Image Credit: Mind Scale
Almost all businesses have undergone a technology-driven revolution, and the hospitality industry is no different. Technology vendors have brainstormed adequate to offer a number of tools that have already transformed the way business is done in travel and hospitality industry, or the way that it will be done in the near future. The most common benefit that all these tools offer is the that they allow businesses to have a more convenient, cognizant and cherished relationship with their customers and much more ease of doing business.
Revenue Managers are not untouched from this technology bombardment. For modern revenue managers, data means everything, but they are no longer spending their time churning data and spending moron no. of hours trying to derive an insight and decision from it. They are smart and are thus increasingly using technology for managing their end to end operations of a hotel and revenue management.
Hotels of all kinds independent, chain hotels, franchised; all use technology for their daily tasks; and the good part is technology vendors have something to offer to each one of them, no matter you are a small independent hotel or a big chain.
Revenue managers need to make fast on job decisions. Therefore, it is very crucial that the data and the informational insights flow very fast across all the systems.
On an average day, for a revenue manager, decisions are based on data acquired from different systems (CRS, PMS, GDS, etc.); but integration between these systems and data accuracy is absolutely essential to get the best out of them.
Hotels today are using multiple systems from different vendors on a daily basis for various hotel and revenue management activities like – rate shopping, price optimization, online channel distribution and of course online reputation management. Not having the real time updated data and working with systems that don’t sync with each other can cost revenue to hotels, leading to headaches for every department in the organization.
Technology solution providers have very well come to the rescue of hoteliers here; latest addition here is unified revenue management systems. Seamless integrated cloud-based systems are a trend and definitely the need of the hour too for hoteliers.
In fact, currently unified systems are as revolutionary an idea as using technology was some two-decade back. And those who will not flow with this new trend will certainly be left behind vis-a- vis those who will adopt it.
Image Credit: Paul4innovating
Why an Integrated and Unified system is needed –
It is difficult for a revenue manager to keep a continuous tab on data coming from different systems to sew them into a valuable insight.
- With a single integrated system, data flow seamlessly across systems, making the lives of hoteliers and revenue managers much easier
- Revenue Managers can now focus on core functions and strategies, rather than monitoring systems and try to connect the missing dots.
- No time is wasted in managing multiple vendors and multiple systems.
- Money saving from using one single system instead of multiple systems
Benefits of using a single unified SaaS platform:
Coordination with one single vendor – no more headaches of managing multiple vendors, tracking multiple billing, etc. Thus you have only one throat to choke in case of any disruptions.
- Simplified Administration – fewer administrative headaches
- Brings all departments onto one single platform – better coordination among all the departments
- Fast set-up, cloud-based solution – No hardware installation required. No bottlenecks, easy installation
- Easier Scalability – Get the performance you need
- Single integrated systems help to respond quickly to dynamic market
- Leverage the benefit of Bundled pricing – Save lot of money
Unified solutions help you achieve the KPIs and even more than what you wanted to achieve with your multiple systems working in silos. Such solution helps you achieve maximum revenue, accurate forecasting, single image inventory, and rates, RevPAR leadership and increase in ADR.
So, it will not be incorrect to state if we say that the hospitality industry is going way ahead of just using technology for their revenue management needs; instead, the world is moving beyond systems. Today the trend is about one stop solution for all your needs.
Change or stay behind.