The business of managing the hotel finances is not terribly technical or complicated. What makes it challenging is that itÕs usually a very large job involving many people. In a 500-room hotel, you can easily have 20+ forecast contributors.Ê The communication system in the hotel is the key to both smooth management and predictive financial results. This is the how to.
Is big data in hospitality a game-changer?
We share more and more information, and the boundaries between private and public life are increasingly blurred. Our evaluations of various products and services are now available and visible to a growing number of people, both on platforms directly linked to hospitality, like TripAdvisor or booking.com, and more general sites and social media such as Facebook. All of this information constitutes an incredible opportunity for the hospitality sector.Ê
Housekeeping is a contact sport
Every hotelier knows that housekeeping is a vital aspect of any propertyÕs operations. All it takes is just one look at an online review site to see just how sensitive guests are to errors in this regard. Seldom do we managers know how to actually do what they do so that we can truly empathize with the issues they encounter on a daily basis.
What a property needs on its website
Over the past decade, technology has impacted the way hospitality businesses of all sizes operate. For independent properties, it has been a game changer. Here weÕll walk through some of the most important aspects of a propertyÕs website.
Next-generation revenue management results in additional profit
A celebrated physicist once famously remarked that prediction can be very difficult, especially when it’s about the future. That certainly applies to forecasting demand for hotel guest rooms. With the advent of next-generation revenue management capabilities, however, predicting the future has become a lot easier, more accurate and more profitable.
From Parramatta to Paris: The making of a top chef
When Katey Shaw won the Potentialist of the Year at last yearÕs Gault&Millau Awards, she described it as a Òonce in a lifetime opportunityÓ.ÊHer ultimate dream is to eventually run a patisserie by day/restaurant by night venue, with a team of inspired pastry chefs who create sweets for the dessert lovers of the world.
How a corporate sales manager can save your hotel $100KÊ
I had a wonderful discussion with a hotel sales manager last week about a new hotel reservation platform that does not include any stops at an on-line travel agent, OTA. The sales manager explained to me that her mid-sized hotel did a couple of million dollars in corporate IT sales and that represented just over 12,000 room nights.
A roadmap for upgrading your hotel property management system
Property management solutions (PMS) account for the largest portion of the budget for hotel technology investments, according to The 2016 Smart Decision Guide to Hotel Property Management Systems. ItÕs no surprise, then, that PMS solution providers are continuously enhancing their platform capabilities.
2017 travel trends and industry opportunities
The pace of innovation across every industry and every company is astounding today, from natural language processing and data sciences to artificial intelligence and virtual reality. How exactly these mega trends are going to affect our industry, and hoteliers specifically, remains to be seen, but we do know that tomorrow will look very different from today.
Hospitality financial leadership recipe Ð owners, not victims please
Being a financial leader means you own the result. There is no room for being a victim or victim thinking when it comes to leading the financial piece. The challenges demand the type of ownership that takes each situation and finds the opportunity in it.
