Revenue Management 101: How Cloud-Based Systems Help You Work Remotely

We are all playing our part and trying to work from home where possible now. For hotels that remain open one of the dilemmas is trying to reduce the number of team members sharing offices. With each surge in COVID-19 numbers we are also witnessing shortages in departments as team members are isolating. Now more than ever hoteliers have to adapt their systems and procedures by taking a step back and looking at each piece of technology they are using, how they integrate, and the manpower involved.

If your systems are not already talking to each other and making your procedures more efficient giving you accurate and timely data, now is a good time to start by using cloud-based systems. At Rate Wise we provide a cloud-based revenue management system or RMS which allows you to securely access your rate yielding data from anywhere, helping you cut down on the amount of time (and paper!) needed to review your pricing and update your online sales channels. Some other benefits are listed below.

1) You can access your data from anywhere, anytime

Whether working remotely or working from any office in the building, if your plans change last minute… it doesn’t matter! Once you have a PC you can access your data, review your future bookings and ensure you are yielding the best for your property.

2) Data at your fingertips

Traditionally most PMS’s (property management systems) are on premise-based, which means you have to be onsite to access reports and view your data.

Our RMS extracts your data from your PMS and presents it in an easy to view format. Not only are you looking at your business on the books, pacing & year on year trends (which were once the lynchpin reports for any revenue manager), you can now focus on your forward-looking data and ensure you are maximising the potential of every room sold.

3) Ease of use

Most cloud-based systems, including Rate Wise, are new software platforms and have the advantage of being fresher builds and easy to navigate and use, in comparison to some of the older PMS and on-premises RMS systems.

4) Increased accuracy and up-to-date analysis

Automated systems remove human error. Waiting for someone to complete reports or to compile reports in order to analyse them, is not an efficient use of anyone’s time. Our software gives you reports at your fingertips – you can be sure that whether it’s the Yield screen you’re reviewing, or the Business Analytics figures you’re checking when you’re adjusting a forecast, you can trust the figures to be in real time and accurate.

5) Time-saving and increased productivity

Having all your yielding data in one place, alongside your past performance, budget, and previous year’s performance means that you can eliminate manual reporting and eliminate extracting multiple reports from your PMS. This time-saving increases efficiencies and increases productivity overall for your team.

6) Simplify your processes

If your systems are not talking to one another its time now to make the change. As a software provider we can assure you all software houses, like your PMS, RMS and channel manager, can work together – you can integrate your systems to get them to work cohesively as one. All the positives listed above (accuracy, time saving, increased productivity etc) can be realised. Together our RMS can be integrated to your PMS or your channel manager, ensuring you have a seamless flow of data.

Author Bio: Katie McGarr is a resident writer for Rate Wise, a leading revenue management company providing cloud-based software solutions and yield management consultancy in Dublin Ireland. Aside from traveling, she also loves writing articles about hotel management and business. 

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