Revenue managers of hotels look at the behaviour of guests and potential guests to get the most out of the property. They calculate what rooms should be sold to which guests for what price, aligning the products with the customers. A revenue manager of a hotel has a very heavy workload, and sometimes the weeks and months can get chaotic, but there are a few reports that are vital to helping managers keep tabs on their property’s success. Effective revenue managers’ work very hard and whether they look at reports daily or weekly, the numbers give a unique insight into the inner workings of the property.
To make the job of revenue managers less hectic and tedious, Hotel PMS like Hotelogix provides and strong system that lets you have access to more than 100 hotel revenue management reports. All the reports generated by revenue management software help hoteliers understand how the hotel in performing. That’s not all, it also allows you to make the most effective business decision possible.
No matter what the week looks like, there are a few revenue management reports and data sets that hotel revenue managers should always keep a close eye on and should never give it a miss
1. Reservations
This hotel reservation report is one of the most important ones for hoteliers. It helps in knowing room category-wise guest reservation details including its source, cancelled reservation and no-shows, temporary reservations, etc for any particular date range.
Furthermore, this very report also gives you a clear insight on your reservation summary, reservation (ADR) report, key reservation trends etc.
This report ensures that you get to know which rooms are selling fast, from which sources you are getting good booking and which rate gets you maximum reservations.
2. Price Analysis
Pricing and forecasting room revenue is a major player — whether a property is booked or overlooked. Revenue managers need to use correct revenue management forecasting methods to determine necessary pricing adjustments for high or low activity days, or what the market is reflecting.
This is where this report comes into the picture – it contains daily, weekly, monthly, quarterly and yearly reports that provide historical pricing information on your property’s past performance. You can analyze them and can come up with accurate forecasting. Thus, you can set the right price to sell the right room to the right guests at the right time to see more revenue.
3. Competition’s Review
There are several methods of doing revenue management right and one of them is to look at what your competitors are doing. Using the correct hospitality revenue management services and methods, you can look at the competitors’ prices, special offers and their overall bookings.
4. Channel Analysis
If you are not operating on a cloud PMS, your channels may not be streamlined and it is important to know that all your channels have rooms available to avoid rate parity issues.
Hotelogix reports help you understand and provide key insights on key reservation trends from different channels and so that you get to know how each channel is working for you – from which sources you are getting good booking and which rate gets you maximum reservations.
5. Market Segment
Look more in-depth into the segments that are booking rooms every week.
Many reports can be easily compiled and compared to a state-of-the-art property management system. When all the data is in one place, it makes gathering and reading reports simple, leaving more time to put toward a better business strategy.
Revenue management is vital, and one cannot overlook the competitors pricing details as well. Your business needs revenue management that is functioning without any loopholes. Hotelogix’s PMS sharpens your revenue management as it lays bare your reservations, price and channel analysis. The clever software gives you a daily audit and reports on your revenue, thereby solving your woes and gearing up your revenue!
