ARM System: An Overview of the Most Important Features

Revenue management is an important concept for the Hotel Industry, in this blog you will find most important features to look out for.

What is Revenue Management?

Revenue Management is the practice of making the right strategic and tactical decisions, in order to maximise the amount of revenue you generate.

What is a RMS ?

A revenue management system ( RMS ) system, is a form of hotel management software, which allows you to carry out complex calculations quickly, or access real-time analytics, so that you can make informed decisions.

Why Every Hotel Needs a RMS System?

Effectively running a hotel is very complicated & it involves many different responsibilities. However, the most important thing is to manage financial performance and overall business performance together. This is where RMS is beneficial, it allow you to to create realistic and accurate forecasts, so that you can make some adjustments to maximise your revenue.

Most Important Features of a RMS System?

1. Forecasting

RMS software you use should offer comprehensive forecasting management functionality.based on all of the available information and data.These forecasts should also be able to be adjusted in real-time, simply by making changes to the data.

2. Pricing

One of the most important features for revenue management hotel software is a pricing system, which can make intelligent proposals for room rates, based on level of demand. room rates should be able to be calculated for bookings.

3. Integrations With Third-Party Software

Today the modern hotels use number of different software solutions, rather than one single hotel software solution. For this reason, it is important that your revenue management system offers integration with third-party applications or systems, so that they can work with one another. The main thing is two way data sharing should be possible.

4. Channel Management

Channel manager is basically single terminal for hundreds of different online travel agent in the world. it gives you hassle free one click live inventory updation for all OTA's. you can control live inventory in a single window. it gives you many option like bulk updation, live position of your hotel, same rates for all OTA's, booking vouchers from all. For an example your hotel is full and you have to stop the bookings you can easily manage it by clicking on stop sell. There are many channel managers available in the market but you have to select best from those.

5. Cloud-Based

A cloud-based revenue management system is advantageous for a number of reasons, with the main one being the improved data sharing capabilities provided. This will mean that larger amounts of data can be handled, while it will also be easier for people to share data from different departments and even different hotel chains. In addition, the use of cloud technology is also beneficial for keeping software updated.

6. Reporting

Another function for your RMS system is an ability to produce a number of different reports. It also feature revenue management KPIs, like revenue per available room (RevPAR). It offers a number of export options, along with the ability to save reports in popular file formats.

7. Data Visualisation

Finally, the information provided by your revenue management system may need to be analysed by multiple departments, and may need to be presented in different ways. For this reason, it is vital that the software is able to offer data visualisations, such as charts, graphs and other graphics.

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