With the influx of distribution opportunities, it has become increasingly difficult to maximize revenue at the right time and the right price.
Recently, the management consulting industry has grown to meet the needs of today’s global businesses and their revenues. With the exponential growth of reservations coming in from online distribution websites, it is vital for hoteliers to have an overview of their hotel’s rate positioning and have the ability to respond quickly to fluctuating markets. However, figuring out proper price rates for hotel rooms can often leave hoteliers scratching their heads. Newer RM Consulting technologies take a holistic approach to Revenue Management Consulting and look at every aspect of your business before determining how to increase profits.
Best-in-Class Revenue Management Consulting features:
- Capabilities to evaluate different channels of revenue streams
- Services that streamline hotel management operation and strategy
- System management and evaluation from multi-channeled revenue sources
Top Considerations before Buying Revenue Management Consulting:
Revenue management consulting should assist in the redistribution of demand so that all properties can maximize their revenue based on geographic location. Go beyond room inventory revenues and incorporate all of your revenue streams (spa, food and beverage, golf, telecommunications, parking, etc.) and look for companies that offer multi-faceted opportunities that incorporate strategic identification, forecasting, pricing, ancillary revenues and channel distribution.
1. Consider e RevMax’s RTChannelManager as a means to understanding hotel positions in the global market and formulate a personalized business strategy through a single, easy to use interface. Founded in 2001, e RevMax specializes in revenue management tools, specifically RTStrategy Engine, an online rate benchmarking tool. The company’s products enable hoteliers to compare rates with competitors and update various distribution channels and travel portals. It also offers consulting, education and training, and customer support services.
2. Amadeus Combine reservation, property, revenue and content management systems with a multi-channel distribution program in Amadeus Hotel Platform. This advanced system enables management of hotel inventory and guest rates with a single view reservation application. Adjust pricing and rates according to market conditions with its revenue management feature and offer guests additional travel components. A centralized view of guest profiles, high-quality and consistent customer experiences guarantee brand value reinforcement and long term relationships with guests.
3. Implemented in over 300 solutions across a range of industries in more than 40 countries, PROS’s Pricing Solution Suite consists of three interfaces to increase revenue through margin improvement on overall growth. A graduated process begins with complex scientific analysis to identify segment-specific pricing in order to monitor and forecast your company’s progress proactively. Once the data is gathered, price lists are managed automatically in order to track performance while managing future optimization strategies. The third aspect of this software uses market insights and guidance to quote the right price By using PROS software products, companies gain insight into their pricing strategies, optimize their pricing decision making, identify pricing-based profit leaks, and improve their business processes and financial performance.
4. American Resort Management, LLC is a hospitality management company that engages in the development, operation, and management of select and full service hotels, family entertainment centers, outdoor water parks and indoor water park resorts, and franchised and independent restaurant concepts. The company provides feasibility, study analysis, ownership's interest representation, and ownership's asset and business management services; and interior design and procurement, accounting and cost control, rate and yield management, sales and marketing, human resource management, administrative, and career development services.
Revenue Management Consulting
Definition: Revenue Management Systems, also referred to as Pricing Systems, are systems for setting prices on rates and employing any form of money or debt tokens.