Hotel revenue management systems (RMS), also known as yield management systems, use data analytics to help hoteliers maximize revenue and profitability. These solutions draw upon historical data and market data, as well as demand signals, to identify the best room rate for each respective channel listing and maintain real-time rate optimization. This automates an extremely time-consuming manual process and allows hoteliers to focus on other operational tasks. A hotel RMS helps hoteliers make intelligent pricing decisions and visualize complex data in a digestible format, improving revenue per available room (RevPAR) and budget forecasting. Some products also allow pricing to be compared against competitors for further insights. Strong reporting features enable data to be exported and shared with ease.
Hotel revenue management systems can be sold as a standalone solution or as an integration within hotel management software. Either way, they rely on integration with hotel management tools, such as channel management software and hotel reservations software to inform the predictive analytics and ensure all existing data is utilized to generate the pricing for each room and customer segment. By centralizing their operational data into one system, hoteliers can stay ahead of market demand and make informed sales decisions.
To qualify for inclusion in the Hotel Revenue Management Systems (RMS) category, a product must:
- Integrate with and aggregate data from other tools in the hotel tech stack, such as channel managers, reservation systems, and booking engines
- Utilize historical data and market data to set optimal prices for each room type across each channel in real time
- Allow users to establish price control logic
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- Provide data visualization and custom reporting features