person sitting near an old piece of technology reflecting how hotel rms tech has evolved

So, you’re considering switching to a different, more effective revenue management system (RMS) for your hotel or hospitality organization.

NB: This is an article from IDeaS

But you have some doubts.

Maybe you’re catching yourself thinking:

  • It’s too costly to install a new RMS for my hotel or hospitality organization.
  • It will take up the precious bandwidth of my staff (and they’re already stretched thin).
  • It will take way too long for my new revenue management system to learn how to price effectively.
  • It’s easier to stick with the RMS I know. It’s “good enough.”

Subscribe to our weekly newsletter and stay up to date

If you find yourself worrying and wondering about the concerns listed above, that’s understandable.

But here’s the reality: those concerns—however well-founded—are based on common myths.

Don’t let these myths cause you to miss out on the chance to switch to a more productive, useful hospitality revenue management solution.

To help you make the right switch to a better hotel RMS, we’ll go over the four most common RMS-switching myths so that you know what to look out for.

Let’s get started.

Myth #1: It’s too financially costly to install a new revenue management system

While there are costs to adopting a new RMS, there are also costs to sticking with the status quo.

If your current revenue management system causes you to miss out on gains in market share because it can’t produce accurate room-level pricing, then that might cost your business more than if you switched to a better RMS.

If your current RMS struggles to accurately manage and price group business in a way that fully optimizes revenue, you could also be losing money in the long run.

Here’s a fact: Hotels with an RMS that prices by room type (like IDeaS G3) experience a revenue uplift of 5% compared to other tools that can’t price by room type.

Read rest of the article at IDeaS