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Jordan Hollander
CEO @ Ocean Park Hotel
Jordan is the co-founder of Hotel Tech Report, the hotel industry's app store where millions of professionals discover tech tools to transform their businesses. He was previously on the Global Partnerships team at Starwood Hotels & Resorts. Prior to his work with SPG, Jordan was Director of Business Development at MWT Hospitality and an equity analyst at Wells Capital Management. Jordan received his MBA from Northwestern’s Kellogg School of Management where he was a Zell Global Entrepreneurship Scholar and a Pritzker Group Venture Fellow.
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A Revenue Management System helps your hotel dynamically and automatically price your rooms based on real-time market movements to increase revenue and occupancy. Gone are the days of spreadsheet based pricing, or worse, seasonal fixed rates. Having the ability to display the right room at the right price to the right guest on the right channel can literally make or break the profitability of your hotel so choosing the right revenue management system is a major decision.
That's why we by surveyed 3689 hoteliers across 102 countries to create this in-depth guide and help you find the best fit revenue management system for your business. Inside you’ll find everything you need to know including product rankings, feature comparisons, price benchmarking, integration interoperability and more.
Revenue Management Systems Shortlist
Here are 10 of the top Revenue Management Systems that are covered in this in-depth guide:
Choosing the right Revenue Management Systems for your hotel depends on several variables some of which come down to personal preference but most of which come down to the characteristics of your property. Is your hotel a small property with limited budget? Or is your property a luxury resort with lots of outlets and high ADR? Below are HTR’s defined key personas based on common property characteristics that typically indicate similar product choices.
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A hotel revenue management system (RMS) offers numerous benefits that help optimize a hotel's financial performance and operational efficiency. Here are some key advantages:
Optimized Pricing Strategy: An RMS uses data analytics and algorithms to determine the best room rates, ensuring prices are adjusted dynamically based on demand, competition, and other market factors. This leads to maximized revenue and occupancy rates.
Increased Revenue: By accurately predicting demand and optimizing pricing, an RMS helps hotels increase their revenue per available room (RevPAR), a key metric in the hospitality industry.
Improved Forecasting: RMS tools provide precise demand forecasts, allowing hoteliers to anticipate future trends and plan accordingly. This helps in making informed decisions about pricing, staffing, and inventory management.
Enhanced Competitive Advantage: By leveraging real-time data and market trends, an RMS enables hotels to stay ahead of competitors by adjusting rates and offers proactively.
Better Inventory Management: An RMS helps in managing room inventory more effectively, ensuring that the right number of rooms are available at the right time, reducing instances of overbooking or underbooking.
Increased Efficiency: Automating the revenue management process reduces manual work and the likelihood of human error. This allows hotel staff to focus on other important tasks, enhancing overall operational efficiency.
Data-Driven Decision Making: RMS tools provide actionable insights through detailed analytics and reporting. This data-driven approach helps hoteliers make more informed decisions about marketing, sales, and overall business strategy.
Enhanced Customer Experience: By optimizing room rates and availability, an RMS ensures that guests receive fair pricing, improving their overall experience and satisfaction. This can lead to higher guest loyalty and positive reviews.
Improved Distribution Channel Management: An RMS helps manage multiple distribution channels (OTAs, direct bookings, etc.) effectively, ensuring that pricing and availability are consistent across all platforms, reducing discrepancies and maximizing reach.
Adaptability to Market Changes: An RMS allows hotels to quickly adapt to market changes and unforeseen events by adjusting pricing strategies and inventory management in real-time, ensuring resilience and agility.
Implementing a hotel revenue management system can lead to significant improvements in financial performance, operational efficiency, and guest satisfaction, making it a crucial tool for modern hospitality management.
Hotels that switch onto a revenue management system generally experience a RevPAR increase of between 5 - 20 % as a result of optimized automatic price setting per room type. Hotels that use revenue management systems save between 20 - 40 hours per month by streamlining manual workflows. An RMS also serves to visualize complex data sets into an easy to use and easy to understand user interface that saves revenue managers from difficult manual calculations and cumbersome spreadsheets. Whether its pulling in thousands of records of historical data from your PMS, connecting to city-wide group demand data sets or integrating rate shopping data from competitors —an RMS helps bring all of this data under one roof and deliver it in a simple way that helps revenue managers make more informed & data driven decisions.
The key features of a hotel revenue management system are designed to do 3 things: set and optimize prices, automate manual workflows, and leverage large data sets to enable complex decision making with ease. Specific features you should be looking for include:
Integrations: It’s important that your RMS integrates with your PMS, CRS, CRM and booking engine with a reliable, two-way connection so that the systems can share the right data.
Open Pricing: Your RMS must be able to price room types and channels independently of each other, rather than in lockstep with a set BAR price. For example, on some days you want your AAA rate to be 10% less than BAR, on other days you may want it 1% less than BAR.
Cloud technology: An RMS that runs on multi-tenant cloud architecture allows your systems to integrate and share data more seamlessly, and allows developers to push updates to your software in real time. No more purchasing new versions of software just to get the latest features.
Intelligent reporting: It’s important that your RMS be able to build, export and share your most critical reports. Revenue teams must be able to share reports at the push of a button with management, ownership and other departments within the hotel.
Data Visualization: A good RMS not only presents your data in tabular reports, but allows you to visual your data and reports in graphical form. This allows revenue teams to better understand trends, outliers and patterns in data.
Automation: With the push of a button, your price recommendations will instantly be reflected in your PMS. Neither analysis nor manual updates are required. Choose between accepting your recommendations one-by-one, in bulk or even override specific recommendations with ease.
Price sensitivity chart: When setting the room price you need to take both internal and external data into consideration. The Price Sensitivity Chart is a graph illustrating the current optimal room price in relation to change in revenue and occupancy rate. It helps you to make sure your price points are accurate.
Open pricing: Your RMS must be able to price room types and channels independently of each other, rather than in lockstep with a set BAR price. For example, on some days you want your AAA rate to be 10% less than BAR, on other days you may want it 1% less than BAR.
Pacing reports: Pacing reports help you always know your pace, down to pacing at a room type level. You can compare your pacing with the reference arrival date of choice.
Data visualization and business intelligence: A good RMS not only presents your data in tabular reports, but allows you to visualize your data and reports in graphical form. This allows revenue teams to better understand trends, outliers and patterns in data. It’s important that your RMS be able to build, export and share your most critical reports. Revenue teams must be able to share reports at the push of a button with management, ownership and other departments within the hotel.
Group booking module: A Group Booking Price Module not only provides you with the current optimal group price, but also a secondary price, which is the lowest price point you should accept because you would be better off, from a yield perspective, to sell the inventory on the open market instead.
Once the contract is signed and discovery is complete, the typical rollout timeline for a revenue management system is 8-12 weeks but some providers today are able to live in under one week.
Property Management System A strong two-way integration with your Property Management Systems allows your RMS to pull historical information on rates and revenue, analyze the data and then return an accurate matrix of pricing recommendations for each segment and room type. Ultimately an integration with your PMS will enable more efficient revenue management automation to save time and improve results.
Central Reservations System A strong connection between the RMS and the CRS helps hoteliers avoid failed updates, lost reservations and bad reports when data and files are not transferred accurately between the two systems.
Email Marketing and CRM An RMS-CRM connection is critical when hoteliers want to price based on a guest’s value to your property. Without this connection, hotels cannot price based on loyalty or past purchase behavior. CRM systems rely on big data to efficiently segment guest profiles and revenue management system data is as rich is it comes.
Booking Engine - Without a connection between the RMS and the booking engine, the right recommended rates cannot be pushed to the guest at the time of booking.
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