Thinking of adopting a revenue management system (RMS) for your hotel? Keep up to date with what’s happening in the market with our future predictions for 2022-2023 and the trends we believe will shape the RMS landscape in the coming year.
RMS Trends 2022-2023
An RMS, working with other pieces of the tech stack puzzle, is designed to do just that. Customer-centric revenue management, with buzzwords today like ABS (attribute-based selling) or customer lifetime value pricing, are not new concepts. For example, the fare management tools contain pre-arrival upselling capabilities and are therefore tightly linked to the RMS with real-time integration imperative to provide sales teams with direct access to the fare database and availability. Pre-arrival room upgrades and add-on offers are designed to maximize revenue by integrating the sales process into the guest arrival experience. By using predictive analytics to better understand our customers’ buying preferences, we can personalize an offer that will increase their likelihood to buy and thereby maximize revenue.
Connected business strategy
Revenue management is moving toward integration, not separation of disciplines, and it demands greater breadth and depth in the background and capabilities of its leaders and systems. Over the past decade, revenue management has evolved into a revenue strategy and over the past two years it has further evolved into a business strategy. Business strategy teams were formed out of necessity during the pandemic, mostly as part of a downsizing exercise. But one positive result is that it has forced revenue management teams to explore better ways to collaborate with their traditional sales and marketing colleagues. Today, most hospitality businesses have combined these disciplines in the flowchart, along with implementing integrated system workflows.
Total Asset Optimization
Today, the hospitality industry is increasingly focused on total asset optimization – merging the principles of both disciplines into one to achieve the next level of sustainable growth. Total Asset Optimization breaks down these often siled disciplines so they have access to the same data, are aligned with goals, and ultimately focus on profitability. The role of the revenue manager in influencing RevPAR has an impact on the entire life cycle of an asset’s assets, starting with the preparation of the feasibility analysis of its development/conversion and ending with the final surrender. This focus on the owner’s journey roadmap will ensure the involvement of revenue management technology from new build or conversion to asset disposal or exit strategy, reducing or even eliminating the use of spreadsheets for asset value optimization.
Naturally, we think Duetto is the best RMS on the market. But don’t take our word for it. We were voted the #1 Revenue Management System (RMS) at the 2022 HotelTechAwards, a user-based rewards system that rewards based on guest feedback, onboarding compatibility, organizational health, the strength of the partner network and the quality of customer support.
Learn more about selecting your next RMS in HotelTechReport’s Ultimate Guide to Revenue Management Systems. Download for free today.
Duetto offers a suite of SaaS cloud applications for hospitality businesses to optimize every booking opportunity for the greatest overall revenue impact. The solution dramatically increases organizational efficiency, revenue and profitability by simplifying hotel revenue decisions and enabling properties to work smarter. The unique combination of hospitality experience and technology leadership drives Duetto to seek innovative solutions to industry challenges. The software-as-a-service platform enables hotels, casinos and resorts to leverage real-time, dynamic data sources and actionable price and demand insights across the enterprise. More than 4,000 hotels and casinos in over 60 countries have partnered to use Duetto’s apps, including GameChanger for pricing, ScoreBoard for smart reporting, and BlockBuster for contract business optimization. Duetto is backed by investors Warburg Pincus, Icon Ventures, Accel Partners, Battery Ventures and Spectrum 28.
In January 2022, Duetto was named the #1 Revenue Management System in the world in the HotelTechAwards out of 52 reviewed RMS products and in-depth end-user reviews. The awards rank and rate over 200 of the world’s top hotel technology products to provide the ultimate list of best-in-class software products, based on customer feedback from over 10,000 customer reviews, integration compatibility , organizational health, the strength of the partner network, and the quality of customer support.
For more information, visit https://www.duettocloud.com/.
Sarah McCay Tams
Content Director, EMEA