Hotel inventory management | What you need to know

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dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135105″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135105″>Hotel inventory management involves the systematic process of ordering, tracking, storing, distributing and controlling a hotel’s existing assets and resources. This could be anything from things guests consume like food and beverages, operational suplies like dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135165″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135165″>linens, dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135138″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135138″>toiletries, cleaning products, and also dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135147″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135147″>room availability. Inventory management plays a key role in dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135143″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135143″>optimizing dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135109″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135109″>profitability and in keeping guests happy by ensuring that resources are available when needed. The key is to keep a healthy balance between having enough stock on hand without dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135122″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135122″>overstocking or wasting.

When it comes to inventory management, the idea is that you can remain dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135109″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135109″>profitable by preventing over-purchasing and reducing waste, which ultimately saves costs. The more optimal your dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135151″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135151″>hotel dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135113″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135113″>roomdropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135151″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135151″> inventory is across dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135166″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135166″>bookingdropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135166″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135166″> channels, the more you can optimize occupancy and revenue. When guests have the key amenities and services consistently available, they are more likely to consume, which helps drive dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135109″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135109″>profitability, so dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135109″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135109″>profitability and dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135123″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135123″>guest satisfaction are inherently intertwined.

When housekeeping has everything they need to ready rooms, they can provide a good service, which helps support a seamless dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135111″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135111″>guest experience, ensuring that departments are well-coordinated. dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135117″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135117″>Hoteliers and in particular revenue managers can use dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135103″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135103″>real-time data from your dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135115″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135115″>Property Management System to make dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135140″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135140″>data-driven decisions, and better dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135112″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135112″>forecast ensuring that your hotel maintains an optimal dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135152″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135152″>inventory level and stays competitive against the dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135159″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135159″>market trends.

What is inventory management in the hotel industry

Maintaining Hotel Inventory

When it comes to dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135157″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135157″>managing inventory, it’s important to have a system of tracking supplies, rooms and other assets like dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135165″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135165″>linens and dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135138″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135138″>toiletries. By having a reliable system in place you can be sure not to run out of supplies and that nothing goes to waste. By implementing Room Management Software you can be sure to be notified when a room’s status changes and can make changes to your inventory.

This is why its so important to control inventory and perform regular dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135142″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135142″>audits to ensure alignment between actual and reported inventory, to prevent dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135122″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135122″>overstocking and dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135148″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135148″>shortages. This can be done through Barcode/RFID scanning to allow for accurate tracking of dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135165″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135165″>linens and other assets. You can also establish Par dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135144″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135144″>Stock Levels which are the minimum and maximum inventory thresholds for essential items.

By using a centralized platform and the right dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135132″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135132″>hotel dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135108″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135108″>inventory managementdropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135132″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135132″> system, you can ensure proper tracking and that you are alerted when levels go below normal or in cases of high forecasted demand. This helps prevent dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135122″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135122″>overstocking, where capital is tied up in unused inventory, preventing waste, avoiding dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135148″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135148″>shortages so that rooms are ready when guests arrive, and maintaining dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135123″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135123″>guest satisfaction.

dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135103″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135103″>Real-time data is fundamental for dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135104″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135104″>operational efficiency and streamlining operations. Housekeeping can be notified about status updates to better prioritize room cleanings, whereas procurement can get dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135103″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135103″>real-time consumption data to better balance ordering and coordination with external vendors. This ensures amenities are replenished before guests arrive so that you are ready and able to personalize the dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135111″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135111″>guest experience by having everything you need in stock even in case of dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135158″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135158″>last-minute dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135107″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135107″>bookings. This way you can satisfy special requests and guest preferences.

There are several different dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135161″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135161″>inventory management strategies: perpetual, periodic, just-in-time and ABC analysis.

Perpetual

In the case of perpetual, this means that inventory is tracked in dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135103″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135103″>real-time and dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135152″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135152″>inventory levels are automatically updated when an item is used, sold or received. This is particularly useful for hotels with high transaction volumes. In the case of a hotel restaurant, a POS is fundamental.

Periodic

This system is when you check dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135152″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135152″>inventory levels manually based on a certain frequency that you determine, which could be weekly, monthly, bi-weekly, etc. This system is better for smaller hotels that need less dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135141″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135141″>inventory control. It can be a less accurate process but it is generally simpler and less costly.

Just-in-time

This is when inventory is replaced when needed, but can be very dependent on the dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135154″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135154″>supply chain and ensuring you have a strong relationship with your suppliers and they are able to deliver right on time. This is a particularly good strategy for restaurants to help minimize waste, and with the further help of a hotel restaurant inventory software you can help stay ahead of your game. If you have a daily or weekly delivery set up, you can modify what needs to be delivered and hence control costs.

ABC analysis

An ABC analysis categorizes inventory based on importance to prioritize dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135141″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135141″>inventory control and optimize stock. A items are high-value, but low in quantity. B-items are moderate value and moderate in demand, C-items are low-value, high quantity items like dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135138″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135138″>toiletries and toilet paper for example. This is a useful strategy for dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135124″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135124″>hotel operations to better prioritize and balance.

By integrating all these systems such as dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135115″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135115″>property management systems (dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135114″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135114″>PMS) and dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135134″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135134″>bookingdropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135134″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135134″> engines together you can ensure dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135169″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135169″>effective dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135105″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135105″>hotel inventory management. You can imagine the dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135114″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135114″>PMS is like the brain of the operation, the dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135134″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135134″>bookingdropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135134″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135134″> engine are the arms and legs and you have a steady flow of data like a steady oxygen level in the blood that helps your brain make better data informed decisions, making dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135112″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135112″>forecasting easier and helping to enhance the dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135111″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135111″>guest experience.

Benefits of cloud-based systems and integration

Hotel inventory managment can be difficult especially depending on the dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135136″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135136″>number of rooms your hotel has. You can risk dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135116″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135116″>overbooking, dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135170″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135170″>lost revenue and fluctuating dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135147″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135147″>room availability which changes based on seasonal demand, and will be different across dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135155″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135155″>customer segments. This is why it’s important to weigh the risk of empty rooms with the potential of dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135116″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135116″>overbooking.

Hotels need to be able to plan for no-shows or dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135158″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135158″>last minute cancellations by using the right dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135112″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135112″>forecasting tools, and being sure to practice dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135171″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135171″>demand dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135112″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135112″>forecasting. To compensate for seasonal demand fluctuations, it’s a good idea to practice dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135167″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135167″>dynamic dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135167″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135167″>pricingdropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135167″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135167″> strategies, and dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135137″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135137″>social media can play a key role in bringing in dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135158″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135158″>last-minute guests with promotions and dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135158″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135158″>last-minute deals.

dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135145″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135145″>Hotel staff and technology can play a crucial role in dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135143″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135143″>optimizing dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135144″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135144″>stock levels so that your hotel can provide the best experience possible. Through dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135126″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135126″>automation of dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135119″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135119″>inventory tracking your hotel can dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135110″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135110″>streamline processes that would otherwise take incredible manpower to do.

When choosing a dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135105″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135105″>hotel inventory management sofware it’s important to look for funcationality like: integration with your dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135114″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135114″>PMS, online dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135134″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135134″>bookingdropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135134″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135134″> engines and dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135125″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135125″>channel manager, reporting features, dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135126″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135126″>automation, dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135103″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135103″>real-time tracking, a centralized dashboard and the ability to analyze business trends. The goal with choosing any software is to enhance dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135168″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135168″>decision-making allowing your hotel to make smarter, faster and more dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135109″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135109″>profitable decisions.

When done right inventory management software can help improve dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135139″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135139″>revenue management systems by dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135143″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135143″>optimizing dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135106″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135106″>pricing and maximizing RevPAR, supporting dynamic rate adjustment, maintaining consistent availability across dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135153″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135153″>distribution channels, and improving dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135107″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135107″>booking accuracy. When done right, inventory management can help maximize revenue, dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135110″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135110″>streamline distribution, enhance the dropdown#toggle” data-dropdown-menu-id-param=”menu_report_term_46135111″ data-dropdown-placement-param=”top” data-dropdown-disable-toggle-aria-param=”true” data-term-id=”46135111″>guest experience and optimize use of resources.

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Hotel inventory management | What you need to know