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Products classified in the overall Vendor Management category are similar in many regards and help companies of all sizes solve their business problems. However, enterprise business features, pricing, setup, and installation differ from businesses of other sizes, which is why we match buyers to the right Enterprise Business Vendor Management to fit their needs. Compare product ratings based on reviews from enterprise users or connect with one of G2's buying advisors to find the right solutions within the Enterprise Business Vendor Management category.
In addition to qualifying for inclusion in the Vendor Management Software category, to qualify for inclusion in the Enterprise Business Vendor Management Software category, a product must have at least 10 reviews left by a reviewer from an enterprise business.
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Channel management software is designed specifically for hotels and other hospitality businesses to manage multiple channels of booking in real time. With a large variety of online booking sites currently available, hotels can benefit from having a presence on all of them. However, it can become difficult to track each individual booking on each platform, so a hotel channel manager that combines all of these various sales channels can help a hotel stay organized without overbooking.
Channel managers can also help with revenue management and creating rate parity across all channels. Because search engines play such a huge part in hotel marketing today, hotel channel managers ensure that a brand is consistent across online booking engines. This can save hotel marketing teams a lot of time by eliminating the need to monitor a variety of channels in separate places. A single channel management platform will house all this data in one place.
Key Benefits of Channel Management Software
A good hotel channel manager will help a hotel maintain an accurate record of inventory availability, increase booking across channels, and streamline the customer experience. Online booking is essentially standard these days, and channel managers make it possible to have bookings on more than just one website.
Inventory Management — If you list rooms on multiple booking websites, a channel manager will aggregate all that information into one place so you can see exactly how many rooms have been booked and on which platform. This prevents overbooking and ensures that room availability is accurate across all channels.
Sales Data — A channel manager can collect data from a large variety of booking sites, making it easy to see what time most bookings happen, which rooms are most popular, and which rate plans are most successful. This data can help guide future sales efforts as well as marketing campaigns. By integrating a channel manager with a CRM software tool, sales teams can use that data immediately.
Market Intelligence — A good hotel channel manager will make it easy to see how well your inventory performs against your competitors’. Each hotel channel performs slightly differently, so figuring out which ones work best for your business can be crucial. With real-time inventory updates, you can see what is stagnating and what isn’t and how those stagnant channels can be improved.
Hotel Marketers — Marketers can use the data collected by channel managers to coordinate effective marketing campaigns and increase the brand reach of the hotel. By increasing the number of booking channels a hotel uses, it will be able to reach more people. Marketers can also see which channels are more successful than others so they can spend their energy and time wisely by focusing on the areas that are struggling.
Online Travel Agents — Online travel agents can use channel managers to book hotel rooms for their clients quickly and easily. Many channel managers will integrate with the GDS (global distribution system) that collects and distributes hotel inventory and rate information to travel agents and travel sites. This information makes it easy for travel agents to find the best deals for their clients.
Hoteliers — Hoteliers, especially small businesses, can use channel management software to manage all of their bookings across a variety of channels. Since some channel managers include payment gateways, it can then become easy to receive and track payment for accurate accounting. For smaller hotels with only one or two administrators, all this information held in one place can be invaluable.
Booking Manager — A booking manager will take bookings from various channels and communicate them to your property management system so inventory can be updated accurately. A good booking manager will also let you see exactly which bookings are made on each channel.
Inventory Management — Inventory management is important in a channel manager so rooms do not become overbooked. A pooled inventory will allow you to display all your available rooms on all channels and allow that pooled inventory to be updated as rooms are booked from various booking engines. These real-time updates will ensure that sites are not displaying inventory that no longer exists.
Integrations — Integration with tools already used by your hotel can make life much easier while using a channel manager. This can make it easy to pass data directly to sales teams and give booking information to the property management system and front desk workers, as well as your revenue management system. By working seamlessly with your existing tools, channel managers can bridge the gap between your online presence and your team.
Marketing Tools — Getting your hotel listed on a variety of sites is step one, the next steps involve making sure those listings are seen. With marketing tools embedded into your channel manager, you can use the data provided by these various channels to improve your presence and increase bookings.