When it comes to optimizing revenue management within your establishment, investing in a Revenue Management System (RMS) is a key step. However, before making such a strategic decision, it is imperative to ask the right questions to your software provider. But what are the key points that you should not miss?
On the agenda:
1. Does the RMS take into account your company’s unique business needs?
2. What types of algorithms are used by the RMS?
3. What is the user interface friendliness of the RMS?
4. How is the support and training process?
5. What are the possibilities of development to meet the future growth of your company?
6. How is data security ensured?
7. Which pricing options are available?
8. Do you have references from customers in situations similar to ours?
Does the RMS take into account your company's unique business needs?
Your new RMS should be able to adapt to your specific requirements. To achieve this, you need to consider which features are particularly essential to your industry and how it will integrate with your existing ecosystem.
System integrations are often dependent on the ability of Property Management Systems (PMS) to connect, and if your previous RMS was connected, it demonstrates feasibility. At revbell.the development teams deploy 1 to 2 ‘standard’ integrations per month. Given that the growth opportunities for your business are unpredictable, ensure that the solution is capable of being used with multiple PMS.
What types of algorithms are used by the RMS?
Even though it’s not always easy to have a complete understanding, algorithms are essential for effective optimization. The term « Artificial Intelligence » is often used, but one must remain cautious about language misuse, as few RMS actually have AI capabilities. It’s important to remember that Revenue Management is primarily an experience-based practice; no RMS can claim to have complete knowledge.
When engaging with the software provider, inquire about the demand modeling method and the recommendation algorithm. If the response seems to be « we mix thousands of data points to find the ideal price », be cautious! On the other hand, be wary of overly simplistic tools that rely on information such as weather and competition, as the relevance of this data often extends only to the day of or the day before, by which time 90% of the optimization has already passed.
The best way to test the robustness of the forecasting and optimization offered by the RMS is to question it about any potential biases or weaknesses in the algorithm.
What is the user interface friendliness of the RMS?
A user-friendly interface is crucial to simplify daily use, promoting quick adoption and increased productivity for potential users.
« With vibrant colors and a modern aesthetic, the visual design is highly noticeable. The visual experience provided by revbell surpasses that of previous software, which employed visually unappealing combinations of white on gray. This difference is apparent from the moment you access the dashboard. »
Tom Prevel I Executive Assistant I USSIM Vacances
How is the support and training process?
The service should include a training program aimed at enabling a comprehensive skill enhancement for the team. Additionally, ongoing support must be provided to ensure that users fully leverage all system features. Responsive technical assistance, in turn, will help minimize impacts on daily operations.
« The onboarding phase went very smoothly as we had several training sessions. We benefited from dedicated support from the CSM team, particularly for mapping and deployment. They are very attentive to our needs and have implemented measures to facilitate smooth communication and ensure optimal responsiveness. This is indeed one of the reasons why we chose revbell. »
Melany Navarro I Yield Management Director I Camping Paradis
What are the possibilities of development to meet the future growth of your company?
It’s crucial to consider how the RMS may expand in the future, and evaluating an editor’s ability to innovate and change can be complex. Unfortunately, the company’s scale can be misleading at times, even acting as a barrier to flexibility. So feel free to ask your editor for a list of the latest updates and a prospective roadmap for the next six months.
How is data security ensured?
Data security should be a major concern, and the implementation of robust measures is crucial to ensure the confidentiality and integrity of data. Ask yourself the right questions:
– Who has access to your data?
– Are security audits conducted regularly?
– Have automatic backup mechanisms and effective recovery procedures been implemented?”
Which pricing options are available?
It is essential to have full transparency on costs when choosing any provider you plan to work with. You should have comprehensive information on different pricing options, included features, as well as any potential additional costs associated with specific elements. This will help you avoid unpleasant surprises.
Do you have references from customers in situations similar to ours?
Past successes are reliable indicators of the effectiveness and satisfaction rate of an RMS. You can ask users, read testimonials, or request case studies from the editor. You’ll gain valuable insights into how the system was able to meet their specific needs, demonstrating its ability to generate tangible results.
Conclusion
Investing in an RMS is a strategic decision that requires thorough evaluation. However, don’t forget that it’s your Revenue Management team that needs to be convinced, as they are the ones using the tool on a daily basis!
If you need support in assessing the technical reliability of editors, you can seek assistance from a neutral Revenue Management consultant, unaffiliated with any specific editor. This ensures an impartial and informed evaluation of the solution.
Keywords: Revenue Management System, RMS, revbell, Artificial Intelligence, Camping Paradis, USSIM Vacances