The hospitality and accommodation industry is so fiercely competed that effective inventory management is critical to the success and profitability of your business. One of the most important hotel management tips if you are just starting out in the industry (or even a veteran who is looking at improving their processes) is to invest in a decent hotel inventory system. So what are the best ways to improve the efficiency of your hotel inventory system?
One of the most effective ways to improve the efficiency of your hotel inventory system is using the best technology. Real-time inventory management is crucial in being able to sell as many rooms at the best price. Your central reservation system (CRS) or property management system (PMS) should offer real-time, seamless integration a good channel manager. A good hotel channel manager facilitates this process by enabling access to live rates and real-time availability of your inventory and minimises the risk of overbooking your rooms.
Our recent blog, A Quick Guide To Channel Management In The Hotel Industry, highlighted some of the features you should be looking for when choosing a channel manager for your hotel or property.
We’ve discussed the essential tools for marketing your hotel in a previous blog and while it’s important to take advantage of the wider visibility of your rooms offered by the Online Travel Agencies (OTAs), you should always be working to ensure your own hotel website is well designed and highly visible for people searching online in your locality and the direct booking system is easy to use to ensure you maximise your revenue potential. Your direct booking functionality should be a key element of your hotel inventory system management.
An effective reporting system highlighting which channels have been most effective for you will prove to be invaluable in helping you to refine your focus of your hotel inventory system. Make sure you look for systems offering powerful analytics that will help you to make informed business decisions, based on insight, not gut feel. With the right data hotel owners and managers can make educated rate and distribution decisions and maximise hotel revenue opportunities.
Some systems offer Intuitive Pricing which allow you to set rules to ensure your rooms are always listed at the best price, without you even having to log in to the various systems. You can then adjust rates and close out channels based on your the data from your reports.
The team at HiRUM have been helping hotels, motels and resorts with the very best technology for over 25 years including industry-leading property management software. Our tools and systems will help you with all aspects of hotel inventory system management. Give the team a call now on 07 5574 4990 for a free demonstration.