Selecting a revenue management system for your hotel is not a simple choice to make. While it may not touch as many departments as a PMS, your RMS will set your hotel’s pricing and ultimately drive your profitability. Here are 5 things you may want to consider when selecting your RMS:
Automation: what level of automation are you comfortable with and looking for? While some systems offer recommendations that need approval before adjusting rates, others can provide automated updates without human intervention. Are you able to override the system?
Artificial Intelligence Learning: With Artificial Intelligence, it is a requirement that the machine learn how to perform its tasks. When it comes to your RMS, it is important to consider how the machine is taught. Is it based on historical data? Is it based on market trends? Is it based on hotel performance? While AI can be a mystery, it doesn’t need to be. Understanding how your RMS thinks will help you to make your decision.
Hotel Culture: Does the RMS provide you with the tools needed to operate with the hotel culture you have cultivated? If your hotel focuses on group business, does your RMS have a function to evaluate group quotes? If you have a significant number of no-shows or last-minute cancellations, is there an ability to oversell rooms? If your property is looking to cap occupancy, can your RMS shift to maximizing ADR to maintain revPAR?
Integrations & Costs: Does the RMS integrate with your PMS and/or with your Channel Manager? What are the costs associated with the RMS but also with the PMS to open the API?
Reputation & Service: What level of service can you expect from your RMS? Is there someone dedicated to your hotel to train you on the system and answer your questions? Are hotels that use the software happy with it?
If you think of your RMS as an investment in your hotel’s future, it stands to reason that you would look for one that fits within your organization in the same way you look for fit with employees. Be sure to understand and evaluate your RMS beyond simply looking at costs and features.
