The digitization of hospitality and tourism has led to a surge in SaaS platforms competing to transform the industry. Innovative start-ups such as Cloudbeds, StayFlexi, DigitalGuest and many others are increasing in popularity.
These platforms provide an integrated cloud-based service that can swiftly optimize and enhance guest services, eliminate repetitive tasks, and allow owners to focus on the client experience. As these platforms compete for market share and to differentiate their services, innovations are being rapidly deployed.
These platforms include numerous features with the aim to automate as many services as possible. Traditional features such as creating a direct hotel reservation link and upselling packages prior to check in have been integrated seamlessly. As well as new digital features such as collecting data analytics from OTAs to track guest demographics, intelligent pricing systems that automatically adjust to optimize RMS and integrated PMS to increase customer conversion rates.
What is Yield Management?
Concepts like Yield Management is gaining traction, which is essentially a dynamic hotel pricing strategy designed to produce the maximum revenue, or yield, from a set inventory of rooms. Yield management is often described as “selling the right room to the right customer (guest) at the right time for the right price.”
This article by Cloudbeds highlights how hoteliers can maximize revenue by implementing a yield management system that utilizes data analytics and automation.
Dynamic pricing automatically adjusts the rates based on demand, availability and tracking competitor pricing. Using data analytics from OTAs to define your market mix is another area where hoteliers can adjust rates based on market segments and automatically implement stay restrictions to boost occupancy on shoulder nights.
This article highlights the future of hospitality and tourism management and the power of an integrated yield system that seamlessly connects with the PMS, booking engines and channel manager.
If this article resonated with your business, I am happy to discuss how implementation of a yield management system can digitize your business strategy and increase your revenue.
MyCONECT’s Single Platform Communication Solution
MyCONECT’s Guest and Staff Apps helps reduce the gap between guests and staff. MyCONECT Guest app allows Guests to have full digital control of their stay with real-time Hotel booking, Self check-in/out, Mobile keys for self & accompanying guest, In-room control, Staff communication & Valet parking services.
Whereas MyCONECT Staff app gives seamless operational experience to the staff with automatic room posting, staff performance analysis, automated task assignment, real-time guest service request check. This cuts the longer update process, allowing staff members to efficiently do all the things they would do on the hotel management systems. All this while keep the existing SOP.
Learn more about how MyCONECT is changing the face of digital hospitality solutions.
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