The Hospitality Sales and Marketing Association International (HSMAI) and Revenue Analytics present The New RMS: A Buying Guide, a new white paper that explores modern hotel revenue management systems, including how they have evolved — and how they need to evolve — in the aftermath of the pandemic that has seriously disrupted the hospitality industry. Through interviews with revenue leaders across the industry, HSMAI and Revenue Analytics have created a guide to help hoteliers make informed decisions about revenue technology now and in the coming years.
“The hotel industry needs to embrace and adopt technology that will help them optimize business and integrate with other systems,” said Robert A. Gilbert, CHME, CHBA, president and CEO of HSMAI. “To do that, sales and marketing and technology teams need to collaborate on future investments. This white paper provides a roadmap for that collaboration and decisions that will generate incremental revenue and business for a hotel.”
The New RMS: A Buying Guide focuses on five main topics:
The New Priorities
The shifting realities of hospitality revenue management have created new priorities for revenue professionals and new must-have features for any RMS. These priorities include affordability, resilient forecasting, native multi-property functionality, GM orientation, profit optimization, flexible reporting, and user experience.
Current Myths About RMSs
There are four key myths about current RMSs that The New RMS helps debunk: There’s no revenue to manage — so you don’t need an RMS; one size fits all; all forecasting algorithms are created equal; and you don’t need a human if you have an RMS. In this section of the guide, expert sources provide corrections to these myths.
What You Need From Your RMS
The guide explores the RMS needs of three primary user profiles: single-property director of revenue management, multitasking revenue manager, and on-property general manager. For each user, the guide provides in-depth insights for choosing an RMS based on ease of use, forecasting, pricing, and inventory, among other features, while helping users prioritize their needs based on individualized use cases.
Questions to Ask
HSMAI and Revenue Analytics drill down even deeper by providing a list of questions to ask of a potential RMS provider to ensure the system is making life simpler — not more complicated.
The RMS of the Future
Finally, hospitality experts weigh in on what the RMS of the future will focus on, including data driven by new KPIs, increased automation, better integration, and unsiloed systems.
N2Pricing: Designed for Modern Revenue Management
Today’s revenue management professionals are frustrated because legacy RMSs are failing to adapt their technology to the times. Multitasking revenue managers and those managing multiple properties need a modern solution. Without one, they risk revenue leakage and personal burnout. One option is N2Pricing from Revenue Analytics, which leverages powerful forecasting, intuitive multi-property workflow, and profit optimization to ensure today’s hoteliers are capitalizing on rapidly evolving demand.
“We are thrilled to partner with HSMAI to bring this important research to hospitality leaders in such a critical moment,” said Dax Cross, CEO at Revenue Analytics. “The pandemic accelerated the transformation of revenue management. And now, revenue management must lead the way in accelerating recovery. Now, more than ever, revenue managers need a modern RMS. This guide will help executives make the case for investing now to drive revenue growth, greater efficiency, and maximum profitability.”
Access The New RMS: A Buying Guide on the HSMAI Americas website.