Hotel Revenue Management System (RMS)

Embracing Revenue Management Technologies in 2024: A Guide for Progressive Hoteliers

Revfine.com2024-01-28T17:37:12+01:00

As we navigate through 2024, the hospitality sector is undergoing a transformative phase, heavily influenced by the integration of cutting-edge technologies and innovative strategies. These changes are pivotal in not only enhancing guest experiences but also in driving revenue maximization. One noteworthy trend is the increasing adoption of revenue management technologies in the hotel industry, a movement gaining momentum in

Embracing Revenue Management Technologies in 2024: A Guide for Progressive HoteliersRevfine.com2024-01-28T17:37:12+01:00

Revenue Management System (RMS): What Are the Advantages?

Martijn Barten2024-01-25T15:09:45+01:00

Revenue Management System (RMS) A Revenue Management System (RMS) is a software solution hotels and other businesses use to optimize their financial performance. It analyzes data to forecast demand, adjust pricing strategies, and maximize revenue. RMS is important because it aids in making informed decisions, enhances efficiency, and responds dynamically to market changes, thus increasing profitability in a competitive landscape.

Revenue Management System (RMS): What Are the Advantages?Martijn Barten2024-01-25T15:09:45+01:00

Hotel RMS Evolution: From Ledgers to Spreadsheets to Cloud-Based Systems

Revfine.com2023-11-21T16:08:32+01:00

While the evolution of all hotel operational technologies has been a fascinating study, the evolution of hotel revenue management systems (RMS) has been particularly interesting, as it has gone through so many distinct and completely different phrases in a relatively short time (approximately the last ten years). RMS Transformation - From Ledgers to AI Cloud Systems Through this evolution, revenue

Hotel RMS Evolution: From Ledgers to Spreadsheets to Cloud-Based SystemsRevfine.com2023-11-21T16:08:32+01:00

The Development of Revenue Management in the Hospitality Industry

Revfine.com2023-11-21T16:34:20+01:00

In recent years, the hospitality industry has navigated unique challenges. As we forge ahead into 2023 and 2024, the landscape of revenue management within this sector is undergoing transformative changes. These changes, crucial for adapting to new market conditions, enhancing efficiency, and aligning with customer preferences, notably accelerate technological integration. Revenue Management Trends in the Hospitality Industry This article delves

The Development of Revenue Management in the Hospitality IndustryRevfine.com2023-11-21T16:34:20+01:00

Tips for Choosing a Revenue Management System for Your Hotel

Revfine.com2023-12-20T16:45:49+01:00

Revenue management systems (RMS) are a new way of working for the vast majority of hotels – in fact, for most, this kind of software was not even an option before. But times are changing. Property management systems (PMS) are becoming more user-friendly, and such systems can help you simplify your life, save you time, and result in more revenue.

Tips for Choosing a Revenue Management System for Your HotelRevfine.com2023-12-20T16:45:49+01:00

What Tech Trends Are Impacting Revenue and Guest Experiences In 2023?

Anele2023-12-20T17:20:18+01:00

Question for Our Revenue Management Expert Panel: What Tech Trends Are Impacting Revenue and Guest Experiences In 2023? Our Revenue Management Expert Panel Chaya Kowal - Cluster Director Of Revenue Management, Potato Head Family Diego Fernández Pérez De Ponga - Director of Revenue Management, Palladium Hotel Group Pablo Torres - Director, TEDUKA &

What Tech Trends Are Impacting Revenue and Guest Experiences In 2023?Anele2023-12-20T17:20:18+01:00

What Advice Would You Offer to Hotels Choosing Their Tech-Stack?

Anele2023-12-20T16:46:12+01:00

Question for Our Revenue Management Expert Panel: What advice would you offer to hotels choosing their tech-stack? For example, best practices, features, potential pitfalls, and how to "future-proof". Our Revenue Management Expert Panel Dermot Herlihy - Commercial Director, DUKES LONDON Mariska van Heemskerk - Owner, Revenue Management Works Diego Fernández Pérez De Ponga -

What Advice Would You Offer to Hotels Choosing Their Tech-Stack?Anele2023-12-20T16:46:12+01:00

What Would You Tell Hotel Personnel Choosing A Tech Stack?

Anele2023-12-20T16:46:36+01:00

Question for Our Hotel Marketing Expert Panel What would you tell hotel personnel choosing a tech stack? Our Marketing Expert Panel Peter Ricci - Clinical Professor and Director of Hospitality & Tourism Management Program at Florida Atlantic University (FAU) Max Starkov - Adjunct Professor Hospitality Technology, New York University Kaylie Holley - Hospitality

What Would You Tell Hotel Personnel Choosing A Tech Stack?Anele2023-12-20T16:46:36+01:00

Mythbusters: Revenue Management Technology

Revfine.com2023-12-20T16:49:35+01:00

Do you run a smaller hotel or B&B that uses only manual processes to manage all your reservations, pricing, and inventory allocation? Have you avoided implementing technology to help support your internal operations because you worried that the solutions would cause more problems than they would solve? If so, then this article is for you! This article focuses specifically on

Mythbusters: Revenue Management TechnologyRevfine.com2023-12-20T16:49:35+01:00

Hotel Strategies on the Fly Using Revenue Management Technology

Revfine.com2023-12-06T12:40:59+01:00

Accurate hotel forecasts take a lot of work to create. One day the industry celebrates sky-high returns (1) while other markets struggle to prevent occupancy from slipping beyond their control (2). Travel has always been a global industry, but more than ever, hoteliers find their properties impacted by international trends, which are increasingly challenging to predict. Amid these factors, the

Hotel Strategies on the Fly Using Revenue Management TechnologyRevfine.com2023-12-06T12:40:59+01:00

How to Use Stay Restrictions in Hotel Revenue Management to Drive More Revenue

Revfine.com2023-12-06T13:00:00+01:00

Restricting your guests’ ability to book the stay dates they want may not sound like the best idea initially. But depending on your hotel, audience, and market situation, stay controls can be a vital revenue management tool. On top of driving reservations on slower days, they can increase revenue, reduce turnover and drive profitability. Read on below to discover more

How to Use Stay Restrictions in Hotel Revenue Management to Drive More RevenueRevfine.com2023-12-06T13:00:00+01:00

Considering a New Hospitality RMS? Watch Out for These 4 Myths

Revfine.com2023-12-06T13:52:13+01:00

So, you’re thinking about upgrading to a more effective revenue management system (RMS) for your hospitality organization, but you have some doubts. Maybe you’re thinking: It’s too costly to install a different RM Learning a new system will take too much of my staff’s bandwidth My new system will take too long to learn how to price effectively It’s easier

Considering a New Hospitality RMS? Watch Out for These 4 MythsRevfine.com2023-12-06T13:52:13+01:00

Revenue Management System: The Ultimate Accelerator for Your Hospitality Business

Revfine.com2023-12-06T14:57:58+01:00

Whether you're balancing a full plate of work priorities, searching for ways to maximize your revenue, or looking to gain better control over the fluctuating demands of the hospitality industry, a revenue management system (RMS) offers a comprehensive solution. Revenue Management is a Rapidly Growing & Changing Field More than anything, an RMS helps you manage times of uncertainty. And

Revenue Management System: The Ultimate Accelerator for Your Hospitality BusinessRevfine.com2023-12-06T14:57:58+01:00

Top RMS Reports Every Hotel Revenue Manager Needs to Know

Revfine.com2023-12-06T14:58:14+01:00

Revenue managers have no shortage of data at their fingertips. To visualize that data in an understandable and actionable way, here are some top RMS reports that every revenue manager should be familiar with. RMS Reports Every Hotel Revenue Manager Needs to Know Below you'll find top revenue management reports that every revenue manager should be familiar with to visualize

Top RMS Reports Every Hotel Revenue Manager Needs to KnowRevfine.com2023-12-06T14:58:14+01:00

10 Tips in Building a Business Case for an RMS

Revfine.com2023-12-06T15:04:31+01:00

When you're trying to get your team on board to purchase a revenue management system (RMS), there are a few key things you'll need to keep in mind. Of course, you already know the benefits of utilizing an RMS. Your company will earn more revenue, become more efficient, free up time, and make better-informed decisions. You're already on board. Now

10 Tips in Building a Business Case for an RMSRevfine.com2023-12-06T15:04:31+01:00

How Attribute-based Selling Solves the Hotel Industry’s Problem with Personalization

Revfine.com2023-12-06T15:13:33+01:00

As consumers, we're surrounded by extreme personalization every day. Whether AI-driven provides product recommendations, options when booking an airline ticket or even adding extra pepperoni on a pizza, consumers are commonly exposed to personalization mechanisms in their online shopping experiences. Consumers Expect Personalization Consumers have come to expect personalization as a standard function. An overwhelming 70% say we will shop

How Attribute-based Selling Solves the Hotel Industry’s Problem with PersonalizationRevfine.com2023-12-06T15:13:33+01:00

Automation in Hotel Revenue Management: Yes, or No?

Revfine.com2023-12-06T15:18:02+01:00

At the Asian American Hotel Owners Association’s annual event, Tyler Morse, chairman and CEO of MCR Development, recently shared a quote to inspire hoteliers to take revenue maximisation into their own hands: “Increase your rates; do it with confidence. … Stop wasting money … Buy smart technology… This is a very simple business … don’t get swooned by all the

Automation in Hotel Revenue Management: Yes, or No?Revfine.com2023-12-06T15:18:02+01:00

Why Revenue Management Systems Will Never Replace Human Revenue Managers

Revfine.com2023-12-06T15:19:32+01:00

When the desktop computer came along, it needed human input. It's no different with an RMS (revenue management system.) Even an AI-enabled RMS can't think independently (and that's a good thing!) You've probably heard plenty about AI (artificial intelligence) chatbots that learn from biased human language and "deep fakes," which are the 21st c. version of Photoshop. These are just

Why Revenue Management Systems Will Never Replace Human Revenue ManagersRevfine.com2023-12-06T15:19:32+01:00