What is a Revenue Management System?
Revenue Management System (RMS) is a software used to optimize the property inventory and price availability by predicting customer demand, and thus maximize revenue growth.
Why you need a Revenue Management System Solution?
The main reason why a Revenue Management System is important for the hospitality industry, regardless of the size and starring, is because it allows complex calculations to be carried out quickly and allows for the kind of real-time tracking of market data that is virtually impossible to replicate manually.
With a revenue management solution its easy to carry out important revenue management tasks more efficiently and effectively.
Use of RMS is required by both small as well as big hotel chains because small hotels need to maximise their monthly revenue on each room whereas the larger hotels need to manage the revenue management to avoid manual error and poor decisions.