Why NOW is the Right Time to Start Looking at RMSs

When is the right time to start looking at a Revenue Management System (RMS)?

NOW!

While there are a lot of “warm and fuzzy” reasons why now is the right answer…

• You want to be informed about new options in the marketplace
• You’re worried your current RM system might be leaving money on the table
• You’re looking for ways to grow and improve in your role

…there are also a lot of practical reasons why now is the right time. Namely: You don’t want to get stuck with your current provider for another whole year just because you didn’t start looking early enough. Or, if you don’t currently have an RMS, then you really can’t afford to waste another second on manual revenue management that is so much harder than it needs to be.

If you’re not familiar with buying technology (or just haven’t done it in a while), there’s a lot of boxes to check before you’re in that new RMS nirvana. Read on for a quick how-to guide for buying and implementing the RMS of your dreams.

1. Internal Alignment: You’ve finally found the RMS you love… but who else in your organization needs to be aligned to this purchase? Make sure you have identified all the key stakeholders and that you have a solid business case at the ready.
2. All of the paperwork… The biggest question to answer here is: who in the organization will sign the final contract? Make sure they’re in the loop throughout the process, and that you know their availability – don’t let PTO get in the way of signing that final line.

   But there are other things to consider, too. First, depending on your company, your IT organization might require security review. Additionally, this is the time to connect with your PMS and/or CRS providers and to start gathering whatever contracts are necessary to allow those systems to interface with your new RMS. The sooner you can start this process, the better!

3. Yay, the contract is signed! We can start, right? Well, kind of. Oftentimes, the biggest hurdle in this process is getting the PMS/CRS interface scheduled. From my experience, it can take up to 3 months from the first conversation with the PMS/CRS company to the interface installation. This is why it’s critical to start that conversation early when you’re contracting with your new RMS provider.
4. Pre-Implementation: The good news is that while you’re waiting for the PMS/CRS installation, there is still plenty that can be done! Work with your new RMS provider to provide more detailed information about your properties. Get the system configured properly so implementation can hit the ground running as soon as the PMS/CRS interfaces are ready. Make sure your new RMS provider isn’t wasting your time, though; they shouldn’t be requiring more than 30 minutes a week from you at this point. You still have a day job!
5. Implementation: The time has come! The PMS/CRS interface is active, and your RMS provider can start getting data flowing across systems. Be wary of providers who claim they can get everything up and running in 2 days from this point. That’s a tell-tale sign of a rushing to cash their checks, rather than a partner invested in taking the necessary time to fine-tune their sophisticated analytics and ensure quality results for the customer.

   Most implementations from quality providers will take between 6 and 10 weeks. Don’t let your new RMS provider demand too much of your time during this period, either! Sure, there will be weeks where you need to be more hands on (i.e., during User Acceptance Testing), but if your RMS provider is a true partner – not just a vendor – they’ll do the heavy lifting for you. After all, that is their day job, not yours.

6. Rollout: Here we go – you’re in production. Congrats! If you’ve timed things well, it was an easy transition from your “old” world to the new RMS nirvana. No gaps in coverage. No stressful days of, “Will it be ready in time?”. And all of the pre-planning and looking at a total end-to-end timeline was totally worth it.

But to reach that wonderful end point – full of celebratory high fives, champagne toasts, and a shiny new RMS to enjoy – and to do it without any gaps in coverage, you have to start the process now. It’s never too early to kick things off, but it can absolutely be too late.

For a further peek behind the curtain into RMS implementations – and how they really don’t have to be as painful as you’re likely imagining – check out our blog: 5 RMS Implementation Myths – Busted!

To learn more about N2Pricing™ RMS by Revenue Analytics, including our approach to implementation and how the end result will be oh-so worth it, connect with an expert on our team today.