Hospitality organisations have for decades faced challenges on how to gather information from key systems to present a single view of performance. The information is often held in a number of different silos, within accounting systems, line of business applications such as PMS, manual spreadsheets and other unstructured data sources. To overcome this challenge asset managers and accountants manually fuse information together to deliver board packs to investors, asset managers, owners representatives and of course the operating management teams.
Not only is this process expensive from a manual staffing perspective, it can also be prone to error due to the multiple sources and element of human interaction that is needed to provide a view of operating performance. In addition, the information that is provided is typically flat files that do not allow the recipient the ability to see what is behind the numbers.
As investors continue to grow their portfolios of both branded and independent hotels with differing management agreements and different operators the challenge for asset managers to provide a single view of performance becomes an onerous task as often the operators will provide information in different formats, often unstructured and difficult to easily manipulate.
Data Performance Platform (DPP) solves the challenges of the sector when it comes to delivering dynamic, consolidated and accurate business performance data. Through automation of information collection, we are able to provide a portal that each user is able to see precisely their information when they want it, so no more waiting for the monthly reports to be produced by the finance teams, you are now able to proactively look at performance from your desktop, tablet and mobile device.
Not only do we see essential accounting information as key to gather, introducing metrics such as customer sentiment and competitor statistics starts to put different perspectives on how a hotel is performing. The service will evolve over time based on the requirements of an industry, this is the first stage in unlocking data within the operations of the hotels and provide new information and statistics based upon trends that traditionally are not being monitored.
There are 5 standard modules within DPP, they are:
The balanced scorecard enables you to instantly compare your hotel portfolio on a range of
15 predefined metrics across 3 different disciplines. From overall hotel performance to Rooms
and Food and Beverage, covering important statistics such as RevPAR, TRevPAR, GOI,
Commission %, Payroll % and many more. This functionality enables a simplified view of hotels that are performing and those that may require a little extra attention.
There are clear benefits of deploying DPP across your hotel estate, not only are you going to be able to access information in a proactive manner, you are going to gain some of the following benefits;
There is one version of the truth. The number in one report will match the same one in another without the need for linking multiple applications and/or spreadsheets together.
Through data input automation and application plug in’s you could be freeing up valuable time within your asset management / accounting teams to focus on business improvement rather than administration.
It’s an unfortunate reality but we have to accept that human error is something that is prone when it comes to the collation of vast sums of data, and often with pressing deadlines.
Part of the modern digital economy requires the need to access information to make decisions, the traditional monthly accounts is a behaviour often driven by the sheer amount of time it takes to collate information. By having information automated there is the ability to look at information daily with no overhead on the business.
Our service enables people to drill down on data, there are no more standard printed reports, our electronic reporting package enables you to look into the detail of how numbers are derived, this enables businesses to make quicker more informed decisions.