18Jan

Better Together: Integrating Your Revenue Management System with Your Tech Stack

Author: Avanti Joglekar

In 2017, we surveyed a group of hoteliers, asking how they would assess the integration between their property management system (PMS), Central Reservation System (CRS) and Revenue Mangement (RM). Over 75% of those responding indicated that their systems are not integrated at all, their systems are not fully integrated, or that the integrated systems do not communicate well. In 2018, revenue management systems offer more sophisticated solutions for your property's bottom line. Learning how to integrate your hotel tech stack with your RMS offers countless new opportunities for hoteliers. 

pexels-photo-271634.jpeg

Interface Your CRS with the PMS/RM to maximize your distribution:

Today, the CRS, PMS, and RM systems are working harder than ever to find revenue opportunities. In the ideal situation, these systems are connected, integrated, intelligent, and mobile. If you haven’t reexamined your core hotel software systems in the last few years, you may be missing out on time saving integrations and profit opportunities.

Direct bookings are inarguably your most profitable channel. To ensure a clean distribution, your direct booking engine should be customizable within your CRS to differentiate your hotel from your competition. Your call centers should be able to channel specific offers to potential guests via your CRS. Additionally, you should be able to organize OTAs by rate codes via mapping. Your GDS shouldn’t be ignored, so make sure you have great offerings pushing through your CRS to your GDS platforms.

Once a guest makes a reservation, the CRS can really help send a message if any system communication breaks down, to ensure that everything the channel or booking engine collects gets passed on to your hotel. And if you loop your PMS and RM providers into these error situations, things run even smoother.

pexels-photo-464407.jpeg

Optimizing your best revenue strategy streamlines pricing, increases guest acquisition and boosts your bottom line:

Data collection has become more complex, so to create and implement a winning strategy, properties must integrate their data throughout their systems. That way, pricing and RM strategies show one source of truth. Integrating PMS or CRS into a revenue management system helps everyone be on the same page. Operations and sales get looped in to the revenue management process, and it gives key management across the hotel access to critical data at any time. Leveraging transparency across your entire portfolio increases the chances you have of meeting your targets since those departments are keenly aware of what they need to accomplish.  

Speed and accuracy are critical to optimizing your revenue, but manual management of data through spreadsheets creates unnecessary risk. Automation will save you hundreds of hours a year. To deliver certainty, revenue optimization will help you understand demand patterns, project events independently, manage expectations, understand behavior, and streamline processes. And finally, an RM system will make your business more predictable by improving demand forecasts and predictability with the ability to separate customer segments, take advantage of unique demand conditions like seasonality and special events, and protect inventory for your most valuable guests.

New Call-to-action

Source: “Get the Balance Right: Mastering the PMS/CRS/RM Connection in a Changing Economy” Webinar, Aired  6/14/2017

Subscribe to Rainmaker's Hospitality & Gaming Blog

Join fellow Industry Professionals! Get Rainmaker's latest Hospitality & Gaming articles straight to your inbox. Enter your email address below:

Recent Posts