Generate Profits With Automated Revenue Management Systems

Evaluation of prices is a difficult task for it engages opportunities across multiple pricing segments to formulate a new revenue strategy. On the other hand, new projects are always cropping up which include newer revenue targets and strategies built into the takeover. With a smart revenue management system for hotels, these tasks can be schematized in a few clicks!

Automated revenue management systems help save money, time and resources by omitting the need for manual price analysis and tedious research. Such tools identify relevant data from the archives to generate smart forecasts and rates. These can further be distributed across multiple distribution channels instantaneously.

Identification of optimized time frames for renovation is automated in a cloud based revenue management system for hotels. It involves lowest amount of displaced business and does not cast negative impact on guest bases. Such a tool further enables the management to forecast as well as yield reduced supply of rooms for the maximization of revenue during a blocked calendar such as during renovations and off seasons.

Common features include historical room pricing and demand data that is generally unavailable or irrelevant. A strong yield management strategy is important for an EMS (enterprise management system) because it comprises of dozens of markets across multiple segments. When a hotel's system fails to fetch data from properties in a similar segment, automation chips in by manipulating the feed correctly. With this add-on tool, hotels can receive timely upgrades and modify potential segments by executing correct strategies and optimizing prices immediately.

Reputation chatter can be tapped in smart revenue management systems

Guest feedback on social media, online travel agents and review sites can manipulate the pricing decision behind a room rate. After tool implementation, revenue challenges help shift perceptions in the early stages because this is when demand is lower than supply. A smart reputation management software can help a hotel track and analyze guest ratings as well as empower sales and marketing teams with better engagement plans.

Through a cloud-based pricing module powered by a sentiment analysis tool, revenue managers can readily adjust pricing across social media and online review channels. Thereafter, they can tap prospective customer bases and retain existing ones.

By definition, a revenue management system measures systems and processes for guaranteed success. By implementing smart revenue management strategies that are technologically powered, growth is certain for a hotel. The hospitality service provider can not only drive ADR figures up, but also push up revenue numbers through a tactful combination of business decision making and market demand-supply analysis.

In the end, it is the best available rate segment that flourishes and drives revenue for a hotel forward. Hence, a revenue management system helps hotels successfully choose better group business and diminish discounted rates in the near future.

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Five Telltale Signs That You Need Managed Print Solutions

Managed print solutions are a means to control or reduce the costs related to office printing. The cost of office printing is a combination of direct and indirect expenses consisting of hardware acquisition, supplies, service, parts and administrative costs experienced by an organization.

Proper print fleet optimization requires much more than "one size fits all" solution. Managed print solutions deliver a clear benefit; allowing your company to have an optimized document imaging fleet. If you haven't optimized your fleet of office equipment, here are the top five signs that you may need a managed print solution:

Lack of Continuity: Is there a lack continuity in your office? Has your company chosen multiple manufacturers' products without regard to how they will work together? This lack of continuity creates inefficiencies and operating issues. When all the print devices are networked, they can communicate a great amount of information that would otherwise be lost. Add the right software to centrally monitor and manage devices, and you're enabling standardization of the fleet.

Maverick Spending: Impulsive or maverick spending on procurement of print devices leads to over-spending and sub-par equipment selection.

Missing Metrics: Minimal or no tracking of device metrics means you may not know where inefficiencies lie or how to fix them. You cannot control what you cannot see, such as page counts, visibility of over and underutilized devices, page coverage, service reports, alerts and more. With access to the right metrics, organizations can leverage purchasing power for smart, centralized fleet purchases instead of uninformed, individual purchases from various locations.

Lack of Procurement Processes: Where metrics are missing, a company lacks the data needed to apply to fleet purchasing decisions. Without metrics a rational, strategic process will not exist. With proper software-enabled standardization and proper metrics, the company can put in place strategic processes that lead to an optimized fleet.

Incorrect Amortization or Expense Structure: Another reason that a company may fall short of having an optimized document imaging fleet is that devices have already been expensed or procured through a capital expenditure. The truth may be that capital budgets are being stretched with erratic purchases of output technology, reactive supply orders and emergency service calls. Furthermore, your company may not be aware of hidden costs that are hurting your bottom line.

If you can identify with any one of the above signs in your business, exploring a manged print solution would be a worthwhile investment of your time. A discussion with an experienced managed print specialist will help you determine the best course of action and should lead to substantial savings.

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Everything You Need To Know About RFID (Radio Frequency Identification)

RFID stands for Radio-Frequency Identification and it uses radio waves to capture as well as read information that is stored on tags that are specially attached to any object. These tags can be read from even a few feet away and it does not have to be in the line of sight for the reader to keep track of it. There are many different types of RFID tags. The main difference is whether or not there is an external power source. For apparel tags and stickers, there is no power source, for that reason, the chips are small and able to be inserted in the tags and stickers.

RFID technology has been used for many years in items such as the key less entry to cars, toll road readers, credit cards, cell phones and Bluetooth devices and warehouses use the technology for logistics. RFID can be used in telling the condition and location of an object. The tag can then be read using a reader. Numerous applications for this technology include supply chain management, authentication of pharmaceuticals and keeping track of assets. It is now becoming more mainstream and cost effective to use on many items like apparel and home goods. Someday soon, consumers will be able to add garments to their shopping carts and leave the store. Your bank will be notified of the purchase amount and it will be deducted from your account.

Why RFID Is Used

The RFID technology is not only great for individuals but also for large businesses. It helps in protecting consumer lives and revolutionizes the ways in which businesses conduct their operations. RFID happens to be an extremely flexible technology for auto-identification and can be used for automatically monitoring and tracking the physical world with utmost accuracy.

Application Of The Technology

RFID can be used to help with the following activities:

Automating asset-tracking and inventory in manufacturing, healthcare, business sectors and retail

Decreasing business revenue that is lost to inaccurate accounting of goods or theft

Enabling access control of certain devices or areas

Identifying sources of products, thereby enabling recall of dangerous or defective items such as defective toys, tainted foods, and compromised or expired medication

Improving shopping experiences for consumers with easier returns and less out-of-stock items

Preventing the use of counterfeit products in supply chain

Providing greater visibility in supply chain, thereby yielding more effective distribution channels and reducing business costs

Wirelessly locking, unlocking, and configuring electronic devices

Is RFID Better Than Barcodes?

Yes, it definitely is! The best thing about RFID is that there is no need to position it precisely in relation to the scanner. In many of the instances, we have found store clerks to face difficult while making sure the barcode is read. Other than barcodes, ATM cards and credit cards need to be swiped across a special reader. RFID, on the other hand, will work from even a distance of as much as 20 feet in the case of high frequency devices. No matter what the application is, RFID has great potential in increasing operation efficiency, decreasing the need for relying on manual processes, providing useful data in the case of business analytics, reducing operation costs, and improving asset traceability and visibility.

Many national retail chains such as Target, Lord & Taylor, Walmart and Kohls have already implemented RFID tags and stickers with countless others to follow.

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