No decision-maker wants to sponsor a tool that doesn’t create measurable value. Find or develop resources to highlight the ROI of RMS, such as revenue opportunity uplift (ROU).
RMS dovetails nicely into the commerce and supply chain technology stack that retailers, brands, and 3PLs are already using. It weaves return insight and data into the systems that drive processes, decisions, and customer experiences.
Customer Experience
Streamlined and automated workflows that save you up to 20-40 hours each month.
Whether it’s pulling in thousands of data records from your PMS, city-wide group demand data sets, or rate shopping data from competitors, an RMS brings complex, multiple-source data into a unified interface that enables easy decision-making.
You can leverage these insights across marketing, distribution, and operations to improve guest experiences and increase revenue. And, with enhanced transparency, you can boost team morale and workplace engagement.
A centralized, cloud-based data warehouse allows you to create highly targeted, interest-based marketing campaigns that can help you increase conversion rates and revenue. Plus, it’s easier to identify your most valuable guests. This information can also be used to optimize OTA contracts so you can maximize the incremental revenue they bring during peak periods while minimizing the revenue-diluting impact of OTA bookings on your bottom line during off-peak times.
When your CRM and RMS are integrated, you’re able to see all the data from your various revenue sources in one place. This helps you better understand the total guest value and identify your most profitable customers so you can focus on creating one-of-a-kind experiences they’ll love.
Integrated RMS and CRM solutions give you the ability to track your customer’s entire experience at your property – including dining, spa, golf, retail shops, and excursions. This data allows you to accurately calculate and report on total guest value, which you can then use to optimize future marketing efforts for your top-performing customers.
Returns processing can have a direct effect on your reputation, and if it’s not handled well, you risk losing out on future business from the same customers. A centralized returns system can significantly reduce the time between when a customer buys something and when they are able to exchange it or get a credit back.
Getting buy-in for an RMS isn’t always easy, especially in large organizations. Resistance can stem from many different issues, like lack of training or perceived cost. The key is to recruit an internal advocate who will help make the case for a solution. This could be a forward-thinking senior-level manager who is already using an RMS or someone who knows what it can do and wants to see your organization reap the benefits.
Inventory Management
Inventory management involves the tracking of products and materials as they are received, stored, sold, or used by your business. This process ensures that your products are in stock when you need them and that the right amount of stock is on hand at all times to meet customer orders.
The goal of inventory management is to minimize waste while maximizing profit. It is a complex process that requires the use of advanced software tools and techniques. This includes implementing lean inventory and supply chain management practices, which can improve efficiency and reduce operational costs by eliminating waste and increasing the speed of order fulfillment.
An effective inventory management system should allow your team to track the movements and location of stocks throughout a warehouse or distribution center. Moreover, the system should be designed to integrate with your existing accounting and sales systems. This helps you to automate your inventory processes and eliminate data entry errors. A robust inventory management system should also provide a real-time picture of your inventory levels so that you can forecast demand and reorder stock accordingly.
In addition to efficient inventory tracking, you should establish a process for receiving and processing incoming stock. This is important because minor discrepancies in the receipt of stock can lead to inaccurate inventory records. Incorrect or incomplete inventory counts can result in lost revenue and wasted storage space. Therefore, it is critical to set clear expectations for all employees handling incoming inventory and train them on your standard procedures.
Another critical aspect of inventory management is determining how to value your inventory. This includes establishing policies such as first in, first out (FIFO), and last in, first off (LIFO). FIFO helps businesses to avoid inventory waste by selling older products first. At the same time, LIFO allows companies to take advantage of price increases on new stock.
In addition, it is vital to maintain a minimum safety stock level. This ensures that your company has enough inventory to fulfill customer orders, even if a product goes out of production. This is important because it prevents your customers from experiencing delays in shipping and allows you to optimize inventory levels.
Accounting
RMS Accounting provides bookkeeping, tax services, IRS audit assistance, software support for accounting programs, and expatriate services. The Company serves customers in the United States, Canada, and the United Kingdom. RMS Accounting was founded in 1984 and is headquartered in Fort Lauderdale, Florida.
An effective revenue management system helps you save time and money while improving your bottom line. It streamlines and automates manual workflows, enabling you to analyze your data quickly and make informed business decisions. It also allows you to visualize complex data sets into easy-to-use and intuitive user interfaces.
For example, it can help you create a more accurate demand forecast based on actual activity rather than the average of previous demand. This information can then be used to understand guests’ sensitivity to price better and position your hotel in the market, resulting in higher occupancy, ADR, and RevPAR.
In addition, an effective RMS can help you reduce expenses by identifying inefficient staffing practices. For instance, it can show you which days and times attract the most visitors to your store, allowing you to develop efficient staffing strategies that improve customer experience and lower operating costs.
Another way an RMS can save you money is by reducing the risk of overpaying for inventory. By analyzing your stock levels and comparing them to the demand of your target market, you can find the right balance between securing inventory that meets your supply requirements and overpaying for inventory.
An efficient RMS will ensure that you have the right mix of inventory in your warehouse at all times. This will help you avoid overstocking or running out of inventory, which will negatively impact sales and lead to an unsatisfactory customer experience. It will also enable you to manage your inventory efficiently by minimizing the amount of time it takes to restock and ship products.
The best RMS solutions offer a wide range of features and services that address key revenue management challenges for businesses. This includes a flexible pricing structure that allows you to adjust your rates based on the season and demand, as well as a library of reports that can provide insight into your pricing strategy. In addition, an RMS can also help you save money by streamlining and automating manual workflows.
Analytics
RMS business offers a suite of advanced analytics that provides insights into client behavior, market trends, and competitor strategies to help companies make more informed decisions. These insights can improve forecasting, optimize pricing and inventory management, and support real-time decision-making. The data analytics services also help businesses better understand their customers’ needs and preferences, which can improve customer service and retention.
The role of commercial RMs is increasingly complex, and the best ones are “bionic” in that they seamlessly blend advanced technology with human ways of working. They use technologically enabled solutions that gather a broad range of data about clients’ transactions and behaviors, then distill it daily for their sales teams to provide insights into their clients’ current needs as well as future ones.
Data analytics is essential to a commercial RM’s job because it enables them to identify and capture opportunities, improve performance, and avoid risks. It helps RMs build deeper relationships with existing clients, develop customized solutions that align with their unique business operations and challenges, and expand their share of wallet. It can also alert RMs to potential risks early and help them respond quickly, such as by steering the credit review process or automating credit approvals.
In addition to optimizing pricing strategies, data analytics can be used to predict demand. This is done by using advanced forecasting techniques, such as machine learning, artificial intelligence, time series analysis, and market segmentation. By analyzing this information, businesses can accurately predict how much demand there will be for a specific product or service, and they can then adjust prices accordingly.
Another benefit of data analytics is identifying opportunities to cross-sell and up-sell products or services. This can be done by analyzing transaction data, such as operating accounts, payments and receivables, card transactions, trade and international activities, merchant-acquiring transactions, and credit utilization. By comparing this information with a client’s demographics and risk profile, businesses can determine which products or services would be most attractive to them. In turn, this can increase revenue and margins. It can also help RMs create targeted offers and campaigns, which can drive higher conversion rates and increase the value of each transaction.
