Do you know how much time you spend on tasks that should be automated? If your team uses a legacy revenue management system (RMS), you’re probably spending dozens of hours each month setting rates, managing inventory controls, and adjusting rate plan and room type differentials.
Many RM teams are juggling more responsibilities than ever before, while also being held to higher expectations and being expected to do more with less.
In this article, we’ll introduce you to 7 next-gen features that rely on automation to save you time – features you can find in a cutting-edge RMS like N2Pricing. A modern technology solution can unlock not only significant time savings for you and your team, but also increases in RevPAR and profitability.
Resilient forecast
What's at the core of every RMS? The forecast. If the forecast is inaccurate, every metric and every price recommendation that flows from there will be impacted meaning your team has to spend their time re-forecasting and manually overriding recs.
While legacy RMSs often relied on just 1 or 2 models to build their forecast, a modern RMS employs 1000s of models and a variety of other factors to build an accurate, resilient forecast. Your team can stop spending time on overrides knowing that the price recommendations the system produces are based on an accurate forecast and powerful analytics.
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N2Pricing is a new, modern RMS for cluster RMs and central RM teams in hospitality. We believe you should expect more from your RMS. That's why N2Pricing gives you a better forecast, intuitive multi-property workflow, profit optimization at the core, and much more ? all at a lower cost. Schedule your personalized demo of N2Pricing today.
N2Pricing is a new, modern RMS for cluster RMs and central RM teams in hospitality. We believe you should expect more from your RMS. That's why N2Pricing gives you a better forecast, intuitive multi-property workflow, profit optimization at the core, and much more ? all at a lower cost. Schedule your personalized demo of N2Pricing today.
Price optimization
Revenue managers are wearing more hats than ever before, and don’t have to time to waste on overriding their RMS. The black box analytics of legacy systems lead to price recs that RMs don’t trust, so acceptance rates are often low.
Next-gen RMSs produce sensible, transparent rate recommendations that are designed to build trust, so your team can manage by exception. Plus, modern RMSs support any pricing strategy, so you can optimize pricing in the way that works best for your business, all while saving time.
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Seamless multi-property workflow
Gone are the days when one revenue manager supporting one property was the norm. RMs have always been pulled in many different directions, and the pandemic accelerated this trend. Increased staffing challenges require that they now support large groups of hotels. However, revenue management technology hasn’t quite caught up, and many cluster revenue managers are stuck with legacy systems that weren’t designed to deliver a quick or intuitive multi-property experience.
A next-gen revenue management system brings much-needed upgrades to this approach. Such a system is built to seamlessly manage portfolios of 5, 10, or even 20 properties, prioritizing the largest revenue opportunities across your portfolio all on one screen.
Dynamic rate differentials
Manually updating rate plan and room type differentials each time demand shift consumes a ton of time. A sophisticated RMS can manage these updates automatically based on rules that you set.
For instance, if you are forecasted to sell out your cheaper room types but not your suites, the system can rely on pre-established rules to automatically close the price gap between the two room types. In a legacy system, you need to make these changes manually. But in a modern RMS, these rate differentials can update dynamically based on your own booking pace and market trends.
Instead of spending hours manually updating all of your many rate plans and room types, you can let your RMS do the heavy lifting while you focus on more impactful tasks.
Automated inventory controls
While not every RM uses inventory controls, many find them to be an extremely valuable tool. Figuring out the perfect combination of rate plan, room time, and length of stay is extremely complex.
Modern revenue management systems solve the Tetris puzzle for you automatically in the background, determining the perfect combination more effectively than any human ever could, and freeing up revenue managers’ valuable time – all while boosting revenue and optimizing profit.
Configurable automation
You shouldn’t be forced into all-or-nothing automation, especially with a system that you don’t trust to produce quality price recommendations. Unfortunately, many legacy systems do exactly that.
Modern RMSs, however, offer automation thresholds, giving revenue managers control over what rates are pushed automatically and which they’d like to review. They can increase those thresholds over time as their trust in the system grows, allowing them to take full advantage of time-saving automation tools.
In-app, on-demand training
RMs and GMs don’t have 80 hours to dedicate to learning a new system. A modern, sophisticated RMS should be as easy to learn as the last app you downloaded on your phone.
Help should be available when and where the revenue manager needs it – within the app itself.
N2Pricing, for example, offers guided training and an intuitive, frictionless user experience, making getting started a breeze. RMs can quickly learn and master the system, allowing them to make an impact right away instead of spending weeks of their valuable time in training.
A modern approach to RM
If you manage a portfolio of hotels or want to truly leverage automation, check out a next-gen RMS like N2Pricing because it's clear that legacy revenue management systems no longer fully support the needs of modern revenue managers.
Competitors and industry leaders are focused on strategy, planning, research, data analysis, and collaboration but your RM team can't focus on these critical activities if they are stuck in a cycle of managing pricing the old, manual way.
Next-gen revenue management systems offer a slew of benefits, both in terms of financial results and operational ease, which compound over time. The longer you wait to switch to a next-gen system, the longer you'll wait to see the significant value it can deliver.
This article was created collaboratively by HotelTechReport and Revenue Analytics
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Learn More
N2Pricing is a new, modern RMS for cluster RMs and central RM teams in hospitality. We believe you should expect more from your RMS. That's why N2Pricing gives you a better forecast, intuitive multi-property workflow, profit optimization at the core, and much more ? all at a lower cost. Schedule your personalized demo of N2Pricing today.
N2Pricing is a new, modern RMS for cluster RMs and central RM teams in hospitality. We believe you should expect more from your RMS. That's why N2Pricing gives you a better forecast, intuitive multi-property workflow, profit optimization at the core, and much more ? all at a lower cost. Schedule your personalized demo of N2Pricing today.
