Life is like a business, the more you manage the things, the more you generate the revenue. Most of the Businesses of India follow this strategy to come on the edge among their competitors. Earlier the hotels in India were not so established and well – maintained. They were operated simply by their owners and a few staff members. But with the evolving time, hotels also evolved their working style. Now, they become well maintained establishments, with all facilities and amenities available. Now the Hotels are not just operated by their owners and staff members but there are various companies available in the market that help hotels in various operations. They are called the Hotel Revenue Management Companies. There are various Top Hotel Revenue Management Companies that help the hotels to operate their day to day activities and other chores.
In this blog, we will disclose the Top Hotel Revenue Management Company, who are playing the role of Cameraman for the hotels. With this we also discuss some more concepts, so with patience let’s start it.
What is Revenue
Revenue is the total income generated by the businesses from their operations, like selling of goods and services. It is the financial metric that reflects the top line of a company’s income statement. Revenue is the money earned before deducting the costs, taxes, expenses and other financial expenses.
There are numerous types of revenues that are generated by the businesses.
Royalty and Licensing Revenue
Hotel Revenue is the overall income that is generated by the hotels from their operations and services. There are various sources for generating the hotel Revenue, which includes Room Revenue, Food and Beverages Revenue, Online Travel Agency Revenue, Merchandising Revenue, Direct Booking Revenue, Loyalty Program Revenue, Corporate Partnership Revenue and Long Term Rental Revenue.
Hotel revenue is crucial for the hotel’s financial health and growth. Monitoring and analyzing the revenue trends helps the business to make informed decisions about the pricing, and marketing strategies.
What is Management
Management is the dynamic and multifaceted process of planning, organizing, coordinating and overseeing the activities of an individual, group or business. It is done to achieve some specific goals, and objectives. The management department is responsible for making decisions, allocating resources, and ensuring all the efforts are directed towards the successful accomplishments of the business. Successful management contributes to the efficiency, effectiveness and the overall success of the business.
The key components of management are Planning, Organizing, Leading, Decision Making, Problem Solving and Communication.
What is Hotel Revenue Management
This process is a dynamic and an ongoing process which requires adaptability ro the market trends. Hotel Revenue Management is a strategic practice that involves the optimization of the pricing and the distribution of hotel rooms to enhance the revenue and profitability. This practice demands the combination of data analysis, strategic thinking, forecasting and decision making, and technology to optimize the overall performance of the hotel.
The key components of the hotel revenue management are Dynamic Pricing, Demand Forecasting, Channel Management, Data Analysis, Forecast Accuracy, and Rate Parity.
Top Hotel Revenue Management Company
There are various hotel revenue management companies present in the market that helps the hotel to optimize the pricing and maximize the revenue. While selecting the Hotel Revenue Management company its necessary to evaluate factors like need of the hotel, customer support and the scalability of the solution. The top Hotel Revenue Management Company are mentioned below.
RateGain is a global provider of software as a service (SaaS) solutions. It offers their service in the hospitality and travel industries. RateGain provides features like optimal pricing by providing tools for dynamic pricing optimization, Competitor Intelligence to provide insights of the competitors pricing and strategies, and Online Distribution Management. It also provides a comprehensive suite of revenue management, distribution and ecommerce solutions.
MMR stands for Make My Revenue Hotels, it is a top Revenue Management Company which aims to increase the hotel revenue across all OTA’s. It has a passionate team of experts who manage almost 300 hotels across India and generate 50000 plus room nights on a monthly basis. It involves features like Flexible Booking, Improving the RevPar (revenue per available room) and Increase the Agility of Work by Inventory and Rate optimization for all clients for generating appropriate Business intelligence.
It is a hospitality technology solution provider which offers a range of products including Hotel Management Software, Booking engines and Revenue Management Tools. eZee Technosys key features are Rate Intelligence by providing the insights of the market trends, Inventory Management by assisting in room inventory and Integration, integrating with other hotel management systems for a holistic approach.
Axis Rooms is a global provider of hotel distribution and revenue management solutions. It offers a suite of cloud based tools that are designed to help the hotels to manage their distribution channels, optimize prices, and enhance the revenue performance. Its key features are Channel manager, Revenue Management and Booking Engine.