Is your revenue manager burdened with tons of spreadsheets and individual logins to different systems to manage prices on multiple channels?

What you need is an automated revenue management system (RMS) that continuously tracks competitive pricing for properties like yours and automatically sets prices that will drive business and bring growth.

An RMS leverages automation to improve key performance indicators, such as revenue per available room (RevPAR), significantly impacting your hotel’s top and bottom lines. An advanced RMS platform looks at historical and predictive market data, analyzes demand signals, and makes automated forecasts that allow you to set optimal prices for your hotel.

In this article, we’ll review some of the revenue management software solutions available in the market and help you identify the ideal RMS for your hotel’s needs.

Prosper Hotels can recommend and help implement a revenue management system for your hotel.

How to Choose the Best Software for Your Hotel

Today a revenue management system (RMS) is not just for large hotel chains or multinational hotel brands. Every hotel brand, big or small, an independent hotel or a boutique hotel, a motel or an inn, can and must work with an RMS that caters to their individual needs and the size of their business.

There are several RMS providers in the market. All revenue management software systems track and report KPIs, such as RevPAR, average daily rate (ADR), and more. While every RMS delivers the basic features and functionality required to control dynamic pricing and track market data, each software has its unique features and strong points.

Learn More About These 7 Revenue Management Softwares

With so many options on the market, it can be difficult to know exactly which one is best. We have compiled a list of some of the most popular choices to help you narrow down your selection. Regardless of which RMS you choose, partnering with Prosper Hotels can help you level up your revenue management.  

IDeaS

IdeaS is a popular choice as an RMS for large hotels. It has a set of powerful automation features for revenue enhancement.

• Automation to optimize RevPAR – It focuses primarily on increasing RevPAR by utilizing accurate forecasting, optimizing your hotel’s distribution channel mix, and automating data collection and research processes. It enhances productivity and leaves your revenue and channel managers free to focus on revenue management and growth strategies.

• Data-driven pricing – IdeaS is more than a rules-based software or price-recommendation tool. It delivers scientific, data-driven pricing decisions to drive optimal revenue performance.

• Powerful analytics – Its SAS High-Performance Analytics gathers data from multiple internal and market data sources to accurately learn and forecast guest and market demand patterns.

Recommended for large hotels, especially for midscale and upscale properties.

Duetto

Duetto received a 100/100 score on the HotelTechReport survey of 2022. Duetto is popular with many large hotels, especially for midscale and upscale properties. 

Let’s look at some of its key features:

• GameChanger – Duetto’s command center lets your team develop and implement unique strategies quickly and easily. 

• Advanced Tools – Duetto can ingest large amounts of data to give you advanced pricing analytics and segmentation.

• Open Pricing – Its Open Pricing methodology allows you to yield unlimited segments, channels, and room types in real time.

• Segmentation  – Adjust segmentation and custom pricing logic whenever you need it and without losing data.

• AutoPilot – Pre-set your revenue strategy and maintain control by guiding the system’s AutoPilot optimization with these pre-set parameters. 

• Cloud software – Cloud-based software-as-a-service with frequent, free updates and zero system downtime.

Recommended for large hotels, especially for midscale and upscale properties.

RoomPriceGenie

RoomPriceGenie is a popular RMS, especially for economy and midscale properties.

It automates pricing decisions using a two-pronged approach:

1. It automatically analyzes over 500 properties in and around your property’s location to prepare a strong foundation of actual data that guests may review for comparison. The software considers factors such as how seasonality affects demand in your location and the local or regional events that drive demand in your area.
   
2. It looks at your hotel’s occupancy rates, pickup, the demand you experience, and your revenue and profitability performance. 

RoomPriceGenie studies your competitors and occupancy rates several times a day and then adjusts your room rates. Automation takes on these highly time-consuming tasks while minimizing errors.

In summary, here’s what PriceRoomGenie offers you:

• Price changes – Easily make price changes, including bulk adjustments.

• Automation – Automate your pricing directly in your PMS or Channel Manager.

• Ultimate authority – Maintain control over your pricing strategies and meet your occupancy targets.

• Tracking tools – Track seasonal market trends and never miss out on relevant events that drive demand in your location.

RoomPriceGenie could help you save 10 hours of manual work every week.

Recommended for small hotels, especially for economy and midscale properties.

Cloudbeds

Cloudbeds is an easy-to-use hotel revenue management software solution for small and medium hotels, hostels, and short-term rental properties.

We’ll look at 4 specific features of this software:

• Pricing Intelligence Engine – PIE helps you optimize pricing and get a leg up on your competitors. 

The Cloudbeds PIE dashboard gives you a snapshot of your property’s key metrics compared to previous periods, including occupancy rates, RevPAR, and ADR. 

PIE was created by revenue managers and hoteliers, so it’s easy to use, accurate, and intuitive for anyone from your team.

It seamlessly integrates with the Cloudbeds Hospitality Platform to share data across your property management system (PMS), booking engine, and channel manager.

• Rate Shopper – This feature compares your pricing with that of your competitors across various channels and room types. You can sort this market data by your competitors’ lowest/highest price or by selected accommodations. You can also choose from a graphical view or a table view.

• Rate Manager – This tool displays a user-friendly calendar view so you can easily see your current occupancy, view your competitor sets and upcoming events, update prices, and manage the rules or alerts triggered by room type.

• Automatic rules and alerts – You can set automatic rules to update prices without having to approve every single change, or you can set alerts that require approval. You can set comp set-based alerts. For example, get alerted every time your comp set pricing goes up by 5% (or any other value you set). 

Occupancy-based rules allow you to set a price increase every time your occupancy rises to a specified point. 

Cloudbeds provides you with an optimal blend of automation and manual control so you can maintain control when you need to and let the automation take over when you need to crunch large amounts of data and complete tedious manual tasks.

Recommended for small hotels, hostels, and short-term rental properties.

Atomize

A key feature of the Atomize RMS is its real-time price optimization. It automatically updates rates in response to changes in your market. 

Some other key features of the Atomize RMS include:

• Group pricing – A more efficient way to quote group booking requests.

• Autopilot – Switch on this feature when you want to let the system’s algorithms automatically update your rates per room type without manual intervention.

• Multi-property dashboard – Monitor the performance across properties to get aggregated KPIs that showcase the health of your overall hotel business portfolio. This feature is built for stakeholders and top management of hotel chains.

• Future demand insights – Access forward-looking demand data for accurate revenue projections, allowing you to optimize pricing and promotions

Recommended for medium and large hotels, especially midscale and upscale properties.

BEONx

BEONx is an AI-driven revenue management platform that optimizes guest journeys and thereby impacts your hotel’s bottom line.

Let’s look at some of its key features:

• Guest experience – BEONx focuses on the guest experience as a driver of demand and revenue growth and looks at how you can unlock maximum value for guests.

• Sustainable profitability – BEONx looks at sustainability as a lever for enhancing profits for your hotel instead of treating it as an operating cost. It empowers hotels to unlock sustainable profitability by integrating, automating, and digitizing their processes.

• Hotel Quality Index (HQi) – BEONx’s metric, the HQi, measures overall hotel quality as a holistic perception of your hotel from the customer’s point of view. This metric helps revenue managers to understand competitive positioning and price elasticity.

BEONx is an integrated, all-in-one platform that eliminates the need for disparate or siloed apps and spreadsheets.

It offers market intelligence, forecasting & predictive capabilities, automated features, intuitive dashboards & reporting modules, which together deliver an excellent user experience.

Pricepoint

Pricepoint is an AI-powered RMS that delivers progressively better performance as it ‘learns’ with consistent and regular use — thanks to its machine learning technology.

Here are some salient features of the software:

• Simulations – It uses simulations based on factors such as guest behavior, seasonality, competitor rates, and more to determine the optimal price per room for your hotel.

• Automation – It automatically updates room prices to OTAs whenever there is any change in the number of available rooms. No manual intervention is required from your channel manager or revenue manager.

• Revenue Detection – It detects seasonality, occupancy lows, and demand peaks and constantly monitors bookings for future dates to ensure you have set the right price to maximize your revenue potential.

• Rate Shopper – The Rate Shopper functionality scans your comp set to review its pricing decisions and decide how to react to the competition. 

Recommended for small and medium hotels, especially economy and midscale properties.

Supplement Your RMS with Prosper Hotels 

Work with Propser Hotels to make the most out of your preferred revenue management solution.

Pick the platform that you resonate with and whose features fit your hotel’s business profile and growth targets.

Then trust our hotel industry experts to study the data and refine and finetune your revenue management strategies, propelling you toward growth in a highly competitive market scenario.

We support the hotel and hospitality industry with 24/7 revenue reporting services and hotel consulting services, as well as implementation support for your revenue management software platform.

Reach out to Prosper, and we’ll take it from there!