Posted February 2nd, 2018
As the technological hub of a hotel, the PMS contains an abundance of valuable data about guests and their booking behavior. In this joint eBook, Starfleet Research, Sabre Hospitality Solutions and IDeaS Revenue Solutions take a look at those key strategies utilized by top performing hotels to harness this insightful data to maximize revenue performance.
In today’s hypercompetitive, ever-changing marketplace, top-performing hotels depend on the advanced platform capabilities of a next-generation Property Management System (PMS). This solution allows hoteliers to do what they do best: deliver superior guest experiences and produce the company’s desired business results in terms of revenue and profitability.
Only with a state-of-the-art hospitality technology infrastructure — one that streamlines operations across the board while providing sophisticated management controls — can a hotel hope to achieve these goals and objectives. And it all starts with a next-generation PMS, which makes it possible to manage core functions like guest registration, room inventory maintenance, financial accounting and housekeeping assignment with high levels of efficiency and effectiveness. The solution also makes it possible to centrally manage the constant flow of data that is the lifeblood of any hotel operation, no matter the size and category of the property.
Virtually every hotel department and function generates huge volumes of data. Every action guests take during their hotel stay, from check-in to restaurant dining, spa sessions and golf outings, has the potential to generate meaningful data. The key is to harness the power of this data. Only then can a hotelier drive continuous improvement in both the quality of the guest experience and overall financial performance. These are two sides of the same coin. After all, presenting guests with relevant and personalized messages, offers and experiences (based on their past purchase behavior, stated and inferred preferences and other attributes of their personal profiles) invariably improves guest satisfaction. That, in turn, results in more revenue and greater profitability.
Utilizing revenue management strategies and tools, the treasure trove of guest data that resides in a next-generation PMS, along with access to external data related to competitor activity and other real-time market conditions, makes it possible to also drive continuous improvement in hotel occupancy, ADR and RevPAR. The tools that enable revenue management have evolved rapidly in recent years. Today, a state-of-the-art solution is capable of generating tens of thousands of optimal pricing and overbooking recommendations each day based on real-time analysis of all relevant data. The best of these solutions make it possible to fully automate the decision-making process, adding revenue and profits from not only guest rooms but from all parts of the hotel property to the balance sheet.