Revenu Management for hotels and restaurants

 

Optimised revenu management for hotels

A key area in the management of an establishment, revenu management is nowadays facilitated by the development of numerous digital tools. The hotel industry can benefit from tools that allow it to optimise its annual revenue and occupancy rate according to room capacity and seasonality. Yield management applied to hospitality establishments requires excellent data analysis, to develop a suitable strategy, which is offered by the most innovative solutions on the market today.

Exhibitors specialising in Revenu Management

Meet them at Food Hotel Tech, the innovation exhibition dedicated to the hotel and restaurant industry
June 7-8, 2022 • Paris Event Center

 

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Revenu management for the hospitality industry

Tools for successful revenue management

The area of revenue management is a strategic point for any hotel establishment, which can optimize turnover and minimize losses, quite significantly. To make the most of the various data available on your hotel, there are solutions specifically dedicated to revenue management, which will collect and analyse all types of relevant elements, in order to build an adapted strategy. This includes optimising the pricing of rooms and overnight stays, as well as providing a better overview of your business and facilitating day-to-day management of the hotel. This type of software developed for the hotel and catering sector allows you to take certain decisions to the next level, in terms of automating them, for a gain in turnover and profitability.

Optimising pricing in your hotel

Adjusting and optimising room rates is a science in its own right and is one of the cornerstones of revenue management. Innovative companies have specialised in relevant tools dedicated to this notion of pricing. These can be firms that can help and advise you on your pricing strategy, or innovative services that make it easy to modify room prices and availability according to defined criteria. Some innovative start-ups have also developed intelligent negotiation solutions for booking stays, which allow the interested customer to propose a price for a room. This proposal is analysed and negotiated by an algorithm to find the optimal price, offering new development opportunities, as well as a new way of understanding revenue management.

Gain visibility with revenue management tools

Revenue management for hotels also goes beyond just room rates, touching on different areas. This obviously includes booking, with tools to facilitate and optimise the online booking process, and to stimulate direct bookings through different strategies. In general, software will allow you to gain insight into the management of your establishment, by collecting the most relevant data in relation to revenue management, occupancy rates, the seasonality of bookings, and the price of nights. This automated analysis offers an immediate gain in visibility, which can be materialised in interfaces and dashboards. Like a digital cockpit, you can then pilot your strategy easily, with accessible key indicators and forecasting and alert systems.

 

Simplified daily management

In addition to this necessary and strategic perspective, software specific to revenue management will also allow for smoother day-to-day management of your establishment. By analysing data and certain indicators, tools offer the possibility of automating cash flow monitoring, for example, or better managing human resources and the financial and administrative side. Other solutions will focus on pre- and post-stay communication with customers, as this is a key element in relation to revenue management and potential room pricing. Similarly, there are companies that specialise in responding to comments made on the platforms, in multiple languages and at any time, for a guarantee of customer satisfaction.

Come and find the most suitable revenue management solutions for your hotel, by meeting the various tech companies present at the Food Hotel Tech show. You will be able to discover the new digital tools to optimise your prices and your pricing strategy for a significant profitability gain.

Next Paris edition on June 7-8, 2022