If you are running a hotel business, proper financial analysis based on the rate of bookings and pricing strategies is important to help you maximize the earning potential of your business. And that is what is called a smart revenue management system in hotel business practices.  In technical terms, for the hotel business, revenue management is all about selling the right room to the right customer, at the right time, at the right price, and through the right channel. With the right strategies and software, you will have the ability to effectively use performance data to predict the deman ..read more

Forecasting is the lifeboat to your entire hotel revenue management strategy. The hotel managers will have the advantage to make ideal decisions on pricing, distribution, and promotion. Hotel revenue forecasting will help you state the demand and performance in different areas of your operations.  Hence, you can proceed with amendments and set the profit expectations right. You can always hire a professional revenue management service to get consultants working on your revenue strategy and optimization. But, educating yourself with the ideal ways is still an important task to judge what’s ..read more

The hotel industry has bagged over $570 billion across the globe in the financial year 2020-2021. Hence, it proves that the diverse companies of this industry are generating ample supply for dealing with the heavy demands. And the revenue management tools in hotels act as a support system for them! Do you want to know how?  The revenue management tools work upon deriving the performance and analytics data for taking some predictable decisions. All of the acquired data works upon determining customers’ behaviour towards the respective hotels or collective industry.  The data obtained ..read more

Hotel Revenue Management is a crucial operational concept that allows property owners like you and your revenue managers to anticipate demand and optimize availability and pricing to witness the best possible financial outcomes. It involves pricing the room right along with selling it to the right customer at the right time. But can you accomplish all these manually? The answer will be a big NO. This blog will help you understand how a powerful hotel Revenue Management Software (RMS) can simplify things by addressing several challenges. Let’s go through some of them one by one. Challenge #1: C ..read more

The answer is – an unequivocal YES, as hotel revenue management is not an easy task therefore automation in revenue management is the need of the hour. Whether it is a small independent hotel, chain hotel, resort, or any hospitality property irrespective of star ratings and locations, revenue managers face many challenges while configuring and implementing the right strategy. Apart from hands-on expertise, they need to rely on massive data points from various hotel operations/departments sources to set up the correct pricing at the right time for the right guest. That’s why an automated hotel ..read more

Selling more rooms to increase occupancy and revenue is the ultimate aim of every hotelier irrespective of size, star category, offerings, and locations. And this becomes possible when you have an efficient online distribution system in place. In this context, we will today explain the two most essential pieces of hospitality technology solutions – Hotel Channel Manager and Global Distribution System (GDS), and how they work together to help you sell more rooms to enhance your profitability. Eventually, this whole process becomes vital to your overall hotel revenue management strategy. We will ..read more

In the past few months we have launched whole lot of new and exciting features for AxisRooms Revenue Management System & AxisRooms Rate Shopper, which will help hoteliers in managing their properties with ease and get more out of it. Revenue Management System- Events View top events View top events near you with the events menu. You’ll find this in the navigation bar next to notifications. Sorted by relevance The events are sorted based on relevance from high to low. Events with high relevance have a larger impact to the area near your hotel. Specify the distance We set the default distan ..read more

What is dynamic pricing. Do you need it? Just look at the airline industry. Have you ever tried booking domestic or international tickets? Especially if you visit Google Flights web page, it shows you all the best rates. Google Flights is exactly like Trivago is to hotels. You will find different prices for the same airline from different sites. Even if you visit the airline’s own website, you will find different pricing each day. Sometimes each hour. Why is that? This is called dynamic pricing. The same tactic is now being used by hotel chains. Setting dynamic prices needs the following: To c ..read more

In the hospitality industry, performance and revenue targets are achieved only when your resources are effectively put to use. What are these resources? Beginning with your inventory, room pricing, your staff etc. all constitutes to a property’s resources. If you are a part of this ever growing hospitality industry, then we only got to look at tweaking every possible factor to boost your revenue. In this post, we look at six factors which will help you boost revenue.   #1 Look at your numbers and analyze them Numbers don’t lie. Studying patterns in bookings, cancellations and even business rec ..read more

Hotel Revenue Management is very difficult and detailed process, but there are some key steps to building a revenue management program in a property for the first time and keep it following the best practices to optimize performance. The main basic concept: every single hotel room is perishable and has a shelf life of one day; it is useless to store up inventory for the peak season. Plan and execute a way to generate demand in low seasons and ration the rooms in peaks. Historic Data: set relevant revenue historic. The past data matters because demand patterns tend to follow historical trends ..read more