Hotel Information System | OPERA Revenue Management System

Summary

The Opera Revenue Management System (OMS) streamlines the process of setting optimal hotel pricing by analyzing past booking trends and forecasting future demand. It eliminates manual calculations and guesswork, providing automated price recommendations based on real data. By integrating seamlessly with Opera Property Management System, OMS ensures real-time updates to pricing, maximizing profitability and occupancy. This cost-effective solution reduces time spent on pricing analysis and offers quick implementation, enhancing operational efficiency and allowing businesses to make better pricing decisions for increased revenue.

Takeaways

• 😀 OMS helps hotels maximize revenue opportunities by selling the right product at the right time and price.
• 😀 Setting the right price is challenging in the hospitality industry due to fluctuating demand.
• 😀 OMS analyzes historical data and booking trends to forecast future demand for hotel inventory.
• 😀 The revenue manager no longer needs to manually manipulate data, as OMS automates the process.
• 😀 OMS provides pricing recommendations based on real data, helping improve revenue per available room (RevPAR).
• 😀 The Opera Revenue Management System is integrated with Opera Property Management System for seamless data use.
• 😀 The pricing recommendations are instantly applied once approved, ensuring efficiency in pricing decisions.
• 😀 OMS offers real-time responsiveness, adjusting pricing as bookings are made and conditions change.
• 😀 Revenue managers can set alerts in OMS to notify them if booking patterns or pricing deviate from forecasts.
• 😀 OMS allows businesses to maximize profitability by using real-time data and eliminating guesswork in pricing.
• 😀 The system is cost-effective and can be up and running quickly, with no new hardware or data migration required.

Q & A

What is the main challenge businesses in the hospitality industry face when it comes to pricing?

The main challenge is determining and setting the right price, as demand can fluctuate significantly from day to day or even minute to minute, making it difficult to optimize revenue.

How does the Opera Revenue Management System (OMS) help businesses in the hospitality industry?

OMS helps businesses by automating the analysis of historical data and forecasting future demand, providing real-time pricing recommendations based on this data, which maximizes revenue and occupancy.

What did the revenue manager at the hotel need to do before OMS was implemented?

Before OMS, the revenue manager had to manually analyze past booking trends and manipulate data to predict future demand and set price recommendations, a time-consuming and uncertain process.

How does OMS determine the best price for hotel rooms?

OMS determines the best price by analyzing historical and current booking trends to forecast projected demand. Based on this forecast, it provides optimized pricing recommendations.

What role does the Opera Property Management System (PMS) play in OMS?

Opera PMS is integrated with OMS, providing real-time data for OMS to analyze. This seamless integration allows OMS to generate accurate forecasts and pricing recommendations directly from the hotel's operational data.

How does OMS help reduce the time spent on pricing analysis?

OMS automates the data analysis and pricing recommendation process, eliminating the need for revenue managers to spend hours manipulating spreadsheets and manually analyzing data.

What happens once the pricing recommendations are approved in OMS?

Once approved, the pricing recommendations are automatically applied in Opera PMS, and the reservations team can immediately book guests based on the updated pricing.

How does OMS adjust to changes in bookings or pricing?

OMS has real-time responsiveness and automatically adjusts its pricing recommendations as bookings are made, ensuring that prices remain optimal throughout the booking process.

Can the revenue manager set alerts in OMS? If so, what for?

Yes, the revenue manager can set alerts in OMS to be notified if booking patterns deviate significantly from forecasts or if pricing recommendations fall outside of an anticipated range.

What are the advantages of integrating OMS with a hotel's existing system?

The integration allows for immediate and accurate price calculations without the need for additional interfaces, ensuring efficiency and fast implementation. OMS can be installed within hours without new hardware or data migration, making it a cost-effective solution.