Organizations in the hospitality industry are mostly SMBs that lack the technical expertise and/or resources to fully utilize revenue management software. The same rings true for a majority of businesses—healthcare, transportation, and car rentals—where companies haven’t necessarily taken to technology as a lot of other industries. To such organizations, a remote revenue management service provider can prove to be a monumental value-add.
Revenue management service providers typically assign revenue outsourcing specialists at a client’s site, to help hotels, restaurants, and other industries increase their financial performance. The consultants generally boast of extensive experience in the hospitality, and travel & tourism industries, and work in close partnerships with hotel officials to uncover the hidden revenue potential of a hotel. Most revenue management consultants also bring strong business development experience. Some of the industry-leading revenue management service providers also assign specialized IT teams to deploy best-in-class revenue management software, before training hotel officials to leverage the solution.
The ideal revenue management consultants fuse into a hotel/client’s team, and overtake responsibilities of revenue management and business development, allowing hotel executives to focus on other tasks. As part of its revenue management mission, a service provider must assist with budgeting, and push forward the hotel/client on potential distribution channels to augment the demand. The service provider must also structure the pricing management, and set strategic pricing in terms of public, private, and other negotiated rates. The end objective of every hotel is to outperform its market price point competition and emerge as a leader in the local market. However, that wouldn’t be possible if the revenue management service provider deploys software or practices that lead to downtime for the hotel. In the hospitality industry, every second is dedicated to servicing a customer, and there’s absolutely no room for downtime.
The market is packed with innovative revenue management service providers who are constantly pushing the envelope. However, some of the standard services from the top revenue management companies include competitor evaluation, price benchmarking, distribution benchmarking, pricing grid, rate strategy sheet, forecasting model, rate loading, demand calendar, and online distribution strategy. There are also other market revenue management service providers who provide incubation and placement services. For example, a revenue consultant can visit a new hotel and hire the entire staff and train them on practices and the revenue management system. Though most market-leading revenue management service providers prefer working with luxury hotels, there are those who offer specialized services for independent boutique hotels, beach & ski resorts, apart hotels, vacation rental properties, tourist apartment blocks, hip bed & breakfasts, camping sites, youth hostels, and other innovative hotel concepts.
To help your organization choose the perfect revenue management service providers, the editorial team at CFO Tech Outlook, in conjunction with an illustrious panel of CEOs, CIOs, VCs, and industry analysts, has put together a list of the ten most promising revenue management service providers in the industry. The list intends to help organizations find a trustworthy ally.
We present to you CFO Tech Outlook’s ‘Top 10 Revenue Management Consulting/Services Companies - 2019’