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Why Hotels and Restaurants Need Revenue Management Software

by admin

Effective revenue management is the most important aspect of running a hotel or a restaurant business. Having automated revenue management software is no more a luxury but has become the need of the hour. Hotels and restaurants are constantly increasing with an accelerated pace, this is a reason why they need a system that surrounds their customer’s digital touchpoint: from browsing online prices till the time they check into the hotel facility, to the point where they spread word of mouth by sharing their reviews online after their check-outs.

We at MyHotelLine believe that the ideal revenue management is to sell the right service to the right guest at the right moment at the right price on the right distribution channel with the best hospitality experience with your best capacity. Therefore, we offer you our state of the art software that provides higher productivity and gives better insights into your business by replacing your old methods with our higher ROI oriented hotel or restaurant revenue management software that has proven itself with our clients.

Increased focus on profit-making through direct bookings:

Revenue managers know how to steer guests from going to the travel agencies for hotel bookings. Instead, they provide direct offers to their guests by running campaigns on social media or their own websites. Our revenue management software helps manage your bookings, auto-confirm with guests, simplifies bill processing, and provides complete transparency.

More Channels = More Guests:>

Revenue Management Software automatically syncs your system with all online market places, hence giving you access to as many OTAs you may want to associate with. Our RMS makes sure that you can have a clear glance of all your channels at one place and see which channel is fetching you better footfalls with maximum profit. All this happens with intelligent comparison metrics.

Manage Multiple OTA Channels:

Managing your association with more OTAs means juggling multi-tasking and multi revenue source together. Revenue Management Software allows you to manage rates and inventory across all relevant online channels. Its direct two-way distribution interface ensures that rates and availability are adjusted in real-time across all booking channels. Hence it saves the channel manager’s time.

Manage Multiple OTA Channels - MHL

Manage Multiple OTA Channels


Avoid Risk for Overbooking, Under-booking, and Double-booking:

Overbooking means when your hotel rooms are overbooked and you have to turn down a guest, it leads to a bad word of mouth for your hotel over the social media. Double booking or overlapping leads to a bad impression on guests. This results in guest dissatisfaction, plus in loss of business for your hotel. Then there is Under Booking which happens when there is confusion between you and your channel partner. You both think the room is already booked by either of you and in this confusion, the room remained not booked. This leads to a loss of opportunity for you. To avoid these confusions, our revenue management software helps you to manage your inventory and rates separately for multiple OTAs, and by doing this we make sure that all the channels are updated in real-time whenever a booking is done by your channel partner, on the hotel website or even in case of guests walking-in. This is the same scenario-like when a room gets checked-out or is made available for booking.

Improved Guest Experience for better Up-selling:

Today guests especially millennials just don’t look for “a good room”, they are looking for an unforgettable experience. Selling good service with good rooms will automatically help with increasing revenue. Every hotelier knows that the revisiting guest brings in more profits than first-timers. Also, acquiring a new client is ten times more expensive than keeping current customers. Knowing this, it is better to start working towards providing first-hand customer delight experience by creating unforgettable stays for your guests so it generates a host of domino effect benefits for your hotel with all the Positive feedback on Social Media, word-of-mouth recommendations to friends and family, and, crucially, it enables you to maintain a relationship with special offers and promotions via email and other channels. There is a reason why people buy clothes from the same brands and why people go for dinner at the same restaurant. It is all a game of successful customer experience. So when your customers are so loyal to you, won’t you make them happy by giving them “loyalty points”? The benefits of these points are that you can have a hold on your already loyal customers but also you can drive in some new loyal customers. Our Revenue Management Software (RMS) helps you to build, run, and maintain all the operations of your hotel & restaurant loyalty programs. It brings all your reward program operations at the core and ensures that you get a flawless loyalty program management software.

Data Management:

For better revenue management, it is very important that you manage your data well. Data is all the crucial information about your hotel or restaurant like past trends, marketing activities, revenue per available room (RevPAR) and average daily rates (ADR), profits, hotel guests and staff, OTAs, current bookings via OTAs, direct walk-ins, direct booking via your hotel website, Online Travel Agents that are giving you good business, OTAs that are giving comparatively less business, seasons that gives you more footfalls/walk-ins, overall occupancy ratio, pricing, market research data, competitor’s data etc.

Data Management by PMS - MHL

Strategize Pricing:

Today the hoteliers and restaurateurs have realized how important a good revenue management system is in terms of making pricing strategies. Revenue Management Software uses sophisticated algorithms to accurately calculate room rates by using past performance data, current market data, and other information. Room rates can then be easily adjusted from the main dashboard.

Our Revenue Management System makes it easy to adjust prices across various distribution channels, without having to individually log in to each of those different systems.

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