Business intelligence and data integration software company ProfitSword has developed a new hospitality market performance dashboard that can aggregate real-time metrics from businesses across the industry to present a comprehensive analysis of how recovery efforts are progressing and what hoteliers can expect from the marketplace in upcoming months.
Created using ProfitSword's ProfitAbility platform, the dashboard is able to leverage business intelligence abilities to provide hoteliers with greater predictability and clarity over what their own business priorities might be in order to more confidently strategize informed plans that preserve or strengthen revenue-earning abilities.
Through an aggregation of a diverse range of performance-related data from ProfitSword's portfolio of more than 4,000 hotels across the U.S., the dashboard is able to provide industry professionals with an array of key performance indicators, via the use of several detailed graphs, that depict current market health. This includes providing statistics on occupancy by week and by state, as well as average daily rate by month and by state during the past 30 days. Other metrics include total food-and-beverage revenue and occupancy by month, along with a revenue per available room forecast by quarter.
"The hospitality market has undoubtedly been one of the most critically affected industries by the global health pandemic and the level of uncertainty that continues to surround hoteliers means that we all must work together and do what we can to provide as much expert guidance as possible," said John Crutchfield, COO at ProfitSword. "As a provider of business intelligence solutions that specialize in monitoring real-time hotel performance, ProfitSword is ideally positioned to provide up-to-date market health analytics that can serve as an essential benchmark over how the industry will evolve over the coming months, and it is our hope that by making this information widely available, hoteliers can better determine what actions need to be taken to protect their businesses and ensure a more successful recovery."
Industrywide statistics for the hospitality market currently reflect a projected occupancy forecast of 33.89 percent for August, with a slight improvement for September at 36.31 percent followed by October with 41.58 percent. For the month of July, total F&B revenue was recorded at more than $54 million, showing a steady increase month over month. The dashboard also features a ranking of the best performing states by ADR during the past 30 days, with Delaware currently topping the list followed by Hawaii, Rhode Island, Oregon, Washington and California.