Software developer ProfitSword has integrated its business intelligence platform with Duetto, a revenue management technology developer. The integration aims to help hoteliers eliminate the process of compiling projected hotel performance data and make informed decisions to promote maximized efficiency, profitability and market growth potential.
The integration will help hoteliers automatically upload data pointing to a hotel’s projected revenue from the Duetto ScoreBoard application to the ProfitSword database. Analytics include estimated room occupancy and average daily rate by market segment, including groups or transient retail, according to the companies. With such data accessible through Duetto and now combined with the performance analytics generated by ProfitSword, hospitality professionals can determine exactly how much revenue needs to go toward meeting expenses and other upcoming hotel needs. By integrating data from Duetto into ProfitSword’s forecasting and budgeting module, hoteliers can further streamline data flows for a specific segment or account for enhanced forecast benchmarking and financial reporting accuracy.
“We consistently hear from customers that they have significantly less resources available these days, which requires hotel staff to rely a little more heavily on technology than they have in the past. This is especially true when it comes to aggregating the substantial volume of data required to accurately determine a hotel’s overall health,” said Lloyd Biddle, director of enterprise solutions at Duetto. “Feedback from Duetto customers indicates that one surefire way to save time and ensure financial reporting consistency is to leverage the integration between Duetto and ProfitSword to facilitate automated updates of budgets and forecasts from Duetto ScoreBoard to the ProfitSword BI dashboard. Duetto customers estimate an average of 2.5 hours saved per property per week. Thus, over the course of a year, average time savings would be equivalent to 162 days per year for a portfolio of 10 hotels. This automation enables hotel staff to focus on strategies to improve performance rather than just measuring it."
Via the integration, hoteliers can also determine which amenities and services generate the most revenue and demand. This ensures that hotel businesses can always maintain adequate inventory levels to meet guest expectations without unexpectedly cutting into profit margins.
“Being able to instantly understand and predict financial performance in real-time is so central to the success a hotel’s development and growth strategy that many organizations simply accept the complexities and time-consumption as an unavoidable, yet necessary part of the planning process,” said Paul Bennie, director of business development at ProfitSword. “Customers who have already experienced the advantages of our integration with Duetto serve as proof that a more streamlined and time-efficient, yet always fully accurate alternative does indeed exist. We look forward to seeing even more customers take advantage of our integration to instead focus on the tasks and responsibilities that actually do lead to greater guest satisfaction, loyalty and revenue growth.”