Oliver Companies has tapped business intelligence and data integration software company ProfitSword to implement the ProfitSage forecasting program at its hotels. The hotel management company, based in Duluth, Minn., has nearly 30 hotels in its portfolio.
Through the platform, Oliver Companies will be able to instantly determine the real-time efficiency of business strategies for individual properties or for its portfolio as a whole, and can identify future trends in both revenue and expenses to ensure that sudden market fluctuations are taken into full account.
Previously using a manual data compiling and analysis process, Oliver Companies selected ProfitSage due to the solution's ability to offer a user-friendly dashboard that could seamlessly integrate and provide automatic real-time insight into a range of performance data-generating systems, including each hotel's property-management system and sales platforms.
With ProfitSage, both corporate leadership and hotel staff at each location have observed a significant amount of time savings that otherwise would have been consumed in gathering and verifying the accuracy of analytics needed to determine revenue generated by each department, property or for the company's entire portfolio. Employees can also identify what expenses have taken place in order to establish whether they are obtaining profits or operating at a loss and therefore requiring a revision of business plans. With its forecasting abilities, ProfiSage further provides Oliver Companies with the ability to anticipate projected profits and costs regardless of sudden shifts in external market performance.
"Most aspects of the hospitality industry have suffered from not being able to benchmark and adapt to the consequences of COVID-19, so for us the timing of implementing ProfitSage was ideal as it provides us with the constant ability to see how our each of our strategies are faring in real-time, with the ability to swiftly make any needed adjustments to preserve as much revenue as possible during this challenging time," said Linda Saron, COO at Oliver Companies. "We now cannot imagine attempting to navigate towards the best interests of our company and property owners without the many benefits that ProfitSage provides in identifying performance variances, what profit outlook should be expected and how we can ensure that each employee is able to manage their respective areas of responsibility at maximum efficiency to maintain ongoing business success."
ProfitSage also lets managers segment and provide varying levels of access to analytics based on an individual's company or property-specific role. This helps staff and management review metrics that are only relevant to their needs. Further enhancing this benefit is the option of implementing customizable and automated reporting abilities, providing employees with an always up-to-date accurate depiction of performance on a preset basis.
"As the hospitality industry recovers from the impact of COVID-19 being able to routinely determine real-time revenue earnings and make comparisons with outgoing expenses has become essential to a successful operation," said Paul Bennie, director of business development at ProfitSword. "We are proud to provide Oliver Companies with the tools and data needed to effectively safeguard business performance during this unprecedented period in our industry and look forward to helping them leverage our technology to support their company growth."