What Is Hotel Revenue Management Software?
Hotel revenue management software, sometimes known as a RMS or revenue platform is a tool that hotels can use to manage and optimize revenue streams and profit by optimizing prices, managing inventory, and tracking demand in real time.
Revenue management software uses machine learning algorithms to ensure optimal yield by automatically calculating demand and revenue forecasts, while recommending appropriate selling strategies.
One popular hotel revenue management software is Rezgo. Rezgo is a cloud-based application that helps hotel managers to manage their reservations, pricing, and inventory. Rezgo also offers a booking engine that allows hotels to sell rooms directly from their website.
The benefits of using hotel revenue management software include increased profits, optimized prices, and better decision-making. Hotel revenue management software can also help hotel managers to track their KPIs and identify areas for improvement.
The cost of hotel revenue management software varies depending on the vendor and the features of the software. However, most hotel revenue management software typically costs between $500 and $2000 per month.
When purchasing hotel revenue management software, it is important to consider the features that are important to you. Some key features to look for include
- Dynamic price optimization
- Inventory management
- Reservation management
- Reporting features
What Are 10 Examples of Hotel Revenue Management Software?
There are many different types of hotel revenue management software on the market, so it can be difficult to know which one is right for your business. To help you make a decision, here are 10 of the best hotel revenue management software packages available in 2022.
Each software offers different features and benefits, so it’s important to do your research and find the package that best suits your needs. Some key considerations to keep in mind include the software’s pricing, user-friendliness, and reporting capabilities.
Here are 10 examples of hotel revenue management software that fit the bill:
10 Best Hotel Revenue Management Software
- WebRezPro – https://webrezpro.com/
- innRoad – https://www.innroad.com/
- Guesty – https://www.guesty.com/features/revenue-management/
- Solonis – https://solonis.com/
- RoomKeyPMS – https://roomkeypms.com/
- Preno – https://prenohq.com/
- Little Hotelier – https://www.littlehotelier.com/
- Duetto – https://www.duettocloud.com/
- Roomdex – https://www.roomdex.io/
- IDeaS Revenue Management Solutions – https://ideas.com/revenue-management/
Other Hotel Revenue Management Software
- Hotel Lab – https://hotellab.io/en/
- Right Revenue – https://rightrevenue.co.uk/
- RateWise – https://www.rate-wise.com/
- Infor EzRMS – https://www.infor.com/products/ezrms
- Intelligence Node – https://retalon.com/solutions/price-management-optimization-software
- Retalon – https://retalon.com/solutions/price-management-optimization-software
- Wiser – https://www.wiser.com/price-optimization/
- YieldPlanet – https://www.yieldplanet.com/price-optimizer/
- Revbell – https://www.n-and-c.eu/en/rms-revbell/
- D-Edge – https://www.d-edge.com/
- RevControl – https://www.revcontrol.com/
- RateBoard – https://www.rateboard.io/en/revenue-management-software
- Pace Revenue – https://www.pacerevenue.com/
- Bezla – https://bezla.com/
- eZee Mint – https://www.ezeemint.com/
- Duve – https://duve.com/
- Beonprice – https://beonprice.com/
- RoomPriceGenie – https://roompricegenie.com/
- Cendyn – https://www.cendyn.com/guestrev/
- Kriya RevGEN – https://www.kriyarevgen.com/
- Revenue Analytics – https://www.revenueanalytics.com/
- OTA Insight – https://www.otainsight.com/solutions/hotel-business-intelligence
- Vena – https://www.venasolutions.com/solutions/revenue-planning
- Chargify – https://www.chargify.com/
What Are the Benefits of Using Hotel Revenue Management Software?
So, what are the benefits of using hotel revenue management software?
There are many benefits of using hotel revenue management software, including:
- Increased Revenue: One of the main benefits of using hotel revenue management software is that it can help to increase revenue. Hotel revenue management software can help to optimize room rates and occupancy levels, which can lead to increased profits.
- Better Control of Rates: Hotel revenue management software gives hoteliers a better control over rates, which can help to maximize profits.
- Improved Efficiency: Hotel revenue management software can help to improve efficiency by automating tasks such as rate changes and inventory management. This can lead to reduced costs and improved profitability.
- Increased Customer Satisfaction: Hotel revenue management software can help to improve customer satisfaction by optimizing room availability and rates. This can lead to increased bookings and higher customer satisfaction levels.
There are many other benefits of using hotel revenue management software, including improved marketing efforts, more accurate forecasting, and better decision-making.
How Much Does Hotel Revenue Management Software Usually Cost?
So, how much does this valuable software usually cost? The price for hotel revenue management software can vary depending on the features included, but it’s typically priced between $1,000 and $10,000 per year. However, many vendors offer a free trial or demo, so you can explore the software before making a purchase.
When shopping for hotel revenue management software, be sure to ask about the following features:
- The ability to create custom reports
- Automatic rate updates
- Sales and marketing analysis
- Group booking management
- Commission tracking
What Are the Key Features to Look for When Buying Revenue Management Software?
When it comes to buying revenue management software, there are a few key features you should look for. Firstly, the software should be able to easily connect to your hotel’s booking system and rate management software. It should also be able to provide you with real-time information on occupancy and room rates, so you can make quick and effective decisions about pricing and availability.
Other key features to look for include: forecasting and modeling tools, allocation algorithms, group booking management, and channel management capabilities. Depending on your needs, some of these features may be more important than others. It’s important to find software that has all the features you need, as well as being user-friendly and easy to navigate.