Building a Path to Profitability and Efficiency in Hospitality's Age of Mass Data and Analytics
How today's hoteliers are leveraging advanced forecasting and budgeting technology to navigate increasingly complex data streams and create successful business strategies
By Paul Bennie Director of Business Development, ProfitSword | May 26, 2019
In virtually any industry, the most successful and profitable entities are those that have the tools in place to better understand their specific business environment. Yet for the hospitality industry, where attempts to accurately forecast and budget hinges on multiple external factors such as time of year, citywide events, and economic conditions; the ability to predict upcoming needs can quickly become complex and afflicted with uncertainty.
Couple that with the difficulty of gathering useful data on a timely basis from disparate operational systems, it becomes apparent that hoteliers face a daunting task in attempting to identify patterns and trends to accurately plan for and achieve financial success.
Yet hospitality professionals are now being provided with an opportunity to implement more responsive and automated tools. These tools can automatically gather data from the many disparate systems, and present information in a fraction of the time it takes to produce otherwise. This report demonstrates how such forecasting and budgeting innovations are able to sidestep the many challenges faced with data and analytics.
Many hoteliers are familiar with the lack of data integrations, labor costs and risk of human error or miscommunication when attempting to manually produce quality data. By reviewing what follows below, they can instead learn of an alternative capable of simultaneously providing access to real time information, streamlined operations, maximized guest satisfaction and profits.
Successfully analyzing the past is key when it comes to predicting future trends
The ability to accurately predict future business and revenue undoubtedly provides hoteliers with an array of critical advantages. From the ability to anticipate subsequent monthly profits after paying off expenses, to being able to judge future labor and service demands or identify an opportunity for growth, accurately forecasting revenue performance can be essential in a hotel's ability to operate at peak efficiency and at the highest potential for business success.