Revenue Management is a complicated process with a simple goal: to maximize revenue. It’s about analyzing market data and predicting consumer behavior to sell the right room to the right customer at the right time for the right price. This process is also known as dynamic pricing or yield management, and it should never be a guessing game.
Manually reviewing all the data (current market data, historical data, room rates at other properties, consumer demand, supply, etc.) is a time-consuming task, prone to oversight. Doing it properly is easily a full-time job; in order to reap optimal benefits of dynamic pricing the market should be analyzed daily, at least. Online distribution channels also need to be kept up to date, which can be a near impossible task to complete manually with such fluid rates.
Saving lodging operators significant time and effort, and removing all guesswork from real-time pricing decisions, revenue management software automates all stages of the dynamic pricing process:
- >> Revenue management software automatically collects and analyzes all the data 24/7
- >> Using sophisticated algorithms, revenue management systems process market data to automatically produce accurate, real-time pricing recommendations to increase occupancy and revenue at the right room rates
- >> Revenue management systems can also automatically update rates and inventory across all of the property’s online distribution channels
Revenue management systems have turned a complex, error-prone manual process into a fast, accurate, automated process that makes successful dynamic pricing achievable for properties of all types and sizes.
WebRezPro Property Management System has always offered remarkably flexible rate management functionality conducive to dynamic pricing with unlimited rate updates and daily overrides. Now, through direct integration with leading revenue management systems, we are excited to be able to offer our clients automated real-time pricing updates that will save time and increase accuracy, occupancy and revenue.