Taking advantage of hotel revenue optimization software and solutions

Just like there are a huge number of strategies you can adopt to optimize revenue at your hotel, there's a long list of hotel revenue optimization solutions that will make your job easier.

Understanding the best tools to use and implementing the ones that suit your hotel's unique needs will give you a headstart towards profitability.

Here's a few to take note of:

• Channel managers: Channel managers make inventory management and distribution simple, while also providing key performance reports.
• Revenue management systems (RMS): RMS' provide sophisticated, data-led, revenue management analytics and recommendations.
• Booking engines: Booking engines enable a direct relationship with guests and turn your website into a revenue generator.
• Customer relationship management systems (CMS): Specifically manage interactions and communications with guests and potential customers.
• Global distribution systems (GDS): A GDS will give you the best access to thousands of travel agents and wholesalers to help diversify your reach and potential revenue.
• Business intelligence tools: Business intelligence tools will provide accurate, real-time, market data so you can keep a keen eye on your own price as well as that of your closest competitors.
• Upsell and other guest-focused apps: Hotel apps can streamline upselling, communication, check-in, room service, and more to ensure guests are happy and also aware of their value-added purchase options.