7 Key Features To Look For When Choosing A Revenue Management Software Solution

October 20, 2022 | Duetto Content Team

Considering adopting a revenue management system (RMS) for your hotel business? How do you know which one is right for you? Take a look at what we believe are the 7 key features to look for when choosing a revenue management software solution…

Automated Recommendations

With the push of a button, your price recommendations will instantly be reflected in your PMS. Neither analysis nor manual updates are required. Choose between accepting your recommendations one by one, in bulk, or even overriding specific recommendations with ease.

Open Pricing

Your RMS must be able to price room types and channels independently of each other, rather than in lockstep with a set BAR price. For example, on some days you want your AAA rate to be 10% less than BAR, on other days you may want it 1% less than BAR.

Data Visualization and Intelligent Reporting

A good RMS not only presents your data in tabular reports, but allows you to visualize your data and reports in graphical form. This allows revenue teams to better understand trends, outliers and patterns in data. It’s important that your RMS be able to build, export and share your most critical reports. Revenue teams must be able to share reports at the push of a button with management, ownership and other departments within the hotel.

Real-time Price Automation

With real-time price optimization you take advantage of even the slightest changes in the market or your internal (PMS) data to maximize your property’s revenue. By automatically retrieving and analyzing internal and external data your RMS updates a hotel’s room rates in real-time.

Cloud Technology

An RMS that runs on multi-tenant cloud architecture allows your systems to integrate and share data more seamlessly, and allows developers to push updates to your software in real time. No more purchasing new versions of software just to get the latest features.

Group Booking Pricing Module

A Group Booking Price Module not only provides you with the current optimal group price, but also a secondary price, which is the lowest price point you should accept because you would be better off, from a yield perspective, to sell the inventory on the open market instead.

Future Demand Insights

With forward looking data, revenue managers have access to booking and travel intent data needed to reliably forecast demand in uncertain times. Essential for accurate topline predictions and relevant promotions. These future demand insights will give you an unprecedented leg up on your competition.

Naturally, we think Duetto is the best RMS on the market. But don’t take our word for it. We were voted the #1 revenue management system (RMS) in the 2022 HotelTechAwards, a user-based awards system that rewards based on customer feedback, integration compatibility, organizational health, partner network strength, and customer support quality. 

Find out more about selecting your next RMS in HotelTechReport’s The Ultimate Guide to Revenue Management Systems. Download for free today. 

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