ProfitSword released a comprehensive report detailing the latest advances in data forecasting and budgeting tools and practices for the hospitality industry. Using insight from experts, the report showcases how today’s data-management environment has evolved to provide the tools needed for hoteliers to instantly implement sound business strategies based on real-time and always accurate information.
Entitled “Building a Path to Profitability and Efficiency in Hospitality's Age of Mass Data and Analytics,” the report reveals several significant advances since the days of manual spreadsheet data inputting and sharing. With such practices long blamed for the untimely delays in gathering performance data or the constant risk of inaccuracy, hospitality professionals can learn of newer technology that is now capable of seamlessly integrating within an array of disparate property systems to provide up-to-date analytics in an instant.
The report further details how these cloud-based solutions offer hoteliers instant access to their data from anywhere and automated reporting that can include information from multiple properties, regions or business departments.
“Hospitality professionals have long recognized the tremendous value of quickly identifying performance trends in order to implement strategies that can maximize efficiency, resources, profitability and guest satisfaction on a daily basis,” Paul Bennie, director of business development at ProfitSword, said in a statement. “This is why so many companies make a focused effort and organize themselves around gathering and managing data to accurately plan for performance through forecast and budget exercises despite the risk of data inaccuracy and the constant need for revalidating information. We hope that this report will help to educate the market on best practices that can automatically provide the exact information needed at the very moment it is needed, while taking a fraction of the time, effort and monetary expense.”
The ProfitSword report further details how these cloud-based platforms are being leveraged by hoteliers to ensure maximum efficiency across an array of business-planning operations. This includes the streamlining of labor spend and expenditure planning, allowing hoteliers to promptly allocate the correct level of resources based on real-time events and needs. By analyzing the ability of cloud-based data-management platforms to instantly extract information from sources such as sales, labor management, back-office accounting and property-management systems, the report further demonstrates how hoteliers can now be fully confident in the ability to anticipate the business environment and exceed expectations.