RMS
The simplest Revenue Management Software with Dynamic Pricing
Asapian provides the most effective revenue management system for hotels or vacation rentals that uses AI and dynamic pricing to help you maximize profits.
Asapian Revenue Management Software uses several external & internal factors to set the right price at the right time to get higher Revenues & ADRs (Average Daily Rates).
Asapian Revenue Management System can integrate with hotel channel managers & Property Management Systems (PMS) OR also provide All in One System in a box that includes all required modules.
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What are unique features in Asapian Revenue Management Software
Every room can be sold at different price (linear occupancy based pricing instead of slab based pricing)
Automatic overbooking of lower category rooms to maximize occupancy (inventory reallocation)
Real Time Data based factors can be used for last minute bookings (last 48 hours) to increase or decrease rates automatically based on occupancy
The booking window for dynamic rates can be defined to any number of days. It can range from as low as 7 days to up to 2 years
Weekday weightage: Each of day of the week can be configured to adjust the rates according to real time market needs.
Datewise / Season factors: There are several specific dates / long weekends / seasons that need to be specified in the system which needs adjustment of rates (for example: conferences, events, weddings, etc).
Month-wise factors: Most hotels have seasonal business and the rates have to be adjusted for each month depending on market conditions and competition.
Minimum & Maximum Thresholds: The algorithm needs to be define minimum and maximum threads for each room, rate plan. These thresholds can be overridden / adjusted for specific dates that can override the overall yearly configuration.
Each rooms and rateplans can have dynamic pricing that can be linked either based on fixed differential amounts, or % amounts from the base rate.
Competitor pricing can be used to either adjust rates higher or lower than predefined thresholds.
FAQ
Why is Asapian is the Best Revenue Management System?
Asapian provides a unique & most effective hotel revenue management software that can help a hotel increase revenues effectively.
Uses AI powered dynamic pricing to calculate real-time rates
Rates can change multiple times a day automatically
Algorithm uses superior automation & AI
Both internal & external factors are used to calculate rates dynamically
Connects with Channel Manager to update rates instantly
Rates for all room types & rate plans are linked with each other
Forward Rates can be updated for more than a year forward
Superior Analytics & Reports to help analyse data & booking trends
What is revenue management system for hotels?
Revenue management for hotel is the process of deciding the right price to sell a room to the right customer at the right time, through the right channel. The process of deciding this right price, and ensuring this price is propagated to all relevant channels through the use of right software, is what makes the revenue management department of the hotel.
The purpose of revenue management is to maximize revenues (RevPAR – Revenue per available room), which means striking the right balance between occupancy and ADRs (Average Daily Rates).
Why is revenue management important for hotels?
Revenue management is one of the important functions of any hotel and it can be the difference between success and failure. Hotel rooms are perishable inventory, which means if they are not consumed they are lost forever.
Hence, It is extremely important for hotels to choose the perfect revenue management solution that can assist them the right price to ensure that they are neither underselling their rooms, nor overcharging for them to compromise on their occupancy. Finding the right balance between occupancy & ADR is the key challenge of hotel revenue management.
What are the guiding principles and keysecrets to revenue management for hotels?
Follow the below guiding principles to ensure you can do optimum revenue management for your hotel:
· Assess the market demand & potential to fulfil that demand.
· Evaluate whether your property is within a monopolistic market (limited options to customer) or competitive market (excessive options to customers)
· Understand the price elasticity (sensitivity) of demand. In other words, how much additional demand will be generated for hotel lower price.
· Assess what is the peak price that customer is willing to pay during the high demand period and at what level does this plateau out.
· Keep fine tuning the algorithm to experiment the price sensitivity.
· Evaluate the variable and fixed cost of servicing a room.
· Determine the minimum and maximum rate price band for your property (beyond which either it is unviable for both hotel and customer).
Experiment with revenue management system to determine the optimal pricing strategy.