Here are four common revenue management myths and why they’ve been officially been busted by today’s automated revenue management technology. Myth #1: We don’t have any issues manually setting our rates, so we don’t need a revenue management system. In today’s high-speed environments, manually collecting, evaluating and calculating data via Excel spreadsheets is tedious, time consuming and highly susceptible to errors – and lost revenues. Revenue management software and automation makes a huge difference. Through algorithms, calculations and powerful analytics, revenue management systems assess hotel performance on a daily, weekly, monthly and annual basis. Revenue managers can use highly visual dashboards and reports to quickly compare rooms sold and revenue against data at the market segment and total hotel level for the next year. The system provides updated reports to give hotels a clear vision of their data, bringing more accuracy and consistency to the forecasting and reporting process. The increased business intelligence and accurate granular forecasting makes it much easier to determine correct pricing, optimize demand and increase revenue across a hotel. Get the full story at IDeaS