Expectations from the people working in the hospitality industry are always high and is growing even stronger every year. This need is very much driven by smart and over-demanding customer type this industry caters to.
The shelf life of any trend, service or technology in the hospitality industry is very short. Before you could even realize, a competitive offering that was considered as leading-edge, suddenly becomes just another standard guest expectation. Not every long back, free Wi-Fi, complimentary breakfast and happy hours were considered competitive selling points for hotels, but now it is no longer an inviting offering for guests to consider your property for booking, in fact it has become a very routine proposition.
Similarly, from hotelier’s point of view, tools and technology that were used till very soon, are no longer a competitive advantage to even sustain in the market, forget being in the lead.
When technology tools were first introduced used in the hospitality industry, the whole industry went gaga over it over a period of time. And soon the whole fraternity was using it, as they fear lagging behind in the competition.
And, now when all your competitors are using hospitality technology solutions, how do you ensure that you still stand out.
Just ensuring that you provide best of the service and competitive rates, will not give you that lead in the market that you are looking for. So what is that you need to do, to stand out from the crowd of hotels in our vicinity.
Innovation is the name of the game. Innovative revenue managers are always looking out for innovative techniques of increasing their revenue share. But, what is it that you really need to do to stand out from the pack.
“Edison’s electric light did not come about from the continuous improvement of the candles”
So progressive hoteliers, you need a disruptive technology that can transform your Revenue Management process and brand you as a HERO at your hotel.
So, let’s pull the cat out of the bag; first movers, smart revenue managers are opting for unified systems and no more multiple independent tools, which are not in sync with each other.
Still wondering how will this make you a Hero; lets dive a little deeper.
Let’s look at how a typical day in the life of a revenue manager looks like; RMs job require them to make fast on the job judgements and decisions. For which it is very fundamental that the data and the informational insights are available to them at just a few clicks.
Integration between various systems (CRS, PMS, GDS, ORM, IBE, etc.) and data accuracy is absolutely indispensable to get the best out of these systems; all the more because a revenue manager’s, decisions are based on data acquired from different systems.
Revenue managers are capable of strategic planning and decision-making; human influences are impossible for any software to replicate and that silhouette the implementation of revenue management strategy. What is needed is just a good system to assist a revenue manager in this process.
But the whole purpose goes for a toss, if managing these systems itself becomes a critical task for a revenue manager.
Imagine how convenient it would be if we have a single system that can do it all. And it will save you from so many troubles too.
Benefits that integrated or unified systems bring in are numerous; a few are listed below:
- Faster response time – Single all in one system helps to respond quickly to dynamic market changes as deriving insights becomes easier and quicker.
- Improved efficiency and scalability on a whole – Overall efficiency of the operating a hotel increases and it is easy to upscale the solution also.
- No more independently working departments – Single integrated system brings all departments onto one single platform resulting in better coordination among all the departments.
- Easy administration and management – With just one technology partner on board, no more troubles of managing multiple vendors and tracking of multiple billing, etc.
- Leverage the benefit of bundled/consolidated pricing – going with a single solution definitely helps to save lots of money.
Cohesive solutions help revenue managers achieve their primary KPIs and much more than that. Such systems can be very well termed as a magic wand for the revenue managers, as it will help them with so many wishes of them to come true like – accurate forecasting, single image inventory, and rates, RevPAR leadership, increase in ADR and achieving maximum revenue.
The recipe to become a Hero is right here – A seamless connection between all relevant tools such as Rate Shopper, Price Optimization, Channel Manager, OTAs, PMS, CRS, GDS and Social media platforms.
So a unified system is what revenue managers need to bring in more efficiency in their daily operations. An integrated system that talks with all the other systems, so that you don’t have to spend hours gathering data from one system, processing on another and publishing through the third system.
And who will not feel like a Hero, if they can do it all so smoothly.