Member Article

The benefits of outsourced revenue management solutions

Why would I outsource revenue management?

In your personal life, you will happily outsource skills in the building of an extension, decorating a room or doing repairs on a roof, but when running a business you are less happy to outsource jobs that you don’t really like doing, instead they may go to lower level staff or just get shelved. But what about the tasks that neither you nor your staff have any training in? Often Hotels think that having an outsourced revenue management solution is a waste of money as they have ‘managed fine for over 10 years’, but this is usually not the case and could be limiting a hotel with great potential to just being ‘fine’.

Yes, naturally there is a cost involved in outsourced revenue management, but the benefits far outweigh the negatives. We’ve written more about why a hotel might outsource revenue management here.

Get access to the most up to date skills and knowledge

Outsourced revenue management companies will have access to all industry knowledge, the latest training and any new improvements to services that you hadn’t been made aware of yet.

Deal with a company who knows your industry and can advise you appropriately

Working with a company who knows your industry means that they should know what is important to your business and how the changes brought in, by effective revenue management solutions, will affect the overall running of your hotel and the benefits that come along with it.

Free up your time to run a business

Managing a hotel is busy enough, wouldn’t it be lovely if someone else was to look at the figures and make recommendations for positive change while you deal with the day to day running of a sometimes hectic business. Outsourced revenue management does just that, a company such as Octopus Revenue can be involved as little or as much as you want them to, taking on a whole range of revenue management responsibilities.

Access training for your staff

Revenue Management companies often have training courses available to companies too. Having staff trained in revenue management solutions can benefit your whole hotel, from the way the phone is answered, to the stock management of supplies. Revenue management training allows employees to feel valued and rewarded for their loyalty to your brand.

Trained staff can relay training throughout the hotel

If you only wanted to train a select few employees, those staff members will then have the knowledge to suggest change where it is needed and encourage the business to move towards ultimately increasing revenue opportunities and profitability for your hotel.

For information on outsourced revenue management solutions and revenue management training, speak to a revenue management consultancy company such as Octopus Revenue Ltd who have a range of solutions based on circumstances.

This was posted in Bdaily's Members' News section by Sarah Thompson .