Considerations for Implementing a Hotel Revenue Management System
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To fully understand and implement a revenue management system, hotel managers will need to research all aspects of a system, its requirements, and the hotel’s requirements to ensure that they are implementing a system that will work best for their property. This kind of research requires finding information in literature that is scattered in many locations. An owner or manager of a small to midsize hotel would need to invest a lot of time and energy into this process. Unlike giant companies like Marriott or Hilton, small to midsize independent hotels do not have the manpower to research and implement these systems without some help. What needs to be known before implementing a RMS? This paper will seek to answer questions and concerns hotel owners and managers have about the implementation of revenue management systems. What should managers expect to achieve by implementing a RMS and what could potentially hinder the RMS from achieving its full potential? What types of features are available in RMS and what are its benefits? What does management need to do to guarantee successful operation of an RMS? These questions will be answered by consolidating the scattered literature on revenue management systems and taking the experiences and insights from hotel technology vendors and combining it into a comprehensive guide that will bring to light information that should be known before implementing a RMS.