Revenue Management software implementation (RMS)
Analyze RMS recommendations; work with vendors to fine-tune logarithms. Customize software to provide the best rate strategies to meet long and short term forecasting goals. Training and monitoring systems are essential to the success of the RMS.
RMS recommendations and forecasts need to make sense, be trustworthy and deployable. The goal is to have limited reasons to override the RMS’s recommendations. This allows the system to maximize the Yield of rooms and rates by day of arrival and length of stay. Once the RMS is working the second phase is to activate RMS’s interface between the PMS or CRS to send the recommendations directly to the selling channels.
Configuration is a key component that will make or break the RMS’s recommendations. Because of this, time is spent understanding how the hotel sells its rooms, the seasonal demands and market segmentation. All this information is translated and configured into the RMS to formulate useful and feasible rate and stay restriction suggestions. Monitoring and calibrating the RMS provides accurate forecast data which is crucial to the program’s success.