Harnessing the Cloud PMS & Revenue Management Advantage!
The modern hotelier is not only expected to deliver an exceptional service but also have to have the ability to maximize revenue across all operations. Coming from a situation where room revenue was most important, knowledge and data was often siloed into 1 single department and system. However, siloed systems and fragmented data is something of the past. Stayntouch PMS seamlessly integrates with revenue management tools and distribution channels to enable real-time data exchange. These API integrations with our partners facilitate data-based decision-making and enable our clients to optimize revenue across the complete operation, embracing the Total Revenue Management principle.
The last few years have proven to be some of the most challenging in the history of hospitality, and fortunately we see a great recovery in most markets. However, there are still plenty of challenges to take on for hoteliers. With fluctuating demand, dynamic pricing structures, and online competition from OTAs, hoteliers face the constant challenge of optimizing revenue streams. To help face these challenges, Revenue Management Systems (RMS) have emerged as indispensable tools, offering data-driven insights and strategic guidance to navigate the complexities of revenue optimization effectively.
Stayntouch chooses to work with RMS partners that utilize advanced data analytics and forecasting algorithms to analyze historical data, current market trends, and competitor activities. By processing this information, hoteliers can pull invaluable insights into demand patterns, allowing them to anticipate fluctuations and adjust pricing and inventory strategies accordingly. However, over time, RMS systems like RoomPriceGenie have invested in continuous development of their product and smart algorithms and Stayntouch and its partners have paved the way for a small revolution in Revenue Management. One important aspect is automated pricing as explained by Thomas Landen, head of Partnerships at RoomPriceGenie:
Using a RMS like RoomPriceGenie enables hoteliers to automatically update hotel prices as internal (PMS data) and external (market conditions) data changes. In addition to market supply and demand data, the RoomPriceGenie automated pricing solution factors in additional data, including:
- Tracking the rates of property’s 10 biggest competitors to understand the changing compset dynamics, as well as hundreds of local AirBnBs, to make sure property is always well-positioned to beat the competition.
- Monitoring hotel’s booking performance to identify demand patterns.
- Checking hotel’s pick-up patterns to spot big nights or upcoming events before the booking rush begins, making it easy for hoteliers to secure more bookings at a higher price point.
This helps hoteliers not only improve results: whether that’s increasing revenue, having a more steady ADR, or better occupancy. But also:
- Save time that hoteliers can use to focus on other parts of their business.
- Gain confidence in knowing they don’t underprice or overprice rooms.
- Improve reviews and get more repeat customers, because with real-time pricing automation, hoteliers will offer the most fair and reasonable room rate.
- Eliminate costly mistakes that can happen often with the manual pricing methods.
Stayntouch fully embraced the importance of having an ecosystem of integration partners, and has over 1200 integration tech partners. However, the ecosystem of partners of Stayntouch is not limited to just tech partners. In the past years, Stayntouch also gathered a large pool of service providers in Revenue Management. Revenue Management companies like Catala Consulting prove their value to our customers on a daily basis, having an extensive knowledge of Revenue Management by servicing many hoteliers with outsourced revenue management. Working with an agency like Catala Consulting provides hoteliers with an excellent opportunity to harness their knowledge and experience and implement effective revenue strategies to improve revenues. Most agencies are used to work with a variety of Revenue Management systems, reducing the workload for hoteliers, as Thibault Catala, explains:
Working with an agency like Catala Consulting significantly improves the experience and results for hoteliers. We have seen hotels improve their performance by +15-30% in revenue performance when partnering with us. We focus on the full strategy of the property, providing access to expert revenue managers at a fraction of the cost of hiring them on-site. Agencies bring extensive expertise and a deep understanding of market dynamics, which helps in crafting effective revenue strategies. We handle the complexities of RMS, reducing the workload for hoteliers and ensuring that pricing and inventory strategies are always optimized. This leads to increased revenue, more consistent ADR, better occupancy rates, and overall improved operational efficiency.
Choosing an integration friendly cloud PMS like Stayntouch enables hoteliers to have an integrated tech stack and work with best of breed partners. After the last few years, going from no demand to full demand, the importance of a modern PMS and RMS cannot be overstated. By harnessing the power of data analytics and predictive algorithms through integration partners like RoomPriceGenie, and combining it with the knowledge and expertise of experienced agencies like Catala Consulting, Stayntouch and its partners enables hoteliers to optimize revenue generation, allocate resources efficiently, and adapt to market dynamics in real-time. As the hospitality industry continues to evolve, embracing tech and service partners will be crucial for hotels seeking to maintain a competitive edge and achieve sustainable growth.
