The main goal of almost all business in the industry is to expand. This includes expanding into new areas, new markets, and even new products. As we can imagine, there are a lot of factors that need to be taken care of before getting to a place where scaling a business is easy to do. That said, perhaps the most important factor that allows for this is revenue management. No matter how big a business is in size, knowing how to properly allocate revenue is far more beneficial than people realize. Also, the ability to make revenue adjustments along the way is an important part of sustaining success. This is where the importance of revenue management tools come into play. Because of these reasons, it’s not a stretch to say that revenue management tools will be a necessary tool that every business needs if they are not already. Besides, with many different management tools to choose from, finding the best one will simply come down to the revenue situation and personal preference of a business. In other words, there will always be a perfect revenue management tool for your business. With this in mind, let’s go over the top six revenue management tools in the market today.
#1: MyForecast Revenue Management Tool
The MyForecast Revenue Management tool has proven to be one of the best tools in the market for several reasons. Overall, it is widely used because of its ability to give detailed feedback on factors such as bookings and price data. This can be achieved through strategies such as sales forecasting, historical data tracking, and other methods this system allows for.
#2: HQ Revenue Software
Another proven tool is HQ Revenue. This tool is popular due to its cloud-based connectivity and competition analysis. Apart from that, it also provides users with real-time data on market analytics and online distribution channels. When all of its features are taken into account, HQ Revenue comes out as an effective and strategic tool anyone can benefit from.
#3: Revolution Plus Revenue Management Tool
The Revolution Plus Revenue Management tool has a focus on two main things, sales, and profitability. As far as how this tool allows a business to do that, it can be done through web analytics applications, price trend checkers, and other similar integrated tools. Think of Revolution Plus as an all-in-one revenue management tool.
#4: RoomPriceGenie Revenue Management Tool
What makes RoomPriceGenie Revenue Management unique is its ability to hold a large volume of data. When you combine this aspect with the high-quality analytics software it uses, you get another revenue management software that is well-rounded. If that wasn’t enough to sell you on it, it also has an easy to learn user interface.
#5: Atomize Revenue Management System
While other tools have a focus on responsible revenue management, the Atomize tool also does this but in a way that efficiently maximizes revenue. It has unique features such as automatic price set filters, allocation strategies, and a large user database. Also, with an established presence in over twenty countries and counting, is one of the fastest rising tools on the market.
#6: MaxQ Advanced Revenue Management
As a recently updated tool, the MaxQ Advanced Revenue Management tool has already made a name for itself as a self-proclaimed state-of-the-art managing solution. By all accounts, it’s also one of the best tools in terms of providing a wide range or revenue management capabilities. To name a few of them, this tool allows for automated strategies, recurring revenue allocation, and B2B processing.