Revenue management is crucial in the hospitality industry, driving profitability and financial performance.
However, managing revenue effectively can be complex and time-consuming, especially for larger hotels with many rooms and distribution channels.
Traditional manual processes for revenue management often result in inconsistencies in pricing, inefficiencies in forecasting, and limited customization options for pricing and distribution strategies.
Fortunately, the right hotel revenue management software can help solve these pain points and optimize your hotel’s revenue potential.
But how to choose the right one for your business? No worries.
We’ve curated a list of the 5 best hotel revenue management software to help you overcome these challenges and achieve your revenue goals.
Let’s dive in!
What is Hotel Revenue Management Software (RMS)?
Hotel revenue management software helps hotels optimize their revenue by automating many revenue management processes and providing real-time data and insights for decision-making.
By leveraging algorithms and data analysis tools, the RMS helps you:
- analyze and predict demand trends,
- set optimal pricing strategies based on market conditions,
- forecast revenue, and
- optimize distribution channels to maximize profitability.
5 Factors to Consider When Choosing Hotel Revenue Management Software
1. Determine and Understand Your Hotel’s Needs
Before you choose the RMS, you should identify and understand what features and functionalities your hotel needs the most in a revenue management system.
For example, demand forecasting, pricing optimization, rate shopping, distribution channel management, etc.
Identifying these key needs can help you in the selection process so that the ultimate solution can meet your hotel’s unique requirements.
2. Consider The Budget and Costs
Hotel revenue management software can come with a wide range of price tags depending on the features, level of customization, and support services.
That’s why the previous factor is so important – it will automatically filter out certain solutions.
Moreover, you should evaluate the costs associated with each solution and ensure that it fits within the hotel’s budget and constraints.
It’s also important to consider the ROI that the software should provide and ensure that the solution aligns with the hotel’s long-term revenue goals.
3. Opt For Ease of Use and Integration Possibilities
It is paramount that your RMS can integrate with your property management system and the channel manager to enable smooth operations.
Furthermore, your new RMS should be user-friendly and intuitive and not have a steep learning curve.
4. Check Flexibility and Customization Options
It is only logical that your hotel’s revenue management needs may change over time, requiring the software to be flexible and customizable enough to adapt to these new requirements.
Thus, evaluate the range of customization options available and how much you can modify the software to meet your needs.
5. Pay Attention to Support and Customer Service
The RMS support and customer service can significantly impact your success with the software.
Browse the reviews to evaluate the quality and availability of support services, including:
- the responsiveness of the support team and
- the availability of training and resources to help the hotel’s staff maximize the use of the software.
5 Best Hotel Revenue Management Software You Should Try
1. OTA SYNC
OTA SYNC is a comprehensive cloud-based hotel property management platform designed to simplify and centralize your hotel’s operations.
With its all-in-one dashboard, you can effortlessly manage property details, bookings, channel and revenue strategies, and significantly improve the guest experience.
This versatile software comes equipped with a wide array of features aimed at enhancing property management and operational efficiency.
From personalized booking options to revenue optimization, OTA SYNC covers all the bases to ensure your hotel runs smoothly.
Key Features
One of the standout features is its customization capabilities.
With OTA SYNC, you can tailor the platform to reflect your hotel’s unique brand through custom filters, content, maps, and promotions, providing a personalized touch to your operations.
Additionally, the platform enables you to oversee multiple properties from a singular dashboard, streamlining management tasks and improving oversight across your portfolio.
Integration is another key strength of OTA SYNC.
It offers seamless connectivity with leading Online Travel Agencies (OTAs) and popular payment and marketing platforms like PayPal, Stripe, AdriaScan, and HubSpot.
Regarding the additional features, here’s what you can anticipate from the OTA SYNC platform:
✨ Plug and Play Revenue Booster enables you to change and adapt prices based on specific dates and price lists, do bulk changes for large date ranges, auto-yield rate plans, etc.
✨ Channel Manager allows you to manage and update room availability, rates, and bookings in real-time, ensuring consistency across multiple OTA’s and booking channels.
✨ The Booking Engine offers your guests live availability and rates, upsells and cross-sells relevant products and services, special offers and packages, etc.
✨ Multi-Property hub integration allows you to connect a customized booking engine to your website and drive increased bookings while improving guest experience.
✨ OTA Payments is a fully integrated payment gateway that instantly automates process transactions and accepts customer payments through various online, in-store, or mobile channels.
Besides these key features, OTA SYNC also provides robust reporting and analytics tools and a Guest App that offers quick check-ins, tailored recommendations, and instant notifications.
For businesses requiring even more tailored solutions, OTA SYNC’s open API facilitates further customizations and integrations, enhancing its utility and adaptability to your specific needs.
Pricing
The price depends on the number of properties and rooms and starts from €22.08 per month for 1 property with 1 room.
Each plan comes with a 14-day free trial.
OTA SYNC: Pros & Cons
Pros:
? Provides all-encompassing hotel management features.
? Has easy onboarding without needing external help.
? A centralized and easy-to-use dashboard.
Cons:
? Lacks Online check-in and Upselling features, but they are coming soon.
2. BEONx
BEONx is an AI-driven hotel intelligence platform providing solutions to help hotels be more sustainable and profitable.
Its features cover:
- Pricing Optimization
- Market Intelligence & Forecasting
- Dashboards & Reporting
- Automation,
- Multi-Property Functionality.
Furthermore, BEONx is also a guest-centered platform aiming to improve guest experience and communication.
Regarding integrations, BEONx integrates with various PMS, Channel Managers, Booking Tools, and BI systems, such as Amadeus, SiteMinder, Guestline, Oracle, etc.
Key Features
✨ HQI (Hotel Quality Index) measures the objective quality of services and facilities plus the online reputation of each hotel so you can qualify rates and competitor sets.
✨ Pricing Optimization provides various pricing sets and options: dynamic pricing, open pricing, real-time price optimization, alternative stay dates and property recommendations, etc.
✨ Market Intelligence & Forecasting analyzes HQI, current competitor prices, historical competitor pricing strategies, etc., to build a user-financial forecast.
✨ Reporting function includes over 10 reports that provide insight into distribution costs, corporate strategy analysis, cluster reports, etc.
✨ Group business evaluates the best dates and property to place group business and explores how different rate and room configurations would maximize group revenue.
Pricing
The pricing is available upon request.
BEONx: Pros & Cons
Pros:
? Provides various revenue management options.
? Efficient Customer service.
? Training provided.
Cons:
? The Overview part isn’t always easy to interpret.
? Doesn’t have the option to see the prices from highest to lowest.
? The mapping process isn’t as intuitive.
3. PriceLabs
PriceLabs is a revenue management solution catering to hotels, hostels, apart-hotels, and serviced apartments.
It offers customizable and adaptable room-pricing solutions backed up by automation and market data.
Thus, you can adjust room rates, optimize and tailor hotel pricing strategies, forecast trends, automate pricing and revenue management tasks, etc.
You can connect PriceLabs to your hotel PMS or channel manager, but PriceLabs doesn’t offer an API possibility at this moment.
Key Features
✨ Hyper Local Pulse (HLP) algorithm automates your pricing by analyzing historical and current booking data and recommending daily rates.
✨ Customization Options enable you to set minimum prices, orphan day prices, last-minute and occupancy-based adjustments, etc.
✨ Portfolio Analytics shows important KPIs and listing level performance and metrics.
✨ Market Dashboard offers insights into current trends and compares your property performance. It also analyzes markets and properties for investment potential.
Pricing
Prices start at $19.99 monthly, with a 30-day Free Trial. Depending on your revenue, you can also decide between the fixed and the percentage pricing.
PriceLabs: Pros & Cons
Pros:
? Customization options.
? Flexible and adaptable software.
? Multiple pricing options and settings.
Cons:
? The app can crash and freeze sometimes.
? Loading time for large portfolios and bulk actions is slow.
? Lacks more automated syncs per day.
4. Atomize
Atomize is a lean revenue management software focusing on increasing revenues and operational efficiency through real-time price optimization.
Atomize is cloud-based and provides tools to:
- show you how you position against your direct competitors,
- identify market shifts and capture demand,
- automatically retrieve and analyze internal and external market data to help you optimize the price,
- See a comprehensive overview of your hotel portfolio on the multi-property dashboard.
When it comes to integrations, Atomize integrates with various PMS, channel managers, Business intelligence, etc., such as Oracle Hospitality, RoomRacoon, Mews, Lighthouse, etc.
Key Features
✨ Real-time price optimization updates hotel room rates in real-time and adapts to market shifts and demand peaks.
✨ Future Demand Insights collects and analyzes the booking and travel intent data to show high-demand days.
✨ Business Intelligence and Reporting keeps track of your hotel KPIs and provides insights linked to your pricing on multiple levels.
✨ Pricing Control helps you develop your pricing hierarchy and determine the standard minimum and maximum rates per room type.
✨ Multi-property Support allows you to monitor the performance of your entire hotel portfolio by providing aggregated KPIs. You can also compare the performance of the individual or a set of properties.
Pricing
Pricing is available upon request.
Atomize: Pros & Cons
Pros:
? Has a centralized dashboard.
? Provides real-time data.
? Multiple pricing options and settings.
Cons:
? The market information should include travel availability and rates, and not only property capacity.
? Bulk actions can be more intuitive.
? Can have a steeper learning curve for inexperienced hoteliers.
5. Duetto
Duetto is a cloud-based RMS that combines analytics, real-time data, and human processes.
Furthermore, it comes with automation, reporting, and business intelligence tools, as well as forecasting and multiple property management.
Duetto offers 4 products:
- GameChanger – Gives predictive analytics and detects and updates rates in real-time according to market shifts.
- ScoreBoard – Provides daily segment forecasts and metrics reports.
- BlockBuster – Group accommodation software providing pricing strategies and rate recommendations based on acquisition cost, transient displacement, etc.
- Advance – Identifies market demands and helps you quickly respond to market changes.
As far as integrations go, Duetto integrates with booking engines, channel managers, PMS, and hotel management software, such as Oracle Hospitality, Mews, Lighthouse, etc.
Key Features
✨ Open pricing allows you to yield all segments, room types, and distribution channels independently and in real time.
✨ Total profit optimization includes rooms, F&B, MICE, and other ancillary spend data to optimize and package room rates.
✨ Forecasting enables you to create day-level forecasts but also projections for up to 5 years.
✨ Analytics tools are based on real-time data, enabling you to set parameters, monitor results, and set pricing strategies.
✨ Automation features let you define segments, room types, stay days, or seasons you want to run automatically, manually, or in a hybrid.
Pricing
Pricing is available upon request.
Duetto: Pros & Cons
Pros:
? Is intuitive and user-friendly.
? Provides real-time information on prices and demand.
? Multiple pricing options and settings.
Cons:
? Lacks more robust and customizable reporting capabilities.
? Lacks more advanced demand forecasting models.
? Should offer more options to analyze and influence total revenue.
Wrapping It Up
Overall, selecting the right hotel revenue management software requires evaluating your hotel’s needs and constraints and the software’s features, costs, flexibility, etc.
Our list of the 5 best hotel revenue management software provides top-notch solutions you can explore further.
Each solution provides robust revenue management features to automate tasks, predict demands, and help you set the prices.
Nonetheless, one solution goes beyond revenue management and offers the complete package: from PMS solutions over the booking engine to payment integration.
Why Go For OTA SYNC?
OTA SYNC is a powerful hotel management software that caters to every stage of the booking process without compromising guest satisfaction and experience.
In addition, OTA SYNC helps you:
? Change sales and pricing settings independently based on pre-set limitations with our Plug and Play revenue booster.
? Easily set up different market-specific tax settings.
? Onboard effortlessly without needing external assistance.
? Run and manage multiple properties from a single dashboard without switching from one account to another.
? Get actionable insights about your property’s performance thanks to our advanced business intelligence.
? and so much more.
Ready to take OTA SYNC for a spin?
Sign up for OTA SYNC today to ensure your property is maximizing its revenue potential.
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