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At the heart of every great hotel organization is a great property management system (PMS). In fact, the hotel PMS market size is expected to be US$7.15 billion in 2023, and is expected to grow at a compound annual growth rate of 10.77%, reaching US$14.71 billion by 2030.
However, the role of property management systems is constantly evolving. Legacy systems, even proven ones, cannot maintain agility and drive growth in today’s market. On the other hand, hotels’ investments in digital transformation may be hampered by a fragmented technology stack that undermines organizational cohesion and efficiency.
The key is to have a property management solution somewhere in the middle. Embrace innovation, but proceed with caution to ensure your software is flexible enough to handle future challenges. For forward-thinking hoteliers, this means adopting a scalable, integrated PMS platform that can pay huge dividends in terms of profits and competitiveness.
Traditional property management systems cannot meet the needs of emerging industries
When it comes to PMS, many hoteliers live by the adage: “If it ain’t broke, don’t fix it.” After all, when you have guests to serve, economic uncertainty to navigate, and understaffing, you may not want to ( or too short a timeframe), disrupting your technology infrastructure can seem like an unnecessary disruption when the workforce to learn new software is insufficient.
However, if your existing PMS is only adequate for basic functions like guest profiles and check-ins, it’s likely that it will become obsolete in the next few years (if it isn’t already).
As travel volumes return to pre-pandemic levels, guests are expecting contactless and mobile service and personalized experiences more than ever. At the same time, factors such as talent shortages and inflation are forcing hotels to be more strategic in business growth, planning and efficiency. In most cases, traditional PMS simply isn’t up to the task.
Some hoteliers have adopted specialized point software technology stacks to fill gaps to meet their changing needs. While such tools may be effective in a vacuum, this approach often results in managing dozens of disparate solutions that can fragment an organization’s operations and data. Maintaining multiple IT contracts can also create a logistical nightmare, and staff working on these solutions are prone to application fatigue, errors and lost productivity.
Looking forward, it’s clear that neither point solutions nor the tried and true PMSs of the past few years are the answer. The travel market is expected to grow by more than 14% annually between 2022 and 2027, with more than two-thirds of travelers now caring most about value when booking.
The good news is that giving guests more value for their money can be as simple as streamlining operations for greater flexibility and convenience on both sides of the check-in counter. Enter: modern premenstrual syndrome.
5 must-have features of a modern PMS
Many hotel operators are currently at a critical juncture in their digital transformation efforts: building a technology stack to make existing PMSs work, or upgrading to new integrated PMSs to easily scale and optimize operations, guest service, and maximize profits.
Well, if you look at the numbers, a new PMS may very well be the solution. Recent research shows that upgrading their PMS over the past three years has resulted in 82% of small and mid-sized hoteliers and 92% of large full-service hoteliers significantly improving revenue performance.
So, what makes next-generation PMS stand out? It’s all about the features, functionality and expert support provided by the technology provider. While every hotel has unique requirements, organizations can prepare for the future by investing in a PMS with the following must-have features.
1. Artificial intelligence-driven functions
Hotels can further promote the integration of PMS through artificial intelligence (AI). Daily processes such as inventory management, accounting, and guest support can all be partially automated through an AI-driven PMS, allowing employees to focus on face-to-face guest interactions and more complex decisions. Artificial intelligence can also help restaurants realize greater value from data. For example, sophisticated property management systems can predict demand and recommend optimal room rates and staffing levels. Alternatively, these systems can analyze customer data and automatically suggest personalized experiences based on the guest’s history and preferences.
2. Mobile-centric
While many travelers prefer in-person interactions, others are turning to contactless options out of convenience or health concerns. Recognizing that this service is now common practice, modern software vendors are building mobile capabilities such as virtual check-in and keyless room entry into property management systems. Mobile connectivity can also appeal to tech-savvy guests through features such as mobile tipping, connectivity to IoT devices such as connected room lighting and thermostats, and mobile chatbots that provide 24/7 customer service.
3. User friendly
Even the most advanced property management software cannot serve your business if users cannot navigate it. The best PMS designs have an intuitive user experience and the option to customize the display according to the hotel’s preferred workflow. The goal is to get users up and running quickly, especially if you are short-staffed or lack support in terms of software upgrades. The easier your employees’ jobs are, the better equipped they are to provide excellent service and foster customer loyalty.
4. Cloud-based infrastructure
Cloud services are dominating the digital transformation efforts in the hotel industry, and property management software is no exception. In 2023, Deloitte found that hoteliers believe cloud computing has the greatest potential of all emerging technologies to improve performance over the next five years. The cloud eliminates the need to store and maintain the PMS internally, instead allowing users to access the software from anywhere as long as there is an Internet connection. The licensing model of third-party PMS vendors allows hotels to expand and adjust their software more cost-effectively and easily than on-premise systems. Reputable cloud service providers such as Amazon Web Services (AWS) also ensure that the PMS remains secure and compliant with evolving data regulations and standards.
5. Comprehensive platform
The best way to avoid silos when adopting new technology is to invest in an integrated, end-to-end platform. Modern PMS are built with open connectivity, allowing users to seamlessly integrate various hotel functions and data, from guest registration to point of sale, gaming systems, mobile services and revenue management. Unlike point solutions, this approach streamlines workflow and unifies hotel operations within a central hub. Users gain more consistent and accurate access to data, while management gains a complete view of business operations and performance.
PMS prepares you for today’s and tomorrow’s hospitality challenges
While slow adopters may still be surviving on outdated infrastructure, hospitality leaders know that the days of local servers and traditional PMS are long gone. Your hotel property management system should be at the core of all operations, seamlessly connecting every aspect of your hotel’s functionality. This all-inclusive software solution should improve the guest experience and create a strong foundation for lasting relationships, ultimately increasing revenue and profitability.
Take Infor® Hotel Management Solution (HMS), for example, a cloud-based hotel property management system designed to continuously exceed guest expectations. Infor HMS enables hotels to streamline operations, provide best-in-class service, and provide guests with a comprehensive and enriching experience. Its scalability also ensures it meets your current needs and future needs.
So, what other features should you look for in your next PMS? Click here to learn more.
About Yingfu
Infor is the global leader in professional business cloud software. We develop complete solutions for key industries. Infor’s mission-critical enterprise applications and services are designed to deliver sustainable operational advantages, security and faster time to value. More than 60,000 organizations in more than 175 countries rely on Infor’s 17,000 employees to help achieve their business goals. As a Koch Company, our financial strength, ownership structure and long-term vision enable us to build lasting, mutually beneficial relationships with our customers. Please visit www.infor.com.
Aaron Stein
Global Industrial Marketing Executive
information company
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