Revnomix

Today, hospitality industry has undergone a drastic transformation, making the industry more competitive than ever before. Hotel industries are today on a look for tools and technology that can ease the complex management and operation process of the hospitality industry. Business owners are on a constant look to gain competitive edge over others in the industry. Currently it has come to a stage where, the hospitality industry is giving a lot of importance to data analytics for achieving their business goals and to stay competitive in the market.
Revenue management and advanced analytics have a very crucial role to play in business. With effective utilisation and implementation of advanced analytics one can be assured of consistent growth in business and increase in revenues for the hotels. Here is how hotel data analytics and revenue management systems have a direct impact on business.
Helps with pricing decision- Pricing is one of the most critical factors that determine the sales of room and profits in business. The system limits the risk of under-pricing a room or over charging that may lead to less or no sale. By assisting with the right pricing strategy, the system helps generate revenue for business. With advanced analytics, one can look at the past pricing patterns, and compare them with the existing pricing and come up with competitive pricing strategy for optimum sales and revenue generation. The system also helps set prices accordingly for when the demand is fluctuating and the prices need to be set accordingly in a timely manner.
Hotel inventory management-
Hotel inventory management helps maximize revenue and ensures profitable business. Not only does it help set the right price of the room as per demand but also integrates all the channels for improved performance and sales of the business. Its unique real-time inventory management system makes it easy for hotels to manage their room bookings, price, and distribution of inventory across multiple channels and properties with just a simple click. Further, systems like this helps reduce the risk of reservation errors, overbooking or losing a booking opportunity.
Channel Management – Hotel channel management is an extremely essential part of revenue management system. With data analytics on inventory and rates across multiple channels. Hotels can obtain business critical information like the best performing channel, regions from where maximum business is channelled, price per room category sold across different channels, seasonality of bookings and much more. Analysing information like this can help in the decision making on marketing efforts on every channel, and ways to maximize profit. Information like this can help increase the operation efficiency and overall business operations.

Demands and Booking Patterns – Advanced Analytics helps in identifying the booking patterns for every hotel room category. This helps in understanding the demand for the type of rooms, peak seasons of the year, pricing and much more. This in turn helps forecast demand and accordingly build pricing strategy for every type of room based on seasons of demand.
Data collection & analysis – Often hotel generates large amounts of data each day which is manual very tedious to deal with. However, hotel revenue management services not only help in generation and collection of data, but also helps in data analysis. This shall help hotels improve their data collection and analysis techniques, thus generating timely reports for critical business decision making.