How Hotel Inventory Management Systems Increase Profits

Hotel management requires paying attention to a large number of details, all of which must work together to ensure the guests have a comfortable, enjoyable, and affordable stay!

Everything has to be ready when a guest checks in, their booking, their room, their requests, nothing can be left to chance!

The very heart of a hotel might be said to be its inventory management, which includes everything from a box of tissues on a room's nightstand, the chocolate on the pillow, the food and beverages prepared for delivery by room service, to the availability of the room itself- every single thing must be ordered, in stock, and ready to deploy!

This is why so many of today's hotels are turning to the power of a hotel inventory management system that can make sure that everything is at the ready for the guests when they arrive. 

A hotel's most important inventory sector is going to be its rooms. The hotels owners and managers must ensure they have more than enough openings available at prices that potential guests will be enticed by when they are making their reservations. If a hotel's rooms are overpriced, they will remain vacant and the property will lose profits.

Let's now consider how a hotel inventory management system can be of benefit!

• Increases Revenue -  Carefully planned and integrated inventory management can help hoteliers to invest their funds accurately and to sell their rooms at an ideal price point to the right customer at the right time in order to maximize their profit based on current demand, boosting their property's overall performance. Inventory management that uses an integrated system streamlines the entire process, allowing hotels to handle inventory distribution, room reservations, and pricing across a number of relevant channels and websites in real time with just a single click! 
• Dynamic Pricing - Hotels can boost profits by using the dynamic pricing models provided by a hotel inventory management system. The ongoing usage of required goods and hotel services can be tracked efficiently in real-time on a single screen, allowing the hotelier to accurately predict based on the seasons when it's appropriate to raise or lower their room rates. This amazing tracking tool enables the staff to analyse when it's time to offer significant discounts during the low season in order to increase occupancy as well as when to raise peak season prices to maximize their return on investment.
• Manages Time - The ability to manage inventory in real-time management helps the staff keep track of all ordered and in-stock products, ensuring that they won’t spend an unnecessary amount of time trying to track a bunch of minor details. This will boost productivity by freeing up your staff’s time, which will allow them to place their focus on creating the memorable guest experiences that the customers are looking for.  
• Prevents Overbooking - A hotel's occupancy rates are the most important factor when calculating inventory management, and it is essential that they be accurate. A hotel that overbooks runs the risk of having its reputation marred, creating unwanted, negative PR and scaring customers away! Having effective inventory management in place prevents that unfortunate outcome!

Good inventory management helps fill up those rooms!