As a travel agency owner, you’d be wondering how your agency can use inventory systems for proper management and accounting. There are several inventory systems used by travel agencies to keep constant updates on all activities, profits and losses.
In this article, I’ve given a detailed guide on inventory systems used by travel agencies and how they can help you manage your business better.
What is an inventory system?
An inventory is a system that assists travel agencies in tracking goods from Purchase, production to the last sales. Inventory systems can be related to the retail industry and can be applied in several other forms of business.
Some companies find it hard to balance their glutes and shortages, especially companies with complex supply chains and manufacturing systems, this is why an inventory system is essential in every business.
How Can Travel Agencies Use Inventory Systems?
An inventory system allows business owners to track items and performances easily. It assists in maximizing productivity and enhancing efficiency, it also helps to manage and calculate travel.
When an inventory system is used by travel agencies, it assists in packaging services with descriptions in different languages and currencies. It helps travel agencies package bookings and cancellations, it also defines and assigns payment rules to the packages.
Below is how travel agencies can utilize inventory systems:
1. Inventory management
As a travel agency, inventory management assists in keeping track and prevents overbooking. Feeding the system with the correct data helps you make direct connections through API, and a great travel agency will take care of the business inventory.
2. Reservation Management
Having great reservation Management will let you track payments and give out all kinds of receipts. It helps you keep track of travel documents, invoices and payment confirmations.
Reservation Management holds and contributes the major part of a travel agency. Getting reservations can be difficult sometimes and a flexible system provides assistance in helping you track already made reservations.
3. Marketing Reports
Every travel agency has to keep track of the number of passengers and hotel reservations made daily. Marketing Reports offers assistance when it has to do with negotiating better prices and higher commissions.
It helps you with locations to channel your marketing aims and also holds major information.
4. Numerous Sales Channel
Sometimes, you can get clients through different ways and methods, but keeping track of it is the most important aspect.
This should be the major thing in your mind when thinking of how your travel agency can use the inventory system, selling online and offline in an organized format is the most important thing.
5 Best Inventory Systems Used By Travel Agencies
There are different types of Inventory systems and they all focus on different aspects of the travel agency.
We have compiled a list showing you 5 different types of inventory systems that can be used by travel agencies:
1. Global Distribution System _ GDS Systems
GDS system can be a channel for travellers and ticketing agents and also in supplies used. It can be described as a central reservation system airlines, hotels and travel agencies use. It enables and permits the use of automated transactions between booking agents and third parties and it provides services related to travel for the end users.
Benefits of The GDS to Travel Agency
1. Allows the use of automated transactions.
2. Faster Turnaround time.
3. Allows Central reservation.
4. Allows Revenue Management.
2. Computerised Reservation System
One thing with the Computerized Reservation System (CRS) is that although they all provide similar functions, reports and accounting facilities but all the programs are unique.
Meaning certain operational aspects of all CRS are different from every separate system which includes certain things like the way they can be logged on, the terms used, the provision of classification, how information is manipulated and the way new files are created.
Benefits of the CRS to the Travel agency
1. Determines vacancies and current availability levels.
2. Searching and amending data on queue.
3. Amending dates, changing reservations and Changing flight numbers
4. Taking down customers’ orders, complaints and reviews.
3. Airline Reservation System (ARS)
The ARS inventory system is good for travel agencies because it is a booking solution that is web-based and it assists in consolidating data from all airlines by the use of GBS.
Benefits of the Airline Reservation System for Travel Agencies.
1. Provides inventory And prices in real time to customers and agents
2. Makes availability for automated transactions.
3. Assist with making reservations and meeting customer needs
4. Customer Relationship Management Software
This inventory system helps travel agencies to manage to meet customer expectations, follow up with customers, respond to questions and engage them in quality conversions.
Benefits of Customer Relationship Management System in travel agencies
1. Offers user-friendly systems and services.
2. Manages customer questions.
3. Provides the opportunity for exceptional customer service.
4. Develops strong customer relationships for sales improvement.
5. Enterprise Resource Planning (ERP) System
This Inventory system meets modern standards and provides exceptional accomplishment of daily work and provides perfectly structured information.
Benefits of Enterprise Resource Planning to Travel Companies
1. Enables cooperation
2. Provides exceptional customer service
3. 24/7 bookings
4. Secures accomplishments.
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Maintaining a successful Travel agency can be a very complex task and it involves a lot of development and processes. An inventory system is an organized and more advanced way of running a smooth operation and it is relevant for travel agencies.
Using inventory systems in travel agencies enriches and improves services rendered and keeps track of all your obtainable offers. It has a fast time managing allotments and plans due to its simplest visibility.
Some of the best inventory systems used by travel agencies include; BizAway, PHPTRAVELS, Technoheaven TMS, Trawex, Routespring, Toogo, Dolphin CRM, Lemax, OTRAMS, Travefy Agent and eReservation.