At present, online presence and impeccable customer service are the two key options needed for successful business development in the hospitality industry.
And, though the first one is now considered to be a common practice every hotel implements to their development strategies, only few of them invest in guest experience improvement.
With the right software implemented, the hotel units can greatly automate daily operations and administrative tasks to enhance customer satisfaction, and boost client loyalty as well.
The hotel’s functioning requires the active cooperation of multiple departments, with each step being tracked and verified. Before the computer systems implementation, this was traditionally done manually with tons of paperwork and time-consuming managing tasks.
Now, most of the hotel management workflow in hospitality tends to be optimized. That is why one of the must-have software to utilize is the property management system (PMS).
What Is Hotel Property Management Software?
In the hospitality industry, a property management system refers to the software that enhances the hotel’s daily management workflow and specific administrative tasks.
In other words, this system is used for organizing, scheduling, and automating the specific tasks of the hotel management process to simplify the hotel operating system and increase the overall performance.
The first hotel PMS systems appeared in the 1970s and have developed into a prospective industry with a market size valued at over 2.9 billion USD in 2020. These numbers are also expected to expand at a compound annual growth rate (CAGR) of 4.8% from 2021 to 2028.
Why is it so important? The basic purpose of hotel PMS is to manage numerous properties within one software, employing the centralized yet automated tracking system that increases business efficiency.
Hotel property management software is exceptionally important for the hospitality industry, which integrates the functioning of different departments and various services to provide a high-quality guest experience.
Basic Features of the Hotel Property Management System
Going deeper into the main functions presented in a hotel PMS software, the modern systems feature multiple management options for different departments, including accounting, audit, maintenance, front desk, security, etc. The common features of the PMS system for hotels usually include the following:
- Marketing and Sales: client files, guest histories, travel agents, direct mails, etc.
- Accounting: balance sheets, accounts payable and accounts receivable profit-and-loss statements, payrolls and others.
- HR Management: personal files, time and attendance, working schedule, etc.
- Reservations Management: room availability, online booking, yield management.
- Front Desk: cashier, room status, guest accounts, guest credit audit, advance deposits, bonus systems, and so on.
- Call Accounting: guest information, phone call posting.
- Housekeeping: room status, room service.
- Maintenance: work orders.
- Restaurant Service: up-to-date menu, inventory, recipes, point-of-sale, delivery.
These options presented are only one of the few basic features that should be included in the hotel property management system, they can be also modified and improved to provide better hotel management performance.
One of the core ideas of implementing the hotel PMS software is to create the feature-rich environment needed to assist the clients and deliver better guest service. Without having a unified system, any of the core departments such as housekeeping, front desk or accounting would take much more training and many labor hours.
That is why getting the hotel property management system is an effective yet efficient solution for the hospitality industry to enhance their workflow and increase the KPI as well.
Benefits of Hotel Property Management Software
However, the enhanced workflow is not the only reason why the hospitality industry should include the hotel PMS implementation in its development strategy. The other critical benefits this type of software can bring to the business are:
- Ensure time-efficient task management, that can cover the performance of nearly every hotel department.
- Increase the staff productivity and improve the communication between different units.
- Develop trustworthy relationships with your clients that will result in an increased level of retention and customer loyalty (for example, with the automated check-ins and check-outs).
- Enhance the online presence by implementing the online booking systems, chatbots, and an official site to your hotel CMS.
- Create an efficient revenue management system, where it’s more clear to analyze the profit-and-loss, track the balance sheet, and the other features to enhance the income and optimize the cost management.
- Manage different distribution channels to easily and effectively promote your hospitality business across partnerships, affiliate programs, and third-party booking services to boost the number of your reservations and increase brand awareness across the Internet.
- Boost the overall number of bookings in different seasons by enhancing the potential of your business via smart reporting, deep analysis, and other automated services.
- Provide accurate daily reporting for comparing and analyzing the current state of affairs and create the possible improvement strategies that will help to optimize your business performance (for instance, the reporting can be exported to the cloud storages, with the data always accessed and tracked by the team to make the important, profitable data-driven decisions anytime and anywhere).
- Minimize the double bookings and specific errors because of the task automation, which results in the enhanced guest experience, optimized staff work, and the correct business data and reporting.
- Target the hotel clients and their needs by analyzing their specific preferences and the ordering records to increase the revenue of your business.
- Contribute to the business model transformation that can result in the business development and ROI growth, as well as the mindset shift and the workflow transformation.
As you can see from the benefits stated, the importance of the hotel PMS software implementation cannot be underestimated. These benefits will not only improve the existing business model of your hospitality unit but also help your team to build an advanced system of guest service and hotel management.
Create Your Professional Hotel PMS System with Intellectsoft
There are two ways of creating the hotel property management software for your business: by manually creating the system with the guidance of your team of developers or hiring a dedicated team of developers to create a professional, feature-rich hotel system that will fully meet all your business needs and requirements.
The first method tends to be more unstable for use, as you cannot be certain about the final product quality and its stable performance. That is why investing in the individual hotel property management system is a great option for the hospitality units to develop the right software they need for providing better customer service.
Instead, the experienced team of developers can:
- Provide deep research of your project;
- Conduct profound research of the market and its main players;
- Analyze the main requirements and functions your business needs;
- Include the other technologies that are widely used in your industry;
- Present the professional PMS system with all the essential features for performance automation, etc.
That is why cooperating with a professional team of developers is considered to be the most beneficial option for launching the best hotel property management software for any business.
Summing It Up
Developing professional hotel property management software is a formidable yet essential way of enhancing your business performance in the hospitality industry. The hotel PMS system implementation not only enhances the hotel service performance but also increases the bookings, provides better client targeting, and accurate reporting of your business performance.
With hiring a professional and experienced team of developers, custom software development for travel and hospitality becomes easy as never before. At Intellectsoft, we have years of experience creating innovative solutions for the hospitality industry.
Are you looking for an experienced software development vendor for your next business project? Talk to our experts right now and let us create solutions that would enhance the industry while helping you reach your business goals.