Travel agencies partner with multiple third-party service providers for expanded business prospects. Hotel chains remain the leading contributors in the revenue share of travel companies, increasing the wide range of services offered by travel managers. But communication and management remain two major challenges in this realm.
As per a report by Statista, the revenue of the hotel market is projected to reach US$426.50bn by 2024 worldwide. This signifies the mine of opportunities available for travel agents, which can be leveraged by partnering with reliable hotel chains. Travel agents concerned about managing these partnerships can invest in a hotel inventory system for simplified business operations.
Let us explore how travel managers can select the right hotel inventory system that saves time, effort, and money for their agencies.
6 Tips To Consider While Selecting A Hotel Inventory System
Consider the business size
Factors like the number of partnered hotels, business size, per-day bookings, etc. should be considered while designing and developing a hotel inventory system for travel agencies. Having this information makes it easy to estimate the overall requirements of the system, making it an error-free solution.
User-friendliness
Since the hotel inventory system is handled by the agency staff, it should require minimum navigation and effort. The system must have a user-friendly interface so the agency employees can easily search hotel room rates, specific services, and room availability. Providing this information at their fingertips ensures timely and hassle-free bookings.
Timely customer support
The service provider chosen by the travel agency for the inventory system should offer round-the-clock customer support. A hotel inventory system can catch a bug or technical glitch, hindering the agency’s operations. Prompt customer support solves such issues in time, saving resources and money.
Tools to add
The travel agency should shortlist all the tools and features they want the hotel inventory system to have. This can include search filters, hotel details, a room price update feature, an invoice manager, cloud storage, and more. Making a list of the required features also provides an estimate of the development costs.
Third-party integration
Travel agencies perform countless tasks at the same time, which requires the assistance of third-party integrations like flight booking APIs, payment gateways, car rental APIs, etc. Adding these integration options boosts the productivity of the hotel inventory system, making it useful for numerous additional tasks.
Mobile access
Currently, there are over 4.88 billion smartphone users in the world. These numbers highlight the convenience mobile phones bring to our lives. Making the hotel inventory system smartphone-friendly offers various benefits like easy access at the time of emergencies. This ensures the work is not compromised in case of technical glitches with the computer or laptop.
Additional software used for hotel inventory management
Apart from the efficient and time-saving hotel inventory systems, travel agencies can opt for additional software for managing their hotel partnerships. Here is a list of the top software travel agencies can use in addition to their hotel inventory solutions:
- Global Distribution Systems
- Payment Systems
- Channel Management Systems
- Online Booking Engines
Technologies used in a hotel inventory management system
Technology is always evolving and innovations are further enhancing businesses, including the travel sector. Companies are now using advanced technologies like Generative AI, Augmented reality, and ML algorithms to optimize their functions and earnings. Here is a list of trending technologies being used in hotel inventory systems:
AR/VR For Hotel Tours
With the help of virtual reality, travel agents can give a virtual tour of the hotel to their customers. This leads to 100% customer satisfaction as they can view every part of the accommodation in detail.
AI Chatbots
AI chatbots in hotel inventory systems provide real-time and quick information to travel agencies and their employees. For example, they can simply type the room requirements and the chatbot will instantly provide the available options.
Blockchain Technology For Secure Payments
It is estimated that people might lose $343 billion in online payment fraud by 2027. By using blockchain technology, travel agents and hotel chains can reduce online thefts. Blockchain payments are initiated by the user and they remain 100% encrypted, leading to safe and successful transactions.
Final Notes
A hotel inventory system offers ultimate ease and convenience to travel agencies and hotel chains. From helping with instant and real-time room prices to effectively managing multiple hotels, a tech-driven system is highly useful.
Professional hotel inventory system providers efficiently assist travel agencies with numerous operations and tasks. They use innovative technologies and high-end resources to develop these systems and help travel agencies achieve their business goals.
Hotel Inventory System FAQs
Yes, hotel inventory systems are utilized by travel agents and hotel chains alike. They offer instant information flow between the two organizations, benefitting their businesses.
An expert service provider can design and develop a tech-driven hotel inventory system with features of your choice. You can connect with TBOHolidays for more information.
The overall cost is determined after analyzing the travel agency’s requirements, project timeline, resources required, etc.
Yes, these systems are made mobile-compatible for easy and convenient access on different devices. You can also add multiple functionalities to an inventory system to make it more efficient.
Pratyush Kumar Srivastava is a seasoned expert in B2B travel writing with years of experience in the industry. With a deep understanding of the intricacies of travel technology, supplier relationships, and market trends, Pratyush offers valuable insights to help businesses optimize their travel booking strategies. Passionate about innovation and efficiency, he is dedicated to guiding travel agencies through the complexities of modern distribution channels to achieve growth and success.
