A Cloud PMS Is Essential for Managing Hotel Inventory

When you think of inventory, the first thing that comes to mind is the food and beverage industry. But the concept of inventory fits the hotel industry perfectly as well. The ability of the hotel to generate revenue depends on the availability of rooms in the hotel and knowing the status of the inventory at all times is essential to generate profits.

Modern hotels that are looking for a solution for their inventory management issues can benefit from using a cloud PMS that will take their inventory management game to the next level. A cloud based hotel management system can help the hotel staff in predicting trends and preparing their inventory accordingly through a carefully designed system.

Another benefit of using a cloud PMS for inventory management is that the hotels don’t need to install new hardware. A cloud based hotel management system can be used with any internet enabled device which adds to the ease of updating the inventory even from a remote location.

In essence, a hotel needs to take care of a lot of things to make sure their hotel’s rooms are available for new guests as soon as previous guests leave. An inventory software gives the team an exact idea of when the room will be vacant so that they can assign the housekeeping team for cleaning the room. Once the housekeeping team cleans the rooms, they can update the same on their mobile device so that the room is available in the inventory again.

While we are talking about hotel inventory, let’s take a look at some of the factors that influence the rates of rooms in a hotel’s inventory.

Fixed Costs

Every room has certain fixed costs attached to it that can influence the price of the room. Some of these costs are:

1. Electricity
2. Internet
3. Water
4. AC/Heat
5. Laundry
6. Cleaning
7. Mini-bar
8. Overhead Expenses

The one way to increase revenue in spite of the fixed costs is to balance the covering costs with the inventory in the busy periods. Hotels can also choose to sell the room through their own booking engine instead of an OTA to save the commission.

Seasonal Pricing

The amount of inventory you have in your hotel can also vary as per seasons. In heavy rush seasons, you will have more guests in your hotel so you can price the rooms at a higher rate. In the slow season, the room prices will have to be adjusted accordingly. A robust hotel management system will help you to do that without any hassle.

Depending on the trends, you can adjust the prices of the rooms to ensure maximum availability of rooms for guests. A cloud PMS will also give you the ability to study your competition and fix your rates that will give you an edge over other properties in the area.

Distribution Channels

One way to get your property seen by the maximum number of travelers is by putting the inventory up on multiple OTAs and search engines. The issue that most hotels face here is the monitoring of the property’s performance on such channels and then applying promotions to improve the performance. With a cloud PMS, it is easy to monitor how the property is selling across several channels. The software can be set to automate the distribution elements through regular monitoring so your property can optimize inventory for maximum profits.

The Ways in Which a Cloud PMS can Help in Managing Rates

Data Based Predictions

A cloud based hotel management system is a highly advanced computational engine that can predict demand and supply based on a wide range of factors. You can further program the software by adding new data that is relevant to your property and location. As the system detects trends to forecast demand and customer behavior, you can get a better assessment of how to price the rooms and maximize your hotel’s revenues.

Integration with Existing Systems

There are several systems already in place in a hotel such as channels managers and revenue management systems. You can integrate a hotel management software with the existing software to keep a tab on various performance metrics of the hotel. Whether it is room rates, inventory, housekeeping staff, kitchen management, and more, everything can be controlled from a single point of action.

What’s more, a cloud PMS can be operated from any internet connected device and you can create automated workflows for maximum efficiency and increased revenues.

A Mobile Based Approach

Including mobile devices in the workflow goes a long way in adding to profits in the long run. The whole organization gets to an added boost in their productivity when staff can update their work status through mobiles on a unified dashboard. The customer service also improves as now the staff can attend to the needs of the guest by getting alerts and guest requests on their mobile devices.

Another benefit of a mobile first approach is that room availability can be updated as soon as the rooms are cleaned by the housekeeping staff. All these activities are essential for maximizing the efficiency of the organization which can in turn help in adding to the revenue.

Conclusion

A cloud based hotel management system is the ideal approach towards increasing a hotel’s revenues and taking the productivity of the staff to the next level. There are many other ways in which a cloud PMS can be extremely useful to the staff in a hotel. Interested in learning more? At mycloud Hospitality, you can get access to a world-class software suite that will help your hotel to improve revenues and bring an increased level of flexibility to the staff’s operations. So what are you waiting for, schedule a free demonstration by calling +1-415-390-5039 or check out www.mycloudhospitality.com for more information.

Mycloud offers a comprehensive hotel software for any size of property. The advanced features allow clients to manage their hotel operations efficiently and increases revenue.