With a daunting number of revenue management systems (RMS) available on the market, it’s a massive challenge to fully understand and appreciate the differences of each one. But finding the right platform for your hotel that helps you achieve your financial goals doesn’t have to be excessively complicated; that is, if you know what to look for.
You can eliminate much of the worry about finding the right system for your business by looking for these three critical RMS features:
A complicated user interface (UI) doesn’t equal effectiveness
Don’t allow yourself to become confused by shiny objects. A complex-looking UI that looks great doesn’t always equate to better. In fact, it could make the revenue manager’s job more difficult. More important, the most effective platforms should feature an easy-to-use UI, backed by complex functionality out of the way from the user. It’s like some people’s relationships to their cars; they must be easy to use, but with lots of power beneath the hood.
The best, most user-friendly solutions take complexities and, through effective design, create separate, easily-digestible sections even first-time users can understand. All the complexity, functionality and algorithms should be in the background. If not, it’s highly unlikely the solution can be effectively used by anyone at the property level, let alone everyone.
Look out for clean and minimalistic design because it fosters user confidence through an easy-to-comprehend design – think Apple. Clean and minimalistic doesn’t mean less, it means more as the product is a very intelligent (under the hood), easy-to-use revenue management system that’s usable by anyone in hospitality.
An RMS must be easy for anyone to use, not just those with advanced technology experience
This point is even more relevant for independent and boutique properties where executives within the hotel are typically focused on more disciplines than their big-box brethren. An RMS must be so simple anyone can jump into this job quickly and self-assuredly. Perhaps the revenue manager is out sick or the general manager is unavailable, leaving the reservations team responsible for the revenue management for the short-term.
It shouldn’t take more than a single screen or minimal clicks to execute basic RM tasks
Ten steps to execute one action within your RMS or requiring multiple screens to complete one task or view data – that won’t just slow users down, but can confuse them too. Everything must be simple, clean, easy-to-read, easy-to-understand and above all, visually clear; no matter how advanced your understanding of technology and algorithms.
For example, the LodgIQ RM allows for incredibly simple rate optimization using a single screen, displaying monthly key performance indicators. With a single click you can approve the platform’s suggested rate changes. For users wishing to examine more detailed data, a digestible day-view detail is available, offering additional KPI’s for the specific day, competitive set pricing/ranking, pick-up metrics, as well as the ability to enter notes.
So, if the RMS you’re considering purchasing doesn’t offer all of these features, it’s time to look for a more efficient and effective solution. Think about it this way, if it’s too complicated for you to use, it’s very unlikely you and your team will maximize its potential. That effects your bottom-line profitability in a very real way.
Written by Team LodgIQ
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