analysing the competitors, web-searches and historical data in order to help hotels predict and maximize profits.
It automatically recommends the right price at any given moment, for every channel and room type.
Real-time data from competitors, web-searches, and the PMS are continuously processed, aiming to give you the edge over your competition.
We recommend Atomize for:
Small to Medium Hotels.Link to Atomize website
PIE - Pricing Intelligence Engine by Cloudbeds
We felt that PIE - Pricing Intelligence Engine by Cloudbeds should also have a mention here.
It works as a revenue management tool within the Cloudbeds PMS.
It gives you real data updates for up to five competitors and lets you set several rules, restrictions, and events that will alert you to make better decisions on your pricing. Everything is clearly visible on one dashboard - your PMS!
It’s a new tool and very promising, especially for the properties that are already using Cloudbeds PMS.
PIE - Pricing Intelligence Engine by Cloudbeds Integrations:
PIE is a module of the Cloudbeds PMS.
We recommend PIE - Pricing Intelligence Engine by Cloudbeds for:
Small to Medium Hotels.Link to Cloudbeds website
Get $50 off your Cloudbeds registration!
When you’re shopping around for a Revenue Management System it can quickly become confusing. We’ve chosen to highlight the systems which we feel suit our current clientele, small to medium sized properties. Recognised systems, such as Duetto or IdeaS already speak for themselves.
Whichever system you choose; we encourage you to have one for your property unless you are really managing your rates and checking your competition on a regular basis. The long term benefits of investing in a good RMS are well worth the initial investment.
It is not easy to find the right Revenue Management System that suits your needs. If you want some help with that, we're here!
Mimoza's journey within the hospitality industry started in 2009 behind the front desks of luxurious hotels of Doha, then Honk Hong,
and continued across the globe with Celebrity Cruises.
Determined to learn more about what happens behind the curtain she decided to dive deeper into revenue & distribution management and joined HotelMinder's team in 2016.
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