With or without a formal revenue management system, hoteliers need a solid foundation of information to optimise revenue for each property. Having the right technology tools in place makes it possible to formulate better decisions faster. Systems that can provide an accurate assessment of past booking patterns and current conditions help revenue managers make business decisions that result in selling the right room to the right customer at the right price, thereby maximizing revenue for their properties.

Using property management, central reservations, business intelligence, and distribution systems and services, hoteliers can access detailed information about their properties and take action to improve revenue management, even if they don’t have a formal revenue management system in place. Revenue management gains can be achieved by managing demand—knowing enough about the property’s booking window to comfortably allow the competition to sell at deeply discounted rates while holding out for a higher rate. This knowledge comes from having access to historical data, current market information, and a solid understanding of the property’s customer base.

 

 

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