4 Tech Tools You Need to Boost Hotel Revenue
Improve your hotel's reputation and generate more revenue using these tools.
Are you struggling with outdated hotel management methods that leave guests unimpressed and revenue stagnant? If so, it's time to explore the tech tools that can help you stay ahead of the curve.
These tools are essential for any hotelier looking to improve their business operations. They help you showcase your space and ensure staff stay connected and your guests are impressed with your services. By implementing these tools, you can enhance your hotel's reputation and increase your revenue.
For the full list, download iVvy’s free ebook ‘The Definitive Guide to Hospitality Technology’ - click here.
Virtual Tours
Research has shown that hotels that feature virtual tours on their website experience a significant increase in customer engagement. Specifically, customers spend 5-10 times longer on a website, resulting in 50% more clicks and 87% more views. Furthermore, virtual tours have been shown to have a positive impact on purchasing decisions, with 75% of potential customers indicating that they are more likely to book a hotel after viewing a virtual tour.
The best news? Creating a virtual tour of a hotel is no longer restricted to VR headsets or specialised technology. Instead, specialised cameras and apps can be used to create a 360-degree, interactive photo or video environment that customers can view on smartphones, computers, or tablets. This technology enables potential guests and clients to virtually walk through the hotel premises, view rooms and amenities, and experience the views from a first-person perspective, just as they would in person.
Property Management Systems
Consolidating your booking channels using an integrated PMS can be highly beneficial for your property. It reduces the risks of duplication and human error, which keeps both guests and staff happy. However, when your systems are out of sync, it can lead to overbookings and lost revenue. Overbookings not only cost you immediate revenue but also damage your reputation and can lead to a loss of future bookings.
Cash handling mistakes in the hospitality industry can lead to an average loss of $1,000 per year for most properties. Property management systems enable hoteliers to keep track of all cash transactions, review transaction totals at the end of each shift, and detect any discrepancies with just a few clicks. This is a must-have for properties to maintain accurate financial records and avoid any potential losses. Manual systems can also lead to overpaying OTA commissions for more bookings than made, resulting in financial losses. Modern PMS offers automated commission reports that provide accurate and real-time information about reservations made through OTAs. These reports can help you pay commissions accurately, avoiding discrepancies or disputes.
With the help of an efficient PMS, hotel owners can also identify whether the adjustments made are legitimate and who was responsible for making them. Adjustment reports generated by a PMS can help hoteliers identify accounting errors, such as when a reservation agent changes a reservation and accidentally changes the rate to the wrong price. By leveraging adjustment reports, hotel owners can ensure that every dollar the property should have collected is accounted for, and they can also identify training needs among their staff.
Finally, by integrating a PMS with venue management software like iVvy, you can synchronise any accommodation blocks, minimising the risk of overbooking while saving time on venue management operations.
Cloud-Based Technology
The hospitality industry is witnessing a surge in the demand for technology that can enhance guest experiences. As a result, there is a growing momentum in technology innovation that provides a comprehensive and connected experience - enter cloud technology.
Statistica surveyed executives in the global travel and hospitality industry on the benefits of cloud computing in the hotel industry. 54% of respondents stated that a more flexible/agile business was a benefit of cloud computing. Meanwhile, 53% of respondents stated that enhanced customer experience was a benefit of cloud computing.
The shift towards cloud technology is primarily driven by the potential to expand business operations and increase revenue, while simultaneously providing guests with a seamless experience.
Cloud-based venue management systems can easily integrate with other software applications from different providers. Hoteliers can add new features to existing systems at a lower cost without disrupting operations.
Moreover, traditional on-site hotel management software can be expensive to maintain and run. Cloud-based software providers offer flexible pricing models that help to reduce IT costs substantially. Since cloud-based systems do not require hardware, even small-sized hotels can run an advanced management system. Cloud service providers manage software updates and bug fixes, freeing hotel staff to focus on critical tasks.
Instant Booking Engines
An instant booking engine is not just about convenience; it is the key to commission-free bookings, allowing you to optimise your hotel sales strategy, retain more revenue, streamline your billing processes, and maximise profits.
This is one of the most convenient tools to encourage direct bookings without needing third-party intermediaries or online travel agencies (OTAs). Direct bookings reduce commission fees, allowing hotels to retain a larger portion of booking revenue.
Instant booking engines offer guests real-time availability and pricing information, along with a user-friendly interface and detailed descriptions of rooms, amenities, and event spaces. This streamlined process enhances the overall guest experience. For hotel venue spaces, instant booking engines showcase the availability of each venue space and provide the option to secure the space instantly.
Instant booking engines also allow guests to make reservations at any time, regardless of operational hours. This convenience caters to different time zones and those who prefer to plan and book outside of traditional business hours.
Free eBook: The Definitive Guide to Hospitality Technology
For more tools, tips, and guidance on how to increase your revenue using the latest industry technologies, get your hand's on iVvy's free ebook ‘The Definitive Guide to Hospitality Technology’.
Download your copy here (no sign-ups or email required).
About iVvy
iVvy is a leading global SaaS cloud-based technology solution designed to streamline booking and event management operations for venues worldwide. Our comprehensive platform offers a range of powerful features, including instant booking functionality and centralised function diary, to enhance the efficiency and productivity of venue operators.
With an integrated revenue management and distribution platform, iVvy equips hotels, restaurants, stadiums, and universities with the necessary tools to seamlessly manage inquiries, bookings, and event logistics. Including advanced reporting and analytics features, iVvy offers venues greater visibility into their business performance. This invaluable data empowers decision-makers to make informed choices, optimise revenue, and maximise the utilisation of group rooms, meeting spaces, and event facilities.
iVvy's scalable solutions cater to the unique needs of the travel, MICE, and events industries. Our global team, available 24/7, provides dedicated support to clients in five countries, ensuring seamless operations and prompt assistance whenever required.
We are proud to serve some of the world's most renowned hospitality groups, major corporations, travel companies, governments, associations, stadiums, universities, and nonprofit organisations.
To learn more about iVvy and our comprehensive product suite, visit ivvy.com
